Offer Multiple Pricing Tiers for your Membership Site
Why You Should Offer Multiple Pricing Tiers for your Membership Site
There is a reason most membership sites you see today offer multiple pricing tiers. The simple reason is because it works. Offering multiple pricing tiers for your membership site provides your members, prospective buyers, and you greater flexibility and better results. While there are numerous benefits to using multiple pricing tiers there are for advantages that stand out.
Easy Way to Leverage Content
The first reason to offer multiple pricing tiers for your WordPress membership site is it allows you to leverage content and monetize it in multiple ways. While there are sound reasons to offer individual products separately, you only generate income on individual sales. With a membership site, you can combine products and services to create multiple tiers. This allows you to reuse products and services across the board and generate income from them without constantly creating new products and services.
Creates a Perception of Value
Another reason to offer multiple pricing tiers for your WordPress membership site is it inherently creates a perception of value to potential customers. With pricing tiers, you can clearly articulate the benefits of each tier and why one tier is more expensive than another. This is a unique way to create value for the additional products, content, or services available at higher tiers.
Allows Members a Low-Risk Way to Test Your WordPress Membership Site
The third reason to offer multiple pricing tiers is it allows members a low-risk way to test your membership site before fully committing. This is particularly true if you are offering a service. Lower tiers give tentative buyers a way to see what you are offering without feeling like they have made a large commitment. Even though they are already a paying member they feel like they are getting a great deal because they are learning about what you offer without feeling like they are paying full price or locked into a long-term commitment.
Gives You a Way to Price Test Without Losing Sales
An overlooked reason to offer multiple pricing tiers for your membership site is it gives you a way to test your pricing without losing sales. This is particularly true for your premium tiers. There is often limited flexibility in pricing for the lowest tier however there is near unlimited flexibility with premium tiers. You can keep raising the price for your premium tier to find out what people are willing to pay. Once you notice a lack of people signing up for your premium tier you know that you’ve priced yourself out of your market. At the same time, people interested in your membership site are likely still signing up for your middle tier. This is one of the few situations in which you can effectively Price test while still generating income.
There are several reasons you should offer multiple pricing tiers for your membership site but the ability to easily leverage content, control the perception of value you offer, allowing members a low-risk way to test your membership site and the unique ability to Price test without losing sales are the top four.