Pricing membership

Hello guys and girls,

As a background, I’m creating YouTube guitar covers.
Currently I’m pricing my BMC membership at 5$/month. I would like to know your oppinion on this. Suggestions are well welcomed! Should it be less? More? Also why and why not? (I would like to know the most of what is usefull)

What I’m offering/planning to offer are the following:

  • early access to my youtube covers
  • peaks into my work in progress and behind the scenes (photo albums, videos)
  • access to my text posts containing guitar knowledge sharing
  • 50% discount to my shop items which contain backing tracks and exclusive covers, available only on BMC

I’m eager to hear what you think.

Enjoy the journey!

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I think the price is fine and the important question is more about how you communicate your value to your youtube followers.

I started at £3 but a system update some months ago accidentally bumped it up to £5 and members kept coming in so I left it like that! Some of my members tell me its too cheap.

3 Likes

Thanks a lot for the info!

So, how do you communicate your value to your youtube followers?

Well, for me it was a long slow process of giving them valuable content for free on YouTube (in my case it’s trade tips on building fitted furniture). That built trust and appreciation to the point that some of my subscribers were asking me to set up a place where they could contribute!

That’s how it started for me. Then as I grew the buymeacoffee idea I slowly added more member-only content including a set of blueprints I knew my followers would find very valuable. From time to time I will briefly show this in public youtube videos and describe the other content available to members only.

I recently announced on youtube that I would be doing less content publicly on youtube and more for members only and in the last week and a half since then I have had almost 100 additional members sign up.

I think the ongoing process of relationship building with your audience is most important and for me tis has happened probably more on instagram than YouTube - I also share helpful content in instagram stories, and it is a more direct way for followers to engage with me. I think it is very important to treat every individual as valuable and to quickly respond to direct questions etc, always being as helpful as possible. That way you slowly but surely establish yourself as an authority but also as a decent sort of guy who they know, like and trust.

It may be different for your area of interest though - my content is more about teaching technical skills. Having said that, you mentioned guitar knowledge sharing. I suggest doing some of this for free on youtube so people can find out if they connect with your teaching style. Then they will want more.

2 Likes

Great to hear a success story. As mentioned by @Alastair, what are your subscribers getting for the price? And can you offer enough good content for them to continue to feel $5 monthly is a bargain?

I’m curious if anyone has measured subscription attrition (unsubscribe rate) Maybe using a monthly % of unsubscribers compared to total subscriptions would be a good barometer to know where the optimum subscription price sits.

1 Like

@Alastair good to hear it worked for you! This info is actually really helpful. I think the most important thing for me at the moment is not to rush, as I’m still at the beginning.

I still have to see how I’m gonna split my content based on interest, as my content consists of covers ( for the ones who like to just listen to music) and backing tracks, knowledge sharing posts, etc. (For the ones who want to learn).

Thank you both for the input. I will keep the price at 5 and see how it evolves.