Corporate membership sites can be a very lucrative business model, but only if you price your memberships correctly. If you charge too little, you will not make enough money to cover your expenses and make a profit. If you charge too much, you will find it difficult to attract new members and keep existing ones.
The key to pricing your corporate membership site is to find the sweet spot between value and price. You want to charge enough to cover your costs and make a profit, but not so much that it becomes a deterrent for potential members.
In this article, we will take an in-depth look at how corporate membership pricing works — and how to choose the right pricing model for your website, regardless of the specific membership website builder you choose.
Contents
Who Needs a Corporate Membership Site’s Services?
To better understand where to position your membership site and its corporate services, you will first have to take some time and think of your target audience: who are they and how will they be using your membership site?
In essence, a corporate membership site allows its members to manage their own users. Therefore, for this type of product, some of the most common use cases you will see on membership site examples include:
Homeschooling Co-Ops & Remote Teachers
Parents who are part of a homeschooling cooperative or those who have children in remote schools can use a corporate membership site to manage and monitor the progress of their students.
This type of user is typically looking for an all-in-one solution that will allow them to track the work assigned to each child, grade it, and provide feedback without juggling multiple applications.
By signing up for a corporate membership, these users will also have access to additional features and resources that can help them in their homeschooling journey, such as online courses, planners, and tips from experienced homeschoolers.
Non-Profit Organizations
Many non-profit organizations use corporate membership sites to bring their members together and manage/ market their events and donations. This type of user is typically looking for a way to easily accept and track donations, create communities around their causes, and provide their donors with unique content or training in exchange for their goodwill.
One way corporate accounts can help NPOs is by providing them the option to only add one member who will manage access to your content for their entire team, depending on their needs and employee benefits.
Instructors & Trainers
Instructors and trainers can also use a corporate membership site to manage their students and keep track of their progress. This type of user is usually looking for a way to simplify and streamline their workflow by having all of their student information in one central location.
For instance, if your membership site provides English as a Second Language content, a Business English Language tutor could buy their spot as a member and then share your content with their own students.
Corporate Teams
If you provide corporate training or long-distance team-building services, a corporate membership site can help you manage your clients and keep track of their progress. This type of user is typically looking for a way to provide their employees with the resources they need to be successful, without having to invest in multiple applications or services.
A corporate account will enable a manager to give access to team members who might need to attend your training, courses, or team-building sessions. The corporate membership site feature makes it easy both for you and for them to access the information and events they need.
Pricing Your Corporate Membership Site
Now that we have looked at some of the most common types of users who would benefit from a corporate membership site, let’s take a look at how to price your membership
There are several factors you should consider when setting the price for your corporate membership site:
The Cost of Goods and Services
This includes the costs of acquiring or creating content, hosting, and other associated costs, including that of the tools you need to make sure your membership site is up and running.
The Value of the Content
You should also consider the perceived value of your content. If you are offering unique, high-value content, you will be able to charge more for your membership than if you are offering generic content that can be found elsewhere.
The Target Market
When considering the price of your membership, you should also think about your target market. If you are targeting large businesses, you will be able to charge more than if you are targeting small businesses or individuals. Likewise, if you are targeting a market likely to pay for luxury (and your product matches their expectations in this respect), you will also be able to charge more.
The Competition
It is also important to consider the prices of similar memberships offered by your competitors. If you are offering a unique service or content, you will be able to charge more than if you are offering a commodity.
Once you have considered all of these factors, you will be in a good position to set a price for your corporate membership site.
How to Create Multiple Pricing Tiers for Your Membership Site
Creating multiple pricing tiers is one of the most common ways to price a corporate membership site. This means that you will offer different levels of membership, each with its own price and benefits.
In essence, creating pricing tiers isn’t rocket science. There are, however, some aspects you will need to consider before you split your pricing into multiple plans:
The Perceived Value of the Content
When creating multiple pricing tiers, you need to make sure that there is a perceived value difference between the tiers. If there is no perceived value difference, your customers will not see the need to upgrade and will simply choose the cheapest option.
The Type of Content
When creating multiple pricing tiers, you need to make sure that the content you are offering is appropriate for each tier. For instance, if you are offering video content, you will need to make sure that the lower-priced tiers offer lower-quality videos, and that the higher-priced tiers offer HD videos.
