Now Is The Worst Time To Raise Your Subscription Prices (Better Alternative Inside)
You don't need to raise your prices in the last 60 days of the year as so many do and preach. There's a better way to grow your Substack.
I'm annoyed by all the Substacks I subscribe to as a free subscriber telling me this:
“Only one day left to upgrade” - URGENCY
“Prices will increase!” - SCARCITY
I’m an award-winning marketing professional working in the healthcare sector for an international company. Still, I’m sick and tired of those emails in my inbox, and here’s why:
Urgency and scarcity are a proven marketing vehicle, but (part-time)writers often overuse them
I see financial hardship everywhere! When I go to the supermarket to buy food for my two kids, I pay about $50 more than before, which is $200/month.
People have lost their houses due to hurricanes or other catastrophes. People get divorced. One kid is sick. They need to take care of their parents. They lost their jobs. The list goes on. These are just some of the MANY personal things my subscribers and unsubscribers told me within the last couple of weeks. Why on earth would I then RAISE my prices?
There are benchmarks. You can go into the Explore feed and check what others charge in your niche. In my niche, that’s from $5 to $20 (or even more) per month. What does this mean for me? “Don’t be cheap! Don’t be a bargain!” Some are telling me. Others suggest offering my subscription at the lower end to get more subscribers.
“What’s the “right” pricing for increasing your subscription fees this year” is the WRONG question.
There’s no one-size-fits-all approach. I’m not the type of marketing expert who tells you, “Do this, not that!” With 15 years of experience working for international mega brands, I know it’s more about RECOMMENDATIONS.
So, in my 1:1 sessions in October, some asked me about the “right” pricing point for raising their fees this year—as they see it from others.
Most of my subscribers are writers. Writers who want to learn how to monetize and market their passion, their words, and their labor of love to make an excellent part-time income writing or even a living writing.
In a few days, I’ll have surgery. Since the German healthcare system is undergoing many changes and we’ll get a massive health insurance contribution increase, I’ll pay about $3000 (you read that right!) on my own. Also, I’ll pay for a family room in a hotel, since I’ll take my family with me.
$3000 is 10% of the money I make with my Substack newsletter!
$3000 is the 10% cur Substack takes from my money.
It’s a lot of money, so I’ll think twice about any memberships, subscriptions, courses, or other things I’ll buy in the next couple of weeks—especially since Christmas is around the corner, and I want to surprise my kids and family with some lovely gifts. As you may know, my dad is sick, and he’s losing weight at warp speed. This could be our last Christmas together, and I wanted to surprise him (I will share more about this in the next weeks).
So I feel you, and I get you, if you’re annoyed about getting all those pushy emails - although I also understand the writers who might offer their paid perks at a very low price.
Most substackers offer MORE than just their paid posts
Most successful subsatckers I know offer MORE than just their paid newsletter posts. They offer coaching, courses, memberships, workshops, paid podcasts, paid chats, you name it. The possibilities are endless. You can add as much value to your paid perks as possible.
Well-established journalists such as Anna Wharton, who I interviewed in this week’s podcast, also offer courses, workshops, and book clubs to make their subscriptions more attractive. It’s not just their incredible and one-of-a-kind writing.
So, the first thing most writers (after adding more and more paid perks) would think of is:
“Oh, I need to raise my subscription prices because I offer SO MUCH MORE VALUE for this bargain price.”
Again, I feel you, and I get you; however, let me show you why NOW is the WORST time to increase your price; also, what my recommendation for you and a BETTER ALTERNATIVE is—that’s hot and new on Substack!
You can't ignore what’s going to have an impact on your newsletter efforts.
So you won’t believe what I discovered…