How to Increase the Perceived Value of Your Paid Service
I want to talk about a simple way to increase the perceived value of something you are selling.
Maybe you run a paid newsletter, a paid community, a course, or some type of tool or service.
One way to make the offer more valuable is to set up an exclusive offer with a company like Stock Analysis that is relevant to your audience.
Letβs say you have a paid investing newsletter that costs $33 per month.
On the pricing page, you probably already list everything someone gets when they subscribe.
But what if they also received an exclusive offer for another product they would likely use?
For example, someone could subscribe to your $33-per-month investing newsletter and also receive one free month of Stock Analysis Pro or Unlimited through this exclusive partnership you setup.
After the free month, they would receive 20% off their first year if they decided to stay subscribed.
All of a sudden, you have increased the perceived value of your newsletter.
People are no longer only getting the newsletter. They are also getting an exclusive offer with a product that fits the audience and that they may already want to use.
You can mention this offer on your pricing page and then include it in the welcome email after someone subscribes.
The key is to partner with a company that makes sense for your audience.
It should be a tool or service that you already use, trust, and believe your subscribers will find valuable.
This also increases how much you earn from a large majority of your customers.
Letβs say someone pays $33 for your newsletter and then signs up for Stock Analysis Unlimited through your exclusive offer.
Stock Analysis Unlimited normally costs $199 per year.
After the free month and the 20% discount, the customer pays $159.20.
At a 60% affiliate commission, you would earn $95.52 if they stayed subscribed after the free month in year 1 alone. *you continue to earn 10% recurring year after year after hitting $2,000 in a calendar month.
You have now earned:
$33 from the newsletter subscription.
$95.52 from the affiliate commission.
That brings the total value of that customer to $128.52.
You increased the value of the offer for the customer, but you also increased the value of each new subscriber to your business.
That additional revenue can make a big difference.
Maybe you could not afford to spend $50 to acquire a customer when you were only making $33 from them.
But if that same customer is now worth $128.52, the numbers begin to look very different.
You may now be able to spend more on advertising, bring in more subscribers, and continue growing the service.
It creates a flywheel.
You make more from each customer, which allows you to spend more to acquire customers, which helps you grow faster.
I think more paid newsletters, investing communities, courses, and online services should explore this.
Find a company that serves the same audience and see if you can set up an exclusive offer for your subscribers.
You increase the perceived value of your service from the start.
Your customers get access to something useful.
The partner gets new customers.
And your cart value dramatically increases.
Give it a shot and see how it goes!