I think it's important to note for anyone reading that if you don't have a consistent upgrade rhythm throughout the year, drastically discounting your newsletter during the holidays is just putting a bandaid on a bigger problem.
For those of you who have a solid upgrade rhythm, here are a few pieces of data that could be helpful (they're …
I think it's important to note for anyone reading that if you don't have a consistent upgrade rhythm throughout the year, drastically discounting your newsletter during the holidays is just putting a bandaid on a bigger problem.
For those of you who have a solid upgrade rhythm, here are a few pieces of data that could be helpful (they're from my Substack Reader Survey this summer).
The price range where respondents said things began to "feel pricey" was the $50/year - $75/year mark. I've tested this with clients who were struggling with upgrades, and any time they clarify their product/value proposition AND get inside or just dip below this window, their upgrade rhythm improves. (I know it sucks to hear "lower your price" but the reality is that if upgrades aren't coming in, it's your product, your nudge cycle or your price that's the problem.)
Also here's a helpful note on formatting your promotion: Make sure you are writing the FINAL PRICE of a yearly subscription in your upgrade buttons and links. This is what the data says is the FINAL determining factor for most upgrades; and this bears out in other pricing scenarios I'e worked in. In a cost conscious economy, the cash out of a reader's pocket is what matters most. And just make sure if you're at or above that price range ($50 - $75 a year) that you have the archive, onboarding sequence and skills to back it up.
I think it's important to note for anyone reading that if you don't have a consistent upgrade rhythm throughout the year, drastically discounting your newsletter during the holidays is just putting a bandaid on a bigger problem.
For those of you who have a solid upgrade rhythm, here are a few pieces of data that could be helpful (they're from my Substack Reader Survey this summer).
The price range where respondents said things began to "feel pricey" was the $50/year - $75/year mark. I've tested this with clients who were struggling with upgrades, and any time they clarify their product/value proposition AND get inside or just dip below this window, their upgrade rhythm improves. (I know it sucks to hear "lower your price" but the reality is that if upgrades aren't coming in, it's your product, your nudge cycle or your price that's the problem.)
Also here's a helpful note on formatting your promotion: Make sure you are writing the FINAL PRICE of a yearly subscription in your upgrade buttons and links. This is what the data says is the FINAL determining factor for most upgrades; and this bears out in other pricing scenarios I'e worked in. In a cost conscious economy, the cash out of a reader's pocket is what matters most. And just make sure if you're at or above that price range ($50 - $75 a year) that you have the archive, onboarding sequence and skills to back it up.