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In this episode of the Membership Geeks Podcast, I dive deep into the topic of legacy pricing for membership businesses—a practice I’ve long advocated, but one that can pose major challenges as your membership grows and evolves.
I discuss the benefits and pitfalls of letting members lock in their original pricing, explore when legacy pricing stops serving your business, and outline strategies for dealing with long-term members who are paying far less than new signups.
If your membership has gone through significant changes over the years, this episode will help you navigate the often-tricky conversation around updating your pricing structure while staying fair to your most loyal members.
Key Quotes & Takeaways:
"The fact that I would lose out on that legacy pricing, the fact that if I left and then came back in the future would mean I'd be paying a lot more. That can be enough of an incentive for me to not cancel, for me to leave my membership active for a month or two, even if I'm real busy, in order to hold on to that really advantageous, really attractive legacy pricing."
"So instead of going from $20 a month to $80 a month, you maybe go $20 to $50 a month, and they're locked in at that rate. So you acknowledge their loyalty by giving them still a significant discount, but you also acknowledge the fact that the product has changed, and you're taking care of them essentially by saying, you know, what you're paying for now, this is a total different product."
"You can take the original offer as a basic tier whereby what people get at that level more closely resembles what was originally offered at the time those members signed up."
Thank You For ListeningWe really appreciate you choosing to listen to us and for supporting the podcast.
We would be eternally grateful if you would consider taking a minute or two to leave an honest review and rating for the show. They're extremely helpful when it comes to reaching our audience and we read each and every one personally!
Finally, don't forget to subscribe to the podcast to make sure that you never miss an episode.
4.9
152152 ratings
In this episode of the Membership Geeks Podcast, I dive deep into the topic of legacy pricing for membership businesses—a practice I’ve long advocated, but one that can pose major challenges as your membership grows and evolves.
I discuss the benefits and pitfalls of letting members lock in their original pricing, explore when legacy pricing stops serving your business, and outline strategies for dealing with long-term members who are paying far less than new signups.
If your membership has gone through significant changes over the years, this episode will help you navigate the often-tricky conversation around updating your pricing structure while staying fair to your most loyal members.
Key Quotes & Takeaways:
"The fact that I would lose out on that legacy pricing, the fact that if I left and then came back in the future would mean I'd be paying a lot more. That can be enough of an incentive for me to not cancel, for me to leave my membership active for a month or two, even if I'm real busy, in order to hold on to that really advantageous, really attractive legacy pricing."
"So instead of going from $20 a month to $80 a month, you maybe go $20 to $50 a month, and they're locked in at that rate. So you acknowledge their loyalty by giving them still a significant discount, but you also acknowledge the fact that the product has changed, and you're taking care of them essentially by saying, you know, what you're paying for now, this is a total different product."
"You can take the original offer as a basic tier whereby what people get at that level more closely resembles what was originally offered at the time those members signed up."
Thank You For ListeningWe really appreciate you choosing to listen to us and for supporting the podcast.
We would be eternally grateful if you would consider taking a minute or two to leave an honest review and rating for the show. They're extremely helpful when it comes to reaching our audience and we read each and every one personally!
Finally, don't forget to subscribe to the podcast to make sure that you never miss an episode.
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