How to decide on a price schedule for your membership site
Another key decision you’ll need to make is figuring out a pricing schedule for the site. Of course, you can choose to make it free but that should only be done for a specific purpose such as building your list or getting people interested in the full membership.
In general, you’ll want to choose a price your future customers will want to pay for. Sometimes it’s hard to gauge until you set a price and see what happens. If it’s too low, people may suspect that the content is lacking. If it’s too high, you may have a hard time getting people to sign up, depending on the niche.
Either way, choose a price that you think makes sense and then give it at least a month. If membership isn’t quite what you expect, alter it accordingly.
There are also different things you can do in terms of when the customers get billed for the site. Here are the choices
• One time fee
On this kind of site, users pay only once. The membership could expire after a certain point which often happens with things like courses or if the content is limited.
• Lifetime membership
This is a variation of the one time fee. The difference is that the site membership will never expire and you’ll have access as long as the site is running.
Why do people do this type – chance to sell many other smaller items and affiliate offerings easily and conveniently.
• Charge them monthly
This is probably the most common. A monthly membership fee also gives you a steady income to rely on each month provided you have a steady rate of memberships. This is my preferred method.
• Yearly rate
Some membership sites charge a yearly fee. This is a good idea if you aren’t sure when you’ll update the content or if the site is well established and easy to run.
This is also good when you have a years worth of content, you can offer the same stuff as the monthly, only full access, give them an up-front discount for full payment, yet get a chunk of money without worrying when they opt-out.
Keep in mind that you can offer your customers a number of membership options. For example, some sites charge a monthly rate and also a yearly rate. If you do the math, the yearly rate is usually a better bargain if you can find the cash.
The actual price you set for these, the answer to that is to test it.
Your Recurring Riches for Life Coach
PS – If you want me to help you build your membership site – check out my mentor program – www.RecurringRichesforLife.com