Membership Geeks Podcast with Mike Morrison 282 - Should You Increase the Price Existing Members are Paying?
Are you considering increasing the price your existing members are paying?
When you first launched your membership, you might have offered your initial members an amazing deal to entice them to join. However, it’s now a few years later and your membership has evolved. You’ve added lots of new content, your community’s grown, and your membership is much more valuable.
You’ve increased the price for new members, and now you’re questioning the fee that your initial members are paying – and thinking about raising the cost of their subscriptions.
In this episode, I explain why this is a short-sighted approach and highlight why you shouldn’t increase membership prices for your long-term members.
Essential Learning Points:
- Why you might be considering raising costs for existing members
- Three reasons why you shouldn’t put existing member prices up
- The one situation where you can increase existing member prices
Important Links & Mentions:
Key Quotes:
“People who invest in a tech company when they're still working out of their dad's garage, they deserve the return. They deserve to be in that stronger position, years down the line, than investors who waited until they could back a winning horse.”
“Remember just how important those earlier members are to your long-term journey.”
“It doesn't matter that your membership has increased in value because you would not be in the position to grow your membership to where it is now if not for those initial members.”