There is an easy way for you to introduce your membership site to the marketplace for a low price while also not discounting your offer or looking like a cheap marketer and you have an easy way to test the market, see if people will buy so you can then charge a higher price for your access. This is all thanks to the Seven Dollar Bump Strategy. This strategy allows you to start low and test the market and means you don’t need to have a lot of content out of the gate and it becomes better later as you raise the price and course correct.
What is the Seven Dollar Bump Strategy? This strategy is where when you first launch your membership site, launch it at $7 a month. Then once you have a few members, once your sales letter has been split tested, once you have a little bit more content added into the membership site, increase the price. Charge $17 for new members. What happens is your initial buyers are grandfathered in forever at $7 a month then you increase the price to $17. Remember this is almost triple the price and then market it some more.
This has a couple of advantages. First of all, it shows that you’re not dropping your price, you’re raising your price. You have social food because people have already bought at $7 per month and introduces scarcity because you’re about to raise the price to $27 per month. A great way to start low and test the market, see if people are actually willing to buy at any price and then you can just start increasing the price.
It is also good that you don’t need to have a lot of content out of the gate. If people are only paying $7 a month, they only need a couple of videos for the first month. You don’t have to market it very hard because $7 and $17 are impulse by price points. This means that people will buy this on impulse just because it’s a low price.
I’ve had plenty of sales letters that charge a product for $7 that convert at over 12% that had no guarantee, that had no proof. It just made a compelling argument and asked them to buy. If you’re in a hurry, if you’re just starting out, it’s an easy way to get some initial sales. Just have a simple sales letter, just have a simple membership site, charge $7 and then as you add to it as you get more excited about it then increase the price for new members.
This is really good because as you get people in your membership site, they can start asking you questions and you can start creating better videos. You can start recording live webinars. You can start making the site last three months, six months, nine months and then justify your raising of the price.
That is how the Seven Dollar Bump Strategy works and it’s just that simple. Launch your membership site at $7 a month, test the market, add to it, increase to $17, $27, $37, $47 and finally, $97 a month which is where your membership site should be sitting at anyway.
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