The Costs of Delivering the Content
It is also important to consider the costs of delivering the content. For instance, if you offer video content, this includes hosting, streaming, and making sure you have access to different quality tiers to your videos.
Likewise, if your pricing tiers include corporate accounts, you will want to take into consideration the money you will have to spend to make corporate account membership possible from a technical point of view.
Keep in mind that, if you want to create multiple pricing tiers for your membership site, the corporate plan should probably be among the highest-paid ones. This helps you create perceived value and it gives you a goal when it comes to maximizing your membership website’s revenue.
Other Considerations in Pricing a Corporate Enrollement Site
Once you have considered the most important factors in setting the price for your corporate membership site, there are a few other things you should keep in mind:
Discounts
You may want to offer discounts to certain groups of users, such as students, seniors, or NGOs. This helps you create a brand image as a company that cares about social responsibility.
Some examples of such discounts include:
- A percentage off the monthly price for students
- A percentage off the annual price for seniors
- A free month of membership for NGOs
Trial Periods
Another thing to consider is offering a free trial period. This allows potential customers to try out your content and see if it is worth the price.
Pricing Tier Names
When creating multiple pricing tiers, you will need to come up with names for each pricing plan. The names you choose should be reflective of the value of the content. For instance, if you are offering video content, you might want to call your lower-priced tier “standard” and your higher-priced tier “HD.”
Subscription vs. One-Time Payment
Finally, you need to decide whether you want to charge a one-time payment or a recurring subscription fee. There are pros and cons to both options, so you will need to decide which one is best for your business.
Recurring subscriptions have the advantage of giving you a steadier stream of income, but they may be off-putting to some potential customers. One-time payments, on the other hand, may be more attractive to customers, but they will not give you the same level of income stability.
Discounts for Yearly Plans
When it comes to corporate enrollment sites, many companies offer discounts for customers who sign up for yearly plans. This is because it helps them lock in customers for a longer period of time, which gives them a steadier stream of income.
If you do decide to offer discounts for yearly plans, make sure that the discount is significant enough to be worth the customer’s while. A small discount is not likely to convince someone to commit to a yearly plan.
Conclusion
Pricing your corporate community site can be tricky (and so is running a membership site in general), but it is important to get it right. As a membership site creator, you should keep in mind the perceived value of your content, the type of content you are offering, the costs of delivering the content, and other factors such as discounts and trial periods.
With careful consideration, you can come up with a pricing strategy that will help you maximize your membership site’s revenue. So go ahead, research the best membership site platforms and plugins and make sure to pick one that allows you to include a corporate membership option.
Remember, knowing how to build a membership site is one thing. With the membership site builders and WordPress membership site plugins available out there, building a membership site is easier than ever. Running it and making sure your content is consistently engaging, however, is an entirely different affair — one where strategic thinking and staying on top of the latest industry trends can make all the difference in the world.
Frequently Asked Questions
What should be included in a membership site?
A membership-based site should include content that is valuable to your target audience. This content could be in the form of videos, articles, e-books, or any other type of content that would be useful to your target audience. The idea is to create a community around your content — and your site should be the platform upon which this happens.
How do I start a paid membership site?
Starting a membership site can be a bit baffling at first. However, you can create a membership site easily by looking into free membership site platforms and going from there. These platforms will give you the ability to create and manage your membership site, as well as take payments from customers — all with minimum investment from you, in the beginning at least.
Furthermore, membership website examples will also help you get inspired on how to grow your community (and your membership site revenue too.)
What is a membership site platform?
A membership site platform is a software application that helps you create and manage your membership site. Platforms typically provide features such as content management, payment processing, customer management, and more.
How do I start a successful membership site?
There is no one-size-fits-all answer to this question, as the formula for success will vary depending on your niche and target audience. Membership websites that make money rally members around their content before they charge — so you might want to consider designing a strategy that will enable you to give content for free to “hook” new members. Your paywall content should then slowly attract paying members to your site.
What is corporate membership?
Corporate membership allows you to offer your content to businesses, rather than individuals. This can be a great way to monetize your content, as businesses are often willing to pay more for access to your content than individuals.