Tip #56: Monthly vs. Annual Subscription – Which is More Converting?

Some clients prefer to pay on a monthly basis and some prefer to pay on an annual basis, but which option is more converting for your audience?

Why Monthly Subscription Subscription?

Less risk with returning payments, as when the billing is once every year, members who register using their credit card may forget to update it if the old one has expired or cancelled.

People who are less familiar with you and your content / products may not want to take the chance of paying for a full year when they don’t know if they would want to commit for so long, so monthly payments are better for some people.

The monthly charges are like reminders to your members that they are registered to the site, so they are less likely to just register and forget about it, and there could be a grater chance that they will login and participate, and therefore, have higher retention rates.

Why Annual Subscription?

Get all the money in advance for a complete year, which can help you to invest more money on your business. This can be very helpful especially if you are only starting. Also, many sites’ owners even give a discount as an incentive to members who pay for a full year in advance, which can encourage more members to register.

Some people prefer to pay for a full year in advance and not get charged on a monthly basis (people usually don’t like subscriptions).

Which Option to Choose?

The only way to know which option is the right one for your audience is by split testing the two payment options, or you can simply allow people to choose which payment option is more suitable for them by allowing them to pay monthly or annually.

We have some clients who told us that annual payments works better for them and we also have clients who’ve told us that monthly payments are better, so split testing is definitely the key.

Wishlist Member Dedicated Plugins for You

We have created a complete repository of Wishlist Member dedicated plugins developed by both Wishlist Products, the company behind Wishlist Member plugin, themselves and by 3rd-party companies such as HappyPlugins.com (our company).

In the repository you will find different types of plugins, including:

• Content Plugins – Get more control over your membership site’s content, enhance it and make it even more powerful using these powerful content plugins
• Members Plugins – Create a thriving community, increase your members’ satisfaction and engagement using these powerful plugins
• Registration Plugins – Increase the number of registrations to your membership site and prevent cancellations using these powerful registration plugins
• Administration Plugins – Manage your membership site’s structure and design to empower it for your members using these administration plugins
• Affiliates Plugins – Maximize your membership site’s revenues by offering a powerful affiliate resources and tools for your affiliates using these plugins
• Wishlist Member & WooCommerce Plugins – Integrate your Wishlist Member membership site with WooCommerce platform quickly and easily in just i-click!
• Wishlist Dedicated Guides – Premium guides about membership sites in general and Wishlist Member in particular to enhance your membership site

Latest Wishlist Member Tips

Check out the latest tips from our weekly Wishlist Member Tips Series, that already includes 56 tips:

• Tip #50: How to Drip Content using Wishlist Member & Which Option to Choose
• Tip #51: How to Sell Multiple Posts using the Pay-per-Post Feature in One Purchase
• Tip #52: How to Know Which of Your Protected Content Non-Members Tried to Access?
• Tip #53: Proven Tactics to Increasing the Renewal Rates to Your Membership Site
• Tip #54: The Most Popular Plugins & Services that Integrate with Wishlist Member
• Tip #55: How to Protect Your Videos to be Viewed by Members Only

You May Find These Posts Interesting:

Tip #41: Pricing Your Membership Site – Annual vs. Monthly Charges

Tip #21: Monthly Membership Subscription vs. Limited No. of Payments

Tip #37: How to Prevent Members from Cancelling their Subscription to Your Membership Site

Tip #53: Proven Tactics to Increasing the Renewal Rates to Your Membership Site

Tip #45: Reasons Why You Should Limit the Registration Capacity to Your Membership Site

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