I’ve posted before about the “magic pricing” for association memberships and a case study of one association that added a free member category.
Is there a "magic" price for association memberships?
Free to Fee: One Association’s Response to the Freemium Membership Model.
Now, Gregory Ciotti of The Daily Egg shares 3 Research Studies That Reveal Smarter Pricing Strategies.
The three pricing strategies share additional information for associations, most of whom have steadfastly followed an annual member price strategy for decades.
Here’s my takeaway from Gregory’s post:
1. Use price anchoring strategy:
- Creating a “premium member category” may help make prospects more likely to join at your “regular dues rate” without complaining.
2. Talk about the experience not money:
- Focus your recruitment (and retention) materials on the experience of belonging and joining your cause. Prospects are more likely to join for the experience than the price savings.
3. Take advantage of the power of 9:
- In most cases, you will find better results if you set your dues (or other prices) in a number than ends in 9, for example, $49, $99, $249, etc. (Obviously, the organizations that I see on TV using $19 a month have seen this research.)
One bottom line: rather than a fixed dues level, test your pricing strategies until you find what works best.