Membership Geeks Podcast with Mike Morrison 320 - How Perceived Value Impacts Your Membership Pricing Strategy
How do you choose the perfect price for your membership?
What’s the number one thing to think about? The truth is, there are lots of different factors at play. But one thing people overlook is the idea of perceived value.
Perceived value is something that isn’t concrete or easy to assess. It’s all about personal opinion, circumstances, the market itself, and everything in between.
Tune in to this episode, where we go through all the different elements that make up a good pricing decision for your membership. We cover everything from perceived value to weighing up the practicalities, member affordability, and of course, the competition.
Essential Learning Points:
- How perceived value affects pricing
- How to price according to the market
- Why you should look closely at the competition
- Pricing based on practical considerations
- Why the customer’s affordability is worth considering
Important Links & Mentions:
Key Quotes:
“Membership pricing, or pricing in general, is not logical.”
“Optimizing for the absolute perfect price is kind of a fool's errand because so much of it comes down to perception.”
“It should be the easiest thing in the world. Just pick a number. But once you dive into it, there's just so much at play.”
“Every buying decision is an individual one. Every buying decision is a personal one. What will your membership do for them?”