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I'm thinking about raising prices for my membership site, LavenderLounge.com. I currently charge $14.95 first month and $9.95 recurring. I'd like to raise it to $19.95 first and $14.95 recurring.
Tell me if this is enough content to justify it:
10,000 vintage images
3,000 exclusive photos
50 exclusive video clips
Hosted galleries:
200 video clips
2000 photos
3 live shows
Mark ultimately its up to you if you think the content inside the site justifys a hike in the price however, what i would opt to do rather than potentially losing a heap of sales on a model that you KNOW is currently working is to offer and alternative linking option to the site that way after several months you will be able to see if the price increase has benefitted you or not :)
Regards,
Lee
this business is built on trial & error unfortunately.
personally, i think you can raise your prices without affecting sales, but thats just my opinion.
I would keep old customers rebills at $9.95 and raise everything else... maybe add a new plug-in to justify it to yourself ;)
I'm of the belief that $5 wouldn't make too much of a difference.
Considering your current rate of sales, there's a buffer afforded by the price increase that'll enable you to absorb conversions lost on account of it.
Which is to say 10 sales currently produces 149.50 (keeping it simple and not taking iBill deductions/affiliate payouts in to account for simple presentation's sake).
10 sales at 19.95 would produce 199.50 gross.
With the difference between the two being $50, you could lose 3 sales out of 10 (at the original 14.95) and still come out ahead.
Would a 5 dollar difference dissuade 3 out of every 10 potential conversions? I think it's less than likely.
What you're also doing, mind you, is increasing what a revshare sale would generate for your affiliate. Assuming your payout percentages are competitive, that slight difference could be a webmaster's deciding factor on whether or not they choose to promote you. So there's the added benefit of increasing your appeal to a greater abundance and variety of traffic sources.
I say, nothing gambled, nothing gained. Go for it. :)