From The Vault: How Much Should I Charge For My Membership Website

Deciding how much you should charge for your membership site is one of the most important decisions you’ll make. Charge too little and you risk losing out and making no profit. On the other hand, if you charge too much, there’s a chance nobody will be able to afford your membership. So, how much should you charge? Unfortunately, there’s no one-size fits all approach when it comes to pricing your membership. But there are four key areas to look at to help you land on a price that you and your members are happy with. Tune in to hear what they are and discover a few helpful tips when it comes to defining your membership pricing strategy. Episode Summary: Why you need to know your cost of member acquisition How to make sure your membership site is profitable and sustainable How to move the focus away from the price of your membership and towards the value of your site instead Considering your competitors when working out what to charge Why you need to consider the profile and financial situation of your audience A general rule of thumb for B2B and B2C membership prices Mentioned in this episode: Membership Academy Membership Mastermind Facebook Group Key Quotes: “Above all else, your membership site needs to be profitable. If you're not making money, you're not going to last long. And the business that doesn't make money isn't a business. It's a hobby.” “Your members should be getting so much value from your site that they don't ever question whether it's worth paying the $50 a month or whatever you charge. “Do not compete on price. Competing on price very quickly becomes a race to the bottom. No matter how cheap you are, there is always someone who will undercut you. Remember, your membership needs to be profitable, don't price yourself out of business.” Thank You For Listening We really appreciate you choosing to listen to us and for supporting the podcast. If you enjoyed today's show, please share it using the social media buttons on this page. We would also be eternally grateful if you would consider taking a minute or two to leave an honest review and rating for the show in Apple Podcasts. They're extremely helpful when it comes to reaching our audience and we read each and every one personally! Finally, don't forget to subscribe to the podcast in Apple Podcasts to make sure that you never miss an episode.