This decision comes up for most successful membership sites sooner or later.
The site is doing well and running smoothly. New members are joining at a decent rate and the retention numbers are high. Sounds like a very good situation.
You may continue to add even more value to the site and might need to upgrade your servers and hire some help to handle the load and additional tasks.
Some time passes and the question arises.
Should you change the price of your membership?
Raising the price of a membership is possible (and quite common). There are just a few things to consider and keep in mind when thinking this through.
This forum thread begins by asking two questions about changing the price of a membership subscription.
These two questions cover two different subjects about that price change. Both are very important.
- What happens to existing members when the price is increased?
- Do you need to change the price of the existing product or create a new product with the new price?
You would need to decide if existing members get to keep the same price they have been paying since they joined. Or, will they need to start paying the new amount?
In a lot of cases, any members who joined before the price increase usually keep that original price point for as long as their subscription remains active. If they cancel in the future and decide to come back, they would be subject to the higher price. But, if they stick around, they keep their original price.
A term for this is “grandfathered pricing” and it is common (but not a hard set rule) for online subscriptions.
That all being said, if their price is going to change, it will be very important to be sure this information is conveyed to them clearly and concisely well in advance.
There is also the question of how to set up a new price
These topics get covered in this forum thread and we invite you to join the conversation.