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People Magic: How to Build a $1M Community
How Much to Charge for Your Membership (The 3 Rs That Make Pricing Easy)
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If you take nothing else away, it is that people pay attention to what they pay for.
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Hello, Gina. I'm stuck trying to figure out how much to charge for my community. I want to make it accessible, but I also want to charge a fair price for myself. Advice.
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So what should you charge for your membership? Well, I like to use three Rs. Number one, results. What is the value of the results that your members are going to generate by being a member of your community? Number two is replacement. What are your members buying today that your membership can replace? And number three is respect. What price motivates both you and your members to prioritize your community? And it turns out if people pay attention to what they pay for, they the higher the price, the better results and transformation your members will get. So results, replacement and respect. And hopefully all three of those are leading you to something that we've discovered here at Mighty Networks, which is the average monthly price for a membership that gets people results and transformation in their lives, gets people real value from their results, replaces other things that they're spending money on, and is a price that allows both you and your members to prioritize your new membership. I want you to anchor on this $48 a month, or roughly $500 a year. That is the average price that we see across Mighty Networks. Now, here's the beautiful thing about it. $48 is something that if somebody is able to get that unlock in terms of new revenue or that job promotion or even the things that you can't necessarily put a figure on, like a happy family or more inner peace, this is a price point that is going to deliver results that's going to replace a number of other things that people are doing and ultimately give your new membership the respect and attention that it deserves. All right, so now I want to show you some examples to give you the confidence that there are people all over the world who are creating offers that are at that $48 price point or higher and in some cases significantly higher. You can absolutely do this. And your ideal member, that person who's in a transition, who. Who wants to have their best year ever, they want you to do this, too. Let's go ahead and dive in. I love this example. The Happy Horse Happy Life. It is a membership at $59 a month or $644.99 a year for horse trainers. And it is all around how to train horses for connection, comfort and choice. They also have done something really interesting, which they have a number of what they call quick courses that they Offer on top of that membership. For example this $9.99 benefits of writing out quick course. And so when you look at a membership, not only do you have the baseline membership, this $59 or $644, but you can also layer on more paid programs on top of it. Another great example is protrusive guidance which is for kind and geeky dentists motivated to grow in their stressful profession. So this is $16 a month or $140 a year for the baseline membership. And then they also have the ultimate clinical education at $49 a month and $449 a year. Again, you can have different membership tiers and different membership levels. I do want to recommend that if you are starting from scratch, just start simple with one. You don't have to have multiple tiers. You don't have to have a bronze, silver and gold level. All of that can get very complex very quickly and you're much better off starting with something that is a strong foundation of one simple membership and then layering on top of that core membership, that foundational membership as you start to see people get through it or just have great success and want more. The Storage Rubble this is for people intrigued by flipping ordinary garages into extraordinary lives. And their membership is $297 a month with an additional event ticket of $479 for their annual summit. Another great example is Farina Daily. This is a fitness membership for at home fitness training and this is $49.99 a month. And then there's also $199 one on one consultation with the founder. So you can take full advantage of different levels and different opportunities within Farina Daily. Another example is the LAV for mortgage and real estate professionals. This is a really strong membership with a £299amonth based obviously in the UK membership where they also have a 699 pound per year database benchmarking Mastermind group as well. So you can start to see how they are creating their value journey as I like to call it from the core membership into premium programs that happen on top of it. Good Soil hq. It is for business owners and executives looking to launch a new venture in the next year. They have $140 membership that is $1,500 a year and they have a $499 event ticket for their annual conference. Another great example is the Flower Boss Academy. This is for local floral designers ready to take their business to the next level. So this membership is $297 a month and they offer one off programs on top of that, such as a $97 wedding increase masterclass. So as you think about your offer, this is not about asking people for money. Certainly that's a little bit of a part of this, but what it's really about is helping people pay attention, helping them get results and transformation that they cannot get on their own. People pay for progress and what they pay for the they pay attention to. So as you think about your offer, just remember, you've got results replacement and you have got respect. I'm Sheena Bianchini. Until next time.