Raising the price of your ongoing membership can be very tricky. While traditional corporations like Netflix can get away with sudden increases, you might end up with disappointed members and possibly lose a good portion of your clients.
In this episode of our Mastermind Series, we are discussing why price increases during a membership are very delicate and how you can work around them.
Subscribe To The Show
3 Big Take Aways
- Why price increases during a membership can have a negative impact
- How to avoid shortcuts that will create problems in the long run
- How to create additional funds without price increases
- Top Membership Niches Guide – Grab our Top Membership Niches Guide to learn more about the best and most lucrative types of memberships and get started with brainstorming how to create the right membership for your business!
- Online Marketing PodSquad: Our Exclusive Community where we talk all things about Online Marketing! From list building, building an online course, starting a membership, putting together a marketing campaign, paid traffic, creating an awesome online offer…we’ll dive into all of it!
Each month we’ll host a FREE live private training on Zoom, where we’ll pull back the curtain on some of our best marketing and selling strategies, along with an opportunity for you to ask questions.
All you have to do is sign up & we’ll give you a heads up on when our next call will be.
Sign up today at OnlineMarketingPodcast.com, it’s free to join us on these live trainings & we can’t wait for you to join us!
- Adaptive Inner Circle – The Inner Circle with Paul & Melissa Pruitt is an epic 12-month experience for online business owners, coaches, course creators, and membership site owners who aspire to create financial freedom and a lifestyle they want for themselves and their family and also create a positive impact in their community and the world.
- Adaptive Membership – Adaptive Membership is an exclusive opportunity for online business owners, coaches, course creators, and membership site owners to play bigger and bolder in their business and explode their bank account with more clients!
For a list of our resources & recommendations visit: https://onlinemarketingpodcast.com/learn-with-paul-melissa/
Connect with us on social!
Subscribe To The Podcast
And if you loved this episode, please share with a friend and leave us a
Melissa: So Gisele said "I'm launching a membership about brand visibility. I'm looking for suggestions on what to put in an elite version of the membership." Oh, this is a great question. All right. So you want to let us know about that .
Gisele: The membership will be about things like how to live stream for your business, local SEO, how to network virtually those topics.
So I'm looking to do a low in membership at 37 a month, but I want to have an elite version that would include things like one-on-one time with me, but I'm wondering what other things could I put in there to make it really juicy?
Paul: What price points are these going to be at?
Gisele: I don't know.
Paul: I just want you to protect your time, because when you said one-on-one, you gotta be careful because if you one to many,you can make way more money per hour. Now, initially doing that, but there's going to be a certain break point that if you make the price point too low, cause it's like, Oh, I'm just starting out.
I'm only gonna make it. This then what's going to happen is like a year later. It can be like, I don't want to talk to this person.You know, I'm losing money as I talk to them, you know, like you just, I'm just joking but you want careful because that time you can't replace. And that's our most, all of us, it's our most scarce resource that we have is our time.
How many people would you want to do that with?
Gisele: So barring one-on-one time, what else could be in there that would make it a leap?
Paul: That's a great question. We'll open it up to everybody. Any ideas, Suzanne?
Suzanne: There was an, a VIP, offering. Okay. And it was almost double the offering of the signup. But the other thing that I found they really want is they really want private access to existing materials. So if you have a platform Kajabi or, convert kit or whatever your platform might be, you might have a special library or a special section of where you'll put special materials for those VIPs that could help save your time and give them another value.And then you're creating product that you can also resell to other people.
Paul: And are Marlon
Marlon: I guess, just piggybacking on the, you mentioned that the one to many, just probably like maybe small group coaching. And then I think a few people put it in the chat as well. Like doing something like this that not only do you have the benefit of your own insight,but there is so much that can be learning gleaned from other people as well. So putting together your own mastermind
Paul: anybody else?
Holly: Yeah. I would say maybe have special action items for those elite members. So something that will help force them to take the next step in and whatever you're doing and then maybe like an email to follow up on that to make sure they actually did it.
Paul: Right. So I'll give you, I'll give you a little bit of like what we do just to give you some insight. so we, we do have a high level, membership program called "Inner Circle". So people pay several hundred dollars a month, to be in it. And a lot of our deliverables through like zoom calls,like what we do here.
Right. But it's a smaller group of people and we do it five days a week. So between Melissa and I, a lot of access, but that's our core, our core offer. And that's how I'd love you to look at it is like when it's my, almost like a, this way when somebody wants free,the access is way out here. Okay. Then when they come into your course, a membership, they get a temporary moment where they have access, like with a course, but then it disappears.
And then when they have a low level membership, they might get the Facebook live. There might be asking a question in a group. Then they come into a mastermind.I'm getting closer and closer to you each time, like the proximity of what you're doing. So you're giving more access. It's a lot of times it's a similar same information, but just a different level of access to what you're doing.
So maybe the differences in the lower level group, it's a Facebook live once a week, you know, or however your deliverables are where maybe your higher level,it's a group coaching call via zoom once a week, you know, or, or whatever frequency that you do. So feels different, you know, between it can still be a similar deliverable.
It's still gonna be the same amount of time. It just feels different. Like it's different when you get a book and you read about like launch with Jeff Walker,then when you go through his little mini course than when you go through the full blown course, then when you go through the live event and each one of those costs you more money, your level of access, it's still the same information.
You can still get the book for less than 20 bucks and get all the ideas. But you just don't, you don't get close to the influencer,you know, through that. Because sometimes I think a lot of us justify price by adding a lot of extra things. And then we get overwhelmed where you can tactically look at it and say, well, how many of us buy things for exclusivity?
We buy things and invest to get a shortcut. We buy things for convenience. You know, like there's things,you know, I know how to change my brakes. You know, I learn how to do that as a kid and I can do that, but I pay somebody a premium. I know those brake pads do not costs 300, something dollars, like I'm getting ripped off, but I don't want to get my break.
I don't want to get my hands dirty these days.I want someone else to do it. I got better things to do, So sometimes it's convenience. Sometimes it's level of access. Like I would just look at your same deliverable and like layer the 10 steps, you know, and that's a one page PDF, but the course person is those 10 steps. That's put over a five week course that have teachables and training and going deep.And then the membership is the coaching and the support. And you know, of the ideals of, of the course. And then the higher level one is the access to you to have a two way conversation.
Cause it's very different. Like us talking back and forth to each other here, isn't this very, it's like closest to like real life, like having a real conversation back and forth then than it is to,Hey, I'm doing a Facebook live. We had a submitted question today. Let me tell you that there's no context.
Like why did you bring this question and what happens afterwards? You know what I mean? Like there's no, before there's no arc. It just like, Oh, I'm going to give you a generic answer, you know?
Melissa: And they still get,they still get value. But like you said, it's it? Yeah. It's the access to their level. Yeah. And I was going to say they just want things easier and they want it faster.
So for the high level, there's high level people, like what can you do that? You're already teaching just to make it just a little bit like easier,a little bit faster, quicker results. like the down and dirty, like I need, this is gonna make my life a whole heck of a lot easier.