What should I charge?

13 years ago

Originally Posted by JoesMillion

I'm creating a subscription website which requires a yearly membership fee. My thinking is to start at $100. I definitely wont go lower than $50.

Depending on the quality and frequency of the content I think $100 is fair. If I may suggest something to get the "Ball Rolling" is to make a promotion for the website in it's infancy.

A good way to have a strong start is to take a "Dime Sale"ish type of promotion where the price will increase in increments of $10 per hour/day/week etc until you reach your desired amount.

For example:

Start your promotion at week one for $57 hour/day/week one then $67, etc.

These kinds of promotions are always effective and yield great profits. It will cause the fence sitters to get moving quickly and earn you more profit than you normally would with a simple launch.

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DogScout

13 years ago

Originally Posted by Jacob Hargreave

Depending on the quality and frequency of the content I think $100 is fair. If I may suggest something to get the "Ball Rolling" is to make a promotion for the website in it's infancy.

A good way to have a strong start is to take a "Dime Sale"ish type of promotion where the price will increase in increments of $10 per hour/day/week etc until you reach your desired amount.

For example:

Start your promotion at week one for $57 hour/day/week one then $67, etc.

These kinds of promotions are always effective and yield great profits. It will cause the fence sitters to get moving quickly and earn you more profit than you normally would with a simple launch.

Will also prevent more from quitting as they know if they return, they will have to now pay the higher price, (assuming all prices are grandfathered).

Thanks

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Jon Potts

13 years ago

Personally I recommend starting high and then lowering. If you are not getting the traction you want at first then you can always drop your pants, it also builds importance at a higher price. The only downside of this is if you are relying on your first bit of traffic to pull you through, which you shouldn't.

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JoesMillion

13 years ago

How about discount codes?

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butcher57 13 years ago

Originally Posted by JoesMillion

How about discount codes?

Yep! I definitely agree! It would create more "rumors" as well!
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Rich Struck

13 years ago

A year is a long time on the internet. I'd suggest that you think about shorter terms.

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JoesMillion 13 years ago

I picked a year cause it's simple. First, auto-renewals are pain in the ass for everyone. Second, they'll be using the website all year long.

Originally Posted by Rich Struck

A year is a long time on the internet. I'd suggest that you think about shorter terms.
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CrowX

13 years ago

It depends mainly on how rich your audience is, how many of them there are, and how much they need your content.
Put yourself in their shoes, and think on what's the maximum they'd pay for the service, and what's the situation in which they'd pay that much.

Thanks
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JoesMillion

13 years ago

You can't use the wealth of your customers to gauge a price point, bad economics. How many people want my content though will help, but right now it's none as my site hasn't launched yet.

I don't know anyone who price points based on themselves, thanks for the refresher though!

Interesting that no one here has even bothered to ask about the content. Not many analytical people here.

Originally Posted by CrowX

It depends mainly on how rich your audience is, how many of them there are, and how much they need your content.
Put yourself in their shoes, and think on what's the maximum they'd pay for the service, and what's the situation in which they'd pay that much.

Thanks

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rosetrees

13 years ago

Originally Posted by JoesMillion

I'm creating a subscription website which requires a yearly membership fee. My thinking is to start at $100. I definitely wont go lower than $50.

Subscription website about what?
What kind of content?
How frequently will new content be added?
What will be the individual value of the new content?
Will the content be interactive, downloadable, country targeted, niche targeted, IM targeted, hobby targeted?

What kind of competition do you have?
Who's writing the content?

Or to put it another way - how can anyone answer that question!

If your site will tell me several 100% fail proof methods of investing $1k and getting $10k within a year - then you could charge a large membership fee.

If your site is a fly fishing membership site, telling me your methods for increasing your catch, then you'd need to see what other sites in the niche are charging.

A friend of mine runs a hobby related membership site (UK targeted). Her membership costs around $60 a year - she currently has around 3k members. New content is constantly being added - but the costs for running the site are quite high.

Thanks
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JoesMillion

13 years ago

My website is purely for capitalists like yourself. If it's not about making money, it's not allowed. The key to the site is the Q&A section where anyone can get a question answered by groups of professionals. Stocks, business planning, anything related to money is covered. We don't just candy coat or allow other members to proposition others, keeps out the scammers.

Originally Posted by rosetrees

Subscription website about what?
What kind of content?
How frequently will new content be added?
What will be the individual value of the new content?
Will the content be interactive, downloadable, country targeted, niche targeted, IM targeted, hobby targeted?

What kind of competition do you have?
Who's writing the content?

Or to put it another way - how can anyone answer that question!

If your site will tell me several 100% fail proof methods of investing $1k and getting $10k within a year - then you could charge a large membership fee.

If your site is a fly fishing membership site, telling me your methods for increasing your catch, then you'd need to see what other sites in the niche are charging.

A friend of mine runs a hobby related membership site (UK targeted). Her membership costs around $60 a year - she currently has around 3k members. New content is constantly being added - but the costs for running the site are quite high.

Thanks

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smear

13 years ago

it depends on your site quality and type/kind as well as services offered to customers, then if people are interested then it is fair ...

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highave1

13 years ago

Hey! It'll depend on your contents; how it's? Well, I my suggestion it should be initially sating from lower, as per demand more you can go for increase. L

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Bradley J Anderson

13 years ago

Originally Posted by Jacob Hargreave

Depending on the quality and frequency of the content I think $100 is fair.

If the content is worthwhile, I think this is very fair price, myself. I have several subsciptions that cost that much.

If I may make a suggestion, though, I would use the infamous 7 point, though, i.e., $97.

Originally Posted by JoesMillion

You can't use the wealth of your customers to gauge a price point, bad economics. How many people want my content though will help, but right now it's none as my site hasn't launched yet.

I think you're mistaken on this, but since you already seem to know it really doesn't matter what anyone else's opinion is, anyway.

Originally Posted by JoesMillion

Interesting that no one here has even bothered to ask about the content. Not many analytical people here.

That speaks to your analytical skills, as well. You initiated this whole conversation in your OP. Why didn't you bother to give everyone this information outright, instead of making everyone 'pull teeth' to get these answers? You said and did the exact same thing in your other post regarding getting views to your channel, as well, including making the exact same comment. You could have saved yourself and everyone else, in both threads, a lot time by taking the initiative.

Originally Posted by JoesMillion

My website is purely for capitalists like yourself. If it's not about making money, it's not allowed. The key to the site is the Q&A section where anyone can get a question answered by groups of professionals. Stocks, business planning, anything related to money is covered. We don't just candy coat or allow other members to proposition others, keeps out the scammers.

If you're selling memberships so that people can get advice from professionals such as yourself, then what are you doing here asking these questions? You, or someone in the 'professional staff' at your website, should already know these answers. Perhaps $97 is NOT a good price point. :rolleyes:

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gorgybowe

13 years ago

I think the discount coupon idea is attractive. A lot of people in many audiences like the idea of saving money, even if they have to spend to do so. And if your audience isn't worried about that, then your price shouldn't matter a whole lot