Figuring out where you land in terms of pricing can be hard. How do you find the sweet spot in getting the revenue you deserve and charging members prices they can stand by?
It’s important to charge members exactly what you feel your benefits are worth. After all, you put a lot of time and effort into researching what members are looking for and providing it within your membership. You want to make sure that effort is valued at its true cost.
But if you’ve been adding new features to your association’s membership without reflecting the value in member pay, it might be time to reassess things. There’s no shame in raising your prices when value raises as well, but you want to be sure you know exactly what your worth is.
We’d like to help your association get the most bang for its buck while still keeping members happy with the price they pay in dues. So, let’s talk about how you can identify your true value and get better connected to the worth of your benefits.
Keep reading for our tips on how to calculate membership worth and structure pricing more accurately.
Have you added any brand new features or benefits to the membership packages you offer? If you’ve been adding value to membership without it reflecting in dues cost, you’re selling yourself short.
Members are always looking for new and innovative when it comes to the benefits they receive. They want to be sure they association they trust is doing its best to deliver brand new discounts, offers, workshops, events, etc. And if your members truly care about introducing brand new, exciting offers, they won’t have a problem with cost reflections being the price to pay (literally).
Keeping track and auditing what’s new to your association’s membership offers will help you set a price based on what’s new to the table.
Chances are, your association has some killer benefits. Of course, all of the benefits you provide are killer. But some really go above and beyond with members, and it shows.
Do you know what your most popular benefits are? If not, you should find out. Marketing up your “bestsellers” can allow you to increase membership prices while still showing you provide the value to back up those prices.
In order to find out what members enjoy the most out of your benefits, you want to review your collected data. See how your event attendance is doing, how your webinar engagement is measuring up, how many of your discount codes have been used and by who, and more.
You can also survey members to see what they really like, and what’s falling to the wayside. Hearing directly from members is sometimes a better way to get to the bottom of things. Getting their opinions will help you develop membership plans that are worth a higher price.
Think quality over quantity when setting a premium membership price.
What’s a bonus?
In order to raise your membership prices, you need to make sure members feel like they’re not just getting what they paid for, they’re getting more.
Overstuffing your membership packages with incentives and bonus offers can help you set a solid price when you look to reevaluate your membership pricing. Members want to feel like the money they put towards a membership will give them everything they need to succeed. However, they also want to feel like their association cares enough about them to go over the top and give them a bit more.
If you want your membership plan to stand out as a premium option, you’ll have to include some extra add ons. Things like gifts on holidays and special dates with members, reaching out in personalized ways, appreciating members for milestones, and more can help you put in that extra effort that members want to pay for. Increase your worth by increasing how personal you are with each and every individual members.
Adding in bonus incentives can put your membership value at its peak.
What’s too expensive?
And finally, once you’ve figured out exactly how much value you bring to the table, you need to figure out where your members budget truly lies.
Do you know what members feel comfortable paying for an association membership? Every member will have their own limit before they have to walk away. It’s important to know where your membership draws that line so you don’t overstep and drive members away.
You can always turn to member data to learn more about demographics and preferences of your members. You can also try to increase your membership prices little by little to make it less of a shock to members. This is much better than getting hit with a larger fee all at once, and it can help you figure out what price increase might be too much in order to find the happy medium in pricing.
By knowing your strengths and your members’ needs, you’ll be able to set prices that help you increase your revenue for the right amount of value you provide.