"Why's the price of GM+ going up?"
Had someone reach out to me with this Q recently regarding the impending price increase for GM+.
The decision came down to 4 separate things which I'll outline after explaining how much it's increasing.
The price is going from $99 / month to $100 / week. So roughly a 4X increase.
Why?
Here's the breakdown of the reasons (and you can join now at the current price of $99 / month).
- External advice:
The first is external advice I've been getting from people who are either experienced business owners and/or members of other similar communities.
A handful of people have mentioned that I'm drastically undercharging for the amount of value that's in there and that there are others charging more while offering less.
I've been advised by a few of these people as a result to increase the price.
2. Management
Before the Christmas break I asked the current GM+ Members about higher-ticket communities and what would make them worthwhile to them.
I got some great feedback on both low and high-ticket communities to check out and how they work.
They led me to everything from...
- $7 / month memberships with thousands of members
- $2000 / month memberships with only 100 people
I started thinking about the kind of community I wanted to run, and honestly, I do not know how people manage a community of 2000+ people.
The more I thought about it, the more I realised that managing something like that isn't really for me.
I like knowing who's in the community, what they're working on, and what they want to achieve.
Right now, I could give you a decent breakdown of every member in there, what they're working on. and how we're trying to help them.
There is no way I could do that with thousands of members.
Managing that many people and ensuring there's enough value there for each of them is a mammoth task I'm not sure fits with what I want to achieve or the way I like to help people.
3. Personalised help
This leads on from the above.
I spoke on the phone to one member and he mentioned that he recently left a $1000 / month membership because of the founder.
Apparently this guy has bought into the whole "follow me as a guru" method. He doesn't accept different ways of doing things and forces everyone to adopt his approach whether or not it's right for them.
This aligned with another member who mentioned that, within a higher ticket membership, she would prefer less content and more personalised feedback.
Again, only really viable when there's fewer people.
Personalised feedback for 2000 members would be... tough.
But, if the numbers are kept smaller, I could offer more specific help to each person within.
4. Financial reasons and growth
This last one is purely selfish and related to my own financial goals.
One of the goals I have for the year is for the community to be making at least $30,000 in MRR.
- If I leave the price at $100, that's 300 people.
- If I raise the price to $400, it's 75 people.
Obviously there's a little more resistance selling something for $400 over $100. However, the extra effort needed (if the targeting is right) is less than you might think.
It's just a case of me finding the right system to get in front of the right people this can help.
Anyway, those are the main reasons.
What it really comes down to is I want to offer more personalised help through the community.
The only way I can see that this would be viable - in terms of actually offering value to each person - is to increase the pricing.
And so, from next week, the price is going up.
You can, of course, jump in before the price increase and get all the benefits of the more personalised approaches I'll be rolling out.
If you want that, you can sign up here.
Speak soon,
Pete "personalisation" Boyle
