How to find the right pricing strategy for your association

hand giving bag of money

How do you set the right pricing for your association’s membership, products, and services? 

Read on for ideas and resources to help you set prices that balances member value with profitability.

When it comes to your association’s pricing strategies, there’s a lot to consider. You might offer everything from memberships and continuing education opportunities to event registrations and sponsorships. How do you set pricing for your offerings that delivers member value while optimizing profitability for your organization? 

Watch now for a deeper-dive.

On-demand: The Dues and Don’ts of Association Pricing Strategies

Here are some things to consider in your approach to pricing your association’s offerings: 

  1. What is your overall strategy? Is it value-based, in which you price membership levels based on what the member is willing to pay for the value provided? Is it competition-based, focusing on the existing market rate for the membership? Or maybe it’s cost-plus pricing, focusing on the cost of producing and delivering the membership package?   
  2. What is your membership base’s price sensitivity? What is the minimum and maximum members are willing to pay for a particular product or service? How can you determine price sensitivity?
  3. Should you discount your offerings? If so, how much? Discounts can help to create more demand for a product or service but discounting too much can make the offering seem less valuable or even result in negative profitability.
  4. How should you approach member versus non-member pricing? How will you decide the difference between the two prices?hand giving gift
  5. Do you have the right wording to convey the value of your offerings? Have you written a value statement for each product or service? How can you test them to make sure they’re effective?
  6. What types of membership models will work best for your association? Should you offer a subscription-based model? Or maybe a free trial model where members can get a month or so free to let members try before they buy? What other models should you consider?
  7. What payment options should you have in place? For example, do you offer membership auto-renewal and installment payment options to give members convenient payment choices?
  8. How will you convey pricing for new offerings or price changes to your members? Do you have a communications plan in place? Does it include the right elements to be effective?

shaking hands for a dealLearn more about association pricing strategies

Setting the right price for your association’s offerings can seem confusing, but it’s important. Not adjusting it appropriately can limit your organization’s chance to increase membership and revenue. Here is a great tool that breaks down association pricing concepts and offers tips and insights to help improve your association’s approach to pricing: The Dues and Don’ts of Association Pricing Strategies – Watch this on-demand webinar to learn about the most effective pricing strategies for your events, learning programs, career center, membership models, and more. Watch the on-demand webinar.
  

 

On-demand: The Dues and Don’ts of Association Pricing Strategies

Watch this on-demand webinar to learn about the most effective pricing strategies for your events, learning programs, career center, membership models, and more.

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