1. Choosing the right subscription price will regulate how profitable your website is.
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3. Obtain the price too low and your costs.....marketing in particular.......will eat into your margin. You might put people off if the price point provides perception of low value.
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5. Get the price too high......particularly compared to alternative sources of information.... and you will put prospects off.
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7. Before providing you some guidelines it is crucial to remember:
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9. There is nothing to stop you from changing the price to test the marketplace.
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11. Many subscription website owners pluck a subscription fee out from the air when they launch their site. Often it's based on no more than a hunch. They never test whether it is too high or too low to maximise their profit. It is difficult to change the purchase price for a print publication, but not for an online website.
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13. Test! Test! Test!
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15. There are no hard and fast rules about how exactly much you should charge for access to your website, but here are 20 guidelines to help you work out an ideal price for your subscription:
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17. The monthly subscription can be anything from �1/$2 around �1,000/ $1,800. The most typical subscription charges fall in the number �4.99/$4.95 - �19.99/$19.95.
18. A website with just 1,000 members charging $9.99 per month will generate about $120,000. If ecommerce is run from your home, even after costs it could generate a net income of over $100,000 for the average person publisher.
19. It is recommended that publishers offer a selection of payment plans with discounts for members ready to commit for longer periods of time, for example:
20. 9.97 /month, or
21. 24.97 /quarter, or
22. 87.00 /year
23. If you offer three pricing points, you have a tendency to get most subscribers choosing the middle one. It is a psychological thing
24. You will probably have observed on charity collection forms a choice of three donations. They do this because they know that most people will go for the middle one, which is usually set at a rate higher than people would normally give:
25. "Please tick the donation you wish to make:
26. 5.00
27. 25.00
28. 50.00
29. Other"
30. If you offer a monthly price point, guarantee that it is much higher than 1/12th of the annual. You need to encourage visitors to subscribe for as long a period as possible, whilst not putting off people who desire to test the water before fully committing themselves. E.g. get more info , Annual 149
31. Offering just an annual subscription will help reduce your conversion rate because you are increasing the perceived risk for prospects registering. That is still the case even when you offer a 100% money back guarantee
32. Remember that many payment providers will not permit you to charge an annual subscription because if the website closes down they are liable for refunding members the outstanding balance for the remainder of the 12 months. Consult with your payment provider before signing up. Also be sure that they can take automatic monthly payments if you are supplying a monthly subscription. This is called 'Recurring Payments'
33. Generally speaking, sites targeted at consumers charge significantly less than those targeted at businesses Consumer sites typically 30-120 each year Business sites typically 120 - 700 each year
34. What are the competitive sources of information for the potential audience? How much do they charge? If Manchester United charges �100 a year for membership of the official fan club, a competing online independent fan club should probably charge no more.
35. The more exclusive this content, the more it is possible to charge. A very successful share trader, Vince Stanzione, charges �100 /$180 a month for a newsletter reporting what trades he could be about to make or has just made. Jay Abraham charges $300 a month for usage of his website that provides his personal advice on growing a small business (www.abrahaminsider.com)
36. Study magazines in your sector. How much do they charge? What's their circulation? How will you compete? There is no rule about charging more or less than them, but you have to be sure that your value proposition is more compelling when trying to attract new members. Do remember as an online site you offer huge advantages over print. These benefits have a value that you can charge for.
37. People love a deal! Set your price a bit higher than you want to charge and then discount it back. It has two benefits:
38. People perceive the value of the content reaches the higher price
39. Prospects feel they are getting a bargain
40. There are psychological barriers in pricing. It is best to charge $4.95 a month than $5.00, or $9.97 is better than $10. There are also opportunities to push pricing up towards these barriers. For instance in the event that you charge $385 per year, you can probably getaway with lifting the purchase price to $397 without the impact on sign up rates. Just don't break the $400 level as this is the next psychological barrier and can result in a fall in subscriptions.
41. Don't give discounts to loyal members! If a member returns every year they perceive that the price they pay is equal to the value they receive. By all means reward their loyalty with bonus information, like a free ebook or a research report, but don't reduce the price. That is a very common mistake.
42. Offer promotional charges for one year, but don't drop the overall price. If you believe that you are missing out on a large market group because they are more price sensitive, offer them a promotional code/discount on the typical price. Don't drop the purchase price for all subscribers. A good example is in the event that you decide you wish to attract students who are generally very price sensitive.
43. DON'T ever consider, even for a moment, charging a one-time fee for lifetime's access. This is common in the early years of the internet, but I haven't seen a single site that has survived with this strategy
44. Test, test and test again! One of the greatest benefits of the internet is it is possible to change pricing, make discounts available or promote free incentives with minimum effort and cost. For example distribute two different price offers to two similar groups of prospects. Measure the response rate and margin to find out which offer is most profitable. Then create a new offer and check it out contrary to the best of the first offer...... etc. This is known as "AB Testing"
45. You can even consider offering trials, but make sure to get the customers charge card details prior to the trial starts and obtain them to concur that after the trial has ended you will automatically bill them unless you receive written instruction never to.
46. I hope that you discover this advice useful. It has been put together from the knowledge of helping dozens of online publishers choose the subscription fees for their membership websites. Please take time to research and choose the best price. It is one of the important decisions you'll make in determining how successful your business will be.
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48. Miles Galliford is the co-founder in SubHub - www.subhub.com . The business is a world leader in helping individuals, small publishers and organisations to create paid memberhip websites. For large amount of FREE information and resources visit www.subhub.com .
49. Website: https://studenttcareerpoint.com/buying-lombok-indonesia-how-exactly-why-and-what-you-should-have/