Social HubSite makes it easy to set up an online community-based pay-for-access membership site. From business and life coaches to trainers, bloggers and speakers, many individuals and companies have a need for a way to earn revenue online.
Online clients are out there, probably searching for the services you offer. They need direction and a reason to subscribe, but something else comes first: what do you charge?
The pricing model you use for your physical business (if you have one), may not work online. Because customers aren’t paying for the same amount of face time, and growth depends somewhat on organic search traffic, your price point must be appropriate.
Consider the following points when setting your pay-for-access membership site’s price point.
What’s the Going Rate?
Like every aspect of setting up your pay-for-access online community, setting your price point requires research. Do other communities like yours exist? Look into them. Examine what they charge and go from there.
The following point is critical if you have competition: you may need to lower your price point to stand out. Even if it’s just in the beginning. If you are able to prove to users that you have the content they’re looking for, your community will grow and you’ll be able to raise your price point. But, if you come in too high, you may never have the opportunity.
Who’s Part of Your Target Demographic?
Think about your target market? Are they everyday individuals who could use some advice? Or, are they large corporations in serious need of professional content?
This may seem like common sense, but it’s important to take a close look at your target market. Staying within a range that is affordable for them yet profitable for you is key.
What’s Your Goal?
Balancing your goals while setting your price point is important. Are you looking for a large, vibrant community that thrives? Or are you targeting a smaller, more connected community to which you can provide individualized attention? Are you shooting for something in the middle?
Differentiating between these community models is critical when it comes to setting your subscription service’s price point.
If you’re looking for a large community filled with people from various demographics with varying views, setting a lower price point may be most appropriate. Because your community will be larger, the revenue will still be there. Best of all, more people will be able to benefit from the information you provide. $9 a month is more doable to most people than $99 a month.
However, if your target community is a smaller, more tight-knit group that needs individual attention (i.e. more of your time), a higher price point is the way to go. Your pay-for-access site is a way to make a living, charging too little for a small group probably won’t cut it.
Looking for something more middle-of-the-road? Think about offering a multi-level subscription service. Social HubSite allows you to set different rates for your subscribers. Offer more individual attention or content to those willing to pay more, but provide the basics to those who just can’t afford more. By giving users options, you’ll appeal to a wider audience.
Your price point is where your pay-for-access online community begins. Be smart and evaluate your goals. Your thriving community is just around the corner.