But I had a few problems with that.
One is that it’s too expensive for NLS. I wouldn’t pay that for NLS. NLS is a good service, and the only one I use for my own investing, but still, that’s a significant chunk of change. That scares people off that might actually benefit from the service.
I want the services I offer to be priced so that people are happy to pay the prices. Not just that the price is fair, but that it’s so cheap you’re surprised and delighted to pay it.
That was also the problem with the pricing on PD. It was a fair price, but it wasn’t a great price.
Then there’s the “$X.95”. This is a tactic that is so pervasive nowadays that we don’t even notice it. I didn’t really even think about it when I priced the services that way. But it’s a form of dishonesty and it makes me uneasy now that I have thought about it.
Making a price be a penny, three cents, or five cents below a round dollar number is an attempt to make the price look better. $49.95 is basically $50, but $50 looks a lot more daunting. So it’s a way to get a customer to pay $50, when they really only wanted to pay forty something. So I’m dropping it, and dropping the price even further.
Lastly, I was charging 12 times the monthly price for an annual subscription. But the general expectation is that if you buy in bulk, then you should get a discount. I don’t like violating people’s expectations.
If the violation is done quietly, so the person doesn’t notice, then it’s a form of dishonesty. If I know that someone is expecting something to go a certain way, and I quietly do it another way, then I’ve basically lied to them. (I’m looking at you grocery store that prices a bigger package at a higher price per ounce than the smaller package.)
Alternatively, I can try really hard to let them know that their expectations aren’t going to be met. This is what I tried to do by putting a calculation right in the daily email that said “the annual price is 12 times the monthly price”. But when I do that, I’m making people think harder. I’m violating their expectations and making them have to think about every transaction they make with me. They’ll always be asking “is this going to meet my expectations or am I not seeing the warning that says it will be different than I expect”.
I hate that. I want every interaction with me to meet or exceed expectations. That’s how you build trust and a long-term mutually beneficial relationship.
So here it is:
Predicted Dividends is now $2/month, or if you subscribe annually, $20/year (2 months free).
No Lose Stocks is $4/month, or if you subscribe annually $40/year (2 months free).
And both still have the 60 day free trial, so you can see what you’re getting before you pay.
- refunding subscribers to these services for the current month
- sending them links to be able to unsubscribe from the higher price,
- and assuming they like the service, links to resubscribe to the new lower price
Annual subscribers will receive a refund of the amount they paid over the new amounts.
Let me know if there’s anything else I can do for you, or if there are any areas where I’m violating your expectations or could be providing a better service.