I have a course with a LOT of content in it (and I'm constantly adding more), and I was selling it for $47/lifetime for the last year. For the last 6 months, I have been making about 20 to 25 sales per month. In total, I have made about 120 sales at the lifetime pricing. I have only had 1 person ask for a refund too. It's not a ton of sales, but then again I'm only getting about 250 - 300 visitors to my website per day.
Anyway, as of May 10th (almost 2 weeks ago), I switched my pricing up to $10/month or $97/year. I figured that people would have no problem signing up at just $10/month. I offer a 30-day money back guarantee, and I make sure that they know that it is super easy to cancel at anytime.
I figured that people would actually be more inclined to "try it out" for $10/month then to pay $47.
Well, since I have changed this pricing to recurring...I have had to people sign up for the $97/year and 1 person sign up at $10/month. However, the way things have been going, I would have probably made about 10 sales over the course of the last week had I still had the lifetime pricing available.
Since I have changed my pricing to recurring, I have been very motivated to consistently be adding new content because I want to make sure that anyone who signs up will want to stick around for a while.
Here's what I'm thinking:
1.) I may need to give it more time to really get an accurate test of whether or not this is a good price.
2.) Maybe people are just generally turned off by recurring billing, despite the fact that it's really not a lot of money per month and I let them know that it's extremely easy to cancel at anytime.
3.) Maybe I may need to venture into paid advertising. However, I don't know if I'm willing to risk paying money on advertising with no guarantee that it will result in making more sales.
What do you guys think?
I'm not in the MMO niche either.