The price of a membership is one of the factors that will influence whether a member is going to purchase a subscription to your site or not. By testing your price points regularly, you will gain more insight into how much members are willing to pay for memberships and which price points they see as good value.
Rate card testing helps you to analyse which price points work best for each of your sites. One of the most important metrics to look at when running these tests is how much initial cash you make per basic member, after subtracting refunded cash, during the test period. This will show you the best fitting price point for the demographic on the site – it takes into account the conversion rates, subscription value and volume of refunds.
As well as being able to test different payment subscriptions, you can also test the most effective way of displaying prices on the payments page. For example, you may find that showing how much a monthly subscription costs per day will increase your conversion rate.
It’s important that you regularly set up rate card tests to be able to to improve and understand your LTV and average initial revenue. This will give you insight into whether your sites are maintaining a good performance.
For more information on rate card testing, check out our blog post or speak to your Partner Manager for guidance on how to set it up.