How to Raise Subscription Prices Without Losing Subscribers
We have helped guide many publishers down the path of price increases. This year has been as busy as ever with increasing subscription pricing retroactively. Watch the video below or listen to the pod to learn how.
This podcast (video version below) discusses a strategic approach for subscription pricing and includes actionable insights for publishers considering price adjustments.
Key takeaways include:
Price Increases Are Expected: Many publishers fear subscriber loss when raising prices. However, evidence shows minimal impact on retention when increases are modest and well-communicated.
Follow Industry Trends: Observing pricing trends in digital services like Netflix can offer guidance. If these platforms raise prices without losing significant subscribers, your publication can likely do the same.
Simplify Pricing Tiers: Reduce confusion by offering fewer pricing options. Clear differentiation between tiers (e.g., premium vs. ad-free) enhances perceived value.
Annual Plans Over Monthly: Annual billing reduces processing fees, ensures upfront revenue, and minimizes monthly reminders that could prompt cancellations.
Avoid Deep Discounts: Heavy discounts devalue your content. Instead, offer time-based promotions, like extended trial periods, to attract new subscribers without reducing perceived value.
Clear Communication: Justify price increases by highlighting added value or the cost of sustaining high-quality journalism. Loyal subscribers are often willing to support these changes.
Listen to this audio podcast here: paywallpodcast.com.
Watch the video
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Want to learn more about growing your audience and converting subscribers with your paywall? Get in touch with Pete.
