Membership Geeks Podcast with Mike Morrison 326 - 11 Signs That it's Time to Increase the Price of Your Membership
Is it time to finally increase the price of your membership?
It’s tricky to answer that because there are loads of different things to consider first. What are your costs? What value do you provide? How are the competition pricing? How can you stay competitive AND maintain a good profit margin?
These are some of the many questions we’re answering in this episode. Tune in to hear 11 signs that it’s finally time to give your pricing a bump and why increasing your price won’t make your customers run for the hills.
Essential Learning Points:
- Why it may be time to increase your price for the first time
- How to price based on the value
- How to maintain a healthy profit margin
- What potential members really think about low-priced memberships
- How to be competitive without competing on price
Important Links & Mentions:
Key Quotes:
“If you have already gone through a price increase before, but it's been a couple of years, then maybe it's time to think about that next increase.”
“As your membership and as your business grows, you will see your expenses growing too.”
“Competing on price is the worst way to compete. It is a race to the bottom.”