In 5 Tips to Help You Put a Price on Your Community, we mention that implementing a founding member price is a great way to incentivise members to sign up early on.
And throughout a membership business’s evolution, discounts, deals or free plans are other favourable approaches as noted in Establish the Right Membership Fees.
My Business LINCS Cafe, a successful digital networking group, started with a ‘pay-as-you-go’ model to create fans and offered a founders membership deal for a limited number of people thereafter.
So the strategy does work for some. According to Startup Loans, new membership businesses could even adopt penetration pricing, which is practiced by some startups.
Penetration pricing involves undercutting competition with temporarily relatively low prices to win market share. The strategy must be calculated correctly to avoid long-term losses!
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