QUESTION: What are your thoughts on raising my trial price to put it closer to the monthly contract?
ANSWER: I like to base the trial price on our conversion metrics. In this case, your retention is great and your sales (consult and trial close) are well above industry averages so individuals are clearly seeing value in your service. The issue we’re having is lead quality- we’re just not getting the volume in the door needed to see significant growth. In this case I would actually lower the trial price, decrease the barriers of entry and get more individuals in the door because the metrics show you’ll convert them into members.
If we’re seeing a high amount of leads interested (your scheduled ratio is high) but your sales and trial close were not efficient, we would first review your processes, but more than likely we would raise our trial price closer to the monthly membership to get a better quality lead in the door. Either way, the trial should be the best service you have, with all the bells and whistles- when people see value in something, they’ll pay whatever you ask!