Suppose you were M.J.
And you had two ways to price an Insider's Membership:
Option #1:
One-time Payment of $120.00 -- Automatically Recurring Once a Year at $120.00
Option #2:
One-time Payment of $60.00 ... Then $5 Per Month (Recurring) ... as long as you don't cancel.
Over the long term ... which of the two payment plans ... do you think would net the site the most money ... and why ...?
Here is the debate going on inside my head:
On one hand ... if you charge $120 for the full year ... you have them locked in for the full year.
No concerns about them dropping out early.
On the flip side ... when that $120 comes up for renewal ... you could run into some continuity problems ... from people who are not actively using the site.
In other words:
People are far more likely to notice $120 missing from their account ... than a stream of $5 ... and are far more likely to make a charge-back on the $120 ... if a refund request is not accommodated.
On the other hand ... people might be reluctant to give up the $60 annual rate ... if they think re-signing for a new year would set them back $120.00.
So on one hand ... you have a higher annual rate ... and a more secure fee structure.
On the other hand ... you have a reduced annual rate (after the first year) ... but a better chance achieving of long-term continuity.
With method (do you think) wins in the end ...? And why ...?
P.S. I am only using the INSIDERS Membership as an example ... because it is something we are all familiar with
And you had two ways to price an Insider's Membership:
Option #1:
One-time Payment of $120.00 -- Automatically Recurring Once a Year at $120.00
Option #2:
One-time Payment of $60.00 ... Then $5 Per Month (Recurring) ... as long as you don't cancel.
Over the long term ... which of the two payment plans ... do you think would net the site the most money ... and why ...?
Here is the debate going on inside my head:
On one hand ... if you charge $120 for the full year ... you have them locked in for the full year.
No concerns about them dropping out early.
On the flip side ... when that $120 comes up for renewal ... you could run into some continuity problems ... from people who are not actively using the site.
In other words:
People are far more likely to notice $120 missing from their account ... than a stream of $5 ... and are far more likely to make a charge-back on the $120 ... if a refund request is not accommodated.
On the other hand ... people might be reluctant to give up the $60 annual rate ... if they think re-signing for a new year would set them back $120.00.
So on one hand ... you have a higher annual rate ... and a more secure fee structure.
On the other hand ... you have a reduced annual rate (after the first year) ... but a better chance achieving of long-term continuity.
With method (do you think) wins in the end ...? And why ...?
P.S. I am only using the INSIDERS Membership as an example ... because it is something we are all familiar with
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