Benefits of the Exclusive Subscription Model
Pick your price - You can pick any price you want for both monthly and annual
Gated subscription - Only your paying subscribers can view your content
Gated community - Only your paying subscribers can access your community
Please beware of this:
You are not able to adjust your price once you launch. You can offer discounts, but you are not able to increase your subscription price after you launch. Playbook is working on multi-subscription offerings. Stay tuned!
Consider your Strategy for your Subscription
When launching a subscription-based business, it's easy to get caught up in the excitement of recurring revenue, but without a clear strategy for what you're actually offering, you risk confusing your audience and losing potential customers. Your subscription model should solve a specific problem or deliver ongoing value that makes people want to stay month after month. For more support on strategizing for your subscription, see this article here.
How to think about pricing your Exclusive Subscription
If you are unsure of pricing, you should start by selling OTPs (One Time Purchases). With this model, you can:
Launch different programs as separate OTPs to see what content your audience loves most (This will determine what type of content you can include in the subscription later on)
Test different price points
Gather user feedback from the customers who purchased your OTPs
Is there a “perfect price”?
There is no “perfect price,” but there is an optimal price range. We suggest setting a solid base price and then using discounts and promotions to reach customers who are more price-sensitive.
What factors determine pricing?
Customer’s demographic - Consider how much discretionary income your target audience has and would be willing to use to pay for your product.
Value of content - Take into account the amount and quality of the content that you will provide in your subscription.
Expected future value - How often will you add new content to your subscription? The cadence that you plan to update the app should be taken into account.
Step 1: Understand your Customer
How old are they?
What do they do for a living?
Where do they live?
What social platform are they coming from?
What other products are they buying?
Step 2: Know your Competition
Make a list of 3-5 creators who you could see as competitive
Look at the top apps in the space
What do they price their offering at?
What content do they provide? How often do they release new content?
How much community and engagement do they do?
Step 3: Develop a Plan for your Content
What will you offer at launch?
What will you have on your offer in 3,6, and 12 months (expected long-term value)
Will you offer fitness, nutrition, and community?
Will you be doing Zoom calls with your customers?
Selecting your Price
As a best practice for setting your price, we recommend that you charge slightly higher than the average competitor so that you have room to run discounts.
Value of offering
Value is the most important thing to understand. If you are going to offer more of your time, you should price higher for example:
$5/month - $15/month range
Programs - multiple programs, you add new ones every quarter
Categories - library of individual workouts
Nutrition guidance - meal plans, recipe pack, etc
Community group
$16/month - $25/month
Programs - multiple programs, you add new ones every quarter. Consider programs with progressive overload that your users can keep leveling up into.
Categories - library of individual workouts
Nutrition guidance - meal plans, recipe pack, etc
Macro guidance - how exactly to calculate and manage macros
Community group + weekly, biweekly, or monthly calls
$25/month-$50/month
Programs - multiple programs, you add new ones every quarter. Consider programs with progressive overload that your users can keep leveling up into.
Categories - library of individual workouts + deep tutorials and insights
Nutrition guidance - meal plans, recipe pack, etc
Macro guidance - how exactly to calculate and manage macros
Community group + weekly calls (hyper engagement)
Customization - you might offer users some custom feedback for becoming a member
For a more in-depth look at what contributes to picking your price, check out this spreadsheet here.