Choosing the right pricing strategy for your membership requires research as you ideally want to aim for a ‘sweet spot’ between member loyalty and revenue.
Due to the sheer range of membership businesses out there, there’s no ‘right’ price. When we say ‘right’, we mean the right price for your business’s case.
Below is a list of steps to take to find the right pricing for your membership business.
Steps for Pricing Strategy
Calculate the value you offer to your members
Calculate the costs associated with running your membership business
Forecast the revenue you hope to achieve
Decide on the regularity of your membership fees
Decide if a tiered pricing structure is necessary
Consider offering discounts, deals or free plans
Continually conduct price-specific market research
If you are a community leader, or in the business of community, try a Ugenie hub, for free, for 45 days.