How do you raise your subscription price without losing members?
Raising prices is difficult within any business, and subscription businesses present a unique challenge.
With subscriptions, your subscriber has authorized a particular amount for transactions. You’ve agreed to deliver certain products in exchange for a specific price.
A subscription business asking to increase the charged amount is similar to a churn but from the customer’s point of view.
You hope your customer will gracefully accept the rejection of no longer getting what they thought they were getting for the agreed price and reauthorize you to charge them a higher price.
And, it takes a lot of guts when you are raising your prices with a large number of customers at once.
Right now, it’s likely your costs are increasing drastically and customers know this. Consumers are accepting increased prices for almost everything they buy.
So, the time to raise prices is now.
This episode of Be Unleavable® Subscription Growth reveals the 9 item subscription price increase checklist, so you can raise prices without losing your subscribers, and ultimately increase your recurring revenue.
🧘 What I’m practicing:
Although I’ve been meditating since 2013, I strengthened my practice with group meditation in 2018. There’s a local meditation center in most cities. My local center also has a guided meditation on their website that I use in between group sessions.
Meditation has given me more awareness over my thoughts and emotions. I’m able to respond with clarity and compassion to difficult situations. And, I’m a lot happier.
I’ve also read meditation books, listened to lectures, and tried various meditation apps. I find all that is much like swimming instruction, the only way to become better is to do it.
While I’d prefer to meditate daily, with my workout schedule I get to it two to three times a week. Together with periodic group sessions and retreats, it is enough for me to reap a benefit.
🧠 What I’m pondering:
This is essential wisdom most subscription leaders miss:
“If you want to build a ship, don’t drum up the men to gather wood, divide the work, and give orders. Instead, teach them to yearn for the vast and endless sea.”
― Antoine de Saint-Exupéry
How can you apply this to your new subscriber onboarding? Your ongoing subscription deliverables? To your new subscriber acquisition?
I’d love to hear your ideas. This is one of my favorite topics to consider.
👀Watch Be Unleavable Subscription Growth here.
About Robert Skrob
