Price Your Membership For High Profitability By Setting Goals Midway Between Your Own Desires To Earn Big, And Those Of Your Members To Spend Small.
Market benchmarks of pricing for membership fees do tell you what price is good to charge, and both competitive and profitable. They tell you the state of the customer, and his spending alacrity on membership subscriptions. But still, there’s nothing like good business sense and intuition to decide on your membership fees pricing.
This is because no two membership sites are exactly alike and their owners don’t have the same expertise and authority that decides their commanding rates.
The trust you build in your target audiences as a thought-leader is what determines the volumes of your membership – and all membership sites earn from volumes of customers rather than from setting high profit margins on subscription fees.
At Solohacks Academy, we believe you must first consider your business financials and the profitability of your membership, and your product and offering. You must review your competitors, and your market and your audience profile. But then you must put all that aside, and evaluate your own stature and the purchasing power of your audiences. Somewhere, midway, is your sweet spot for price.