Pricing is a delicate topic. What works for one business may not work for another. Figuring out what to price your subscriptions will take some research and trial; however, there are a few guidelines you can follow. All industries have different levels of price sensitivity. If your industry is perceived as highly specialized, you can charge more for your videos. Technical, medical and legal fields often command a higher price point.
- Which industry are you in?
- Is your content required for people to do their work?
- What are people in your industry used to paying for information?
Assess the Uniqueness of Your Content
If you are the only one producing this type of content, you can go for a higher price point. However, if your content is already available for free across the web, you should reconsider your angle.
- Can people find a substitute for your content for free?
- How exclusive is your information?
- Can you differentiate yourself well?
Reference Proxies for Your Content
Is your video subscription content replacing something that was previously sold on DVD or presented in person at conferences or workshops? If so, use the cost of those products or events as a benchmark for setting your price points.
A Real Life Example
Imagine your video course replaces a workshop that costs $1500. Since a video version doesn’t offer the same in-person experience, you can drop the price to 20 – 50% of the live event cost. It’s a good idea to start on the expensive side and offer discount codes if needed, rather than devalue your content to quickly.
To learn more read on to part 5 of 6 in this series. View all parts in this series.
