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Payment Terms & Mindset

by staffjam
2 replies
Hi,

I have a subscription service on my site and the options are monthly and yearly - we also offer a 30 day Free Trial.
Now the number of subscribers to the monthly is much higher than to the yearly.

I was wondering if people think this is to do with the lower cost being percieved as better (even though they pay more in the long run.)

I recently saw a landing page on www.fool.com and they offer 1 year, 2 year and 3 year subscription plans.
Do you think this again pushes people towards the yearly plan as being cheaper and more of a bargain.

Would you try something like this? So change the options from monthly and yearly to 1 year and 2 year subscription choices.

I'll be very interested to hear your thoughts.
#mindset #payment #terms
  • Profile picture of the author nichecloner
    Its not so much the price, but the perception of how a customer views the commitment.

    If you offer the Yearly amount showing it as a pro-rated monthly cost, they are more likely to go for it, especially if they know they can cancel at any time.
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  • Profile picture of the author GailTrahd
    And, if the perception is that they need the information for at least a year and the overall cost is much lower to commit to a year price you can also increase your yearly subscriptions.

    The product, the perception of the customer/reader and the price together make a difference. You might get some new eyes to your site (people who haven't seen it but you would trust to tell you the truth) and see what they think about the 'value' of the subscription costs.
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