Issues That Will Boost Your Membership Site Profits: Pricing Mistakes To Avoid

2 Pricing Mistakes to Avoid

When you get to the task of pricing your membership site, be sure to avoid these two mistakes:

Neglecting to do pricing research and testing. Many marketers base their pricing solely on their own income goals. While you should take your goals into consideration, you also need to be sure you’re doing the research and testing that will help you pick the most profitable price.

Not taking value perception into consideration. You need to look at how you present your offer, which can affect perceived value (and price). For example, you can build premium branding, which will affect all your prices.

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How to Frame Your Price for Maximum Conversions

If you have a fixed-term or ongoing membership site, then focus on the smallest amount your members will pay.

For example, if your site is $15 a month, then you can frame the price as “50 cents a day.” When you get people focusing on the smaller increment, they’re going to realize it’s affordable.

Which Is Better: Free Trial or Low-Cost Trial?

One good way to boost your profits is by offering a free or low-cost trial. But which one is better? Consider these factors as you make your decision:

A low-cost trial makes it easy for you to get credit card information. Even if you just charge $1 for a trial, you can set up your payment processor to automatically collect the full membership fee once the trial ends (unless members cancel, of course).

A low-cost trial brings in serious buyers. People who give their credit card information are likely to be serious about wanting to be members (rather than tire kickers).

A free trial will attract a larger number of people. You can then follow up with this list to encourage them to become paying members, as well as to promote related offers.

Think about your business goals and audience to determine which trial option will work best for you. (Or, better yet, test them so you know for sure what works best.)

3 Questions to Ask When Splintering Content.

One way to presell your membership site and boost your profits is by splintering content from the site and offering it as a free lead magnet (or a low-cost tripwire). As you set about the task of determining which piece of content to splinter, use these questions to help you make the final decision:

What is one of your best pieces of content? (E.G., What lesson or bonus is really popular and high value?)

Which content naturally leads to people wanting to join your membership site?

Which piece of content is easy to splinter, meaning it works well as a standalone product?

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How to Use Payment Options to Boost Profits

One way to boost your profits is by giving customers an option of how they’d like to pay their membership fee. For example, you might offer PayPal, Amazon payments, or you may even accept credit cards by phone. You may need to do some research and testing to determine what sort of payment options your audience prefers.

Secondly, if you’ve set up a vault site (where members pay one fee one time and receive instant access to all content), then you may offer a payment plan. For example, if your vault site is $197, you might offer a plan with two $99 payments, or a payment plan with four $50 payments.

How to Get Customers to Spend More Money on the Order Form

There are two ways to boost your per-transaction amount:

Raise your prices. (Which may or may not be an option for your membership site.) For example, you may raise your membership fee from $10 to $15 per month.

Offer upsells and cross-sells on the order form. For example, if you’re selling access to a copywriting membership, you may cross-sell sales letter templates and swipes on the order form.

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5 Examples of Cross-Sells

While cross-sell and upsell are used interchangeably, a cross-sell is actually a related product, while an upsell is when you offer a premium version of the current offer. Here are examples of cross-sells that you might offer on your order form or elsewhere in your sales funnel for two different niches:

Weight loss membership cross-sell examples: