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Is it good for business to keep your prices low?

Memberships are known for being a more cost effective way for consumers to acquire something that would be too expensive to create for themselves. Just look at all the equipment in your health club and it's easy to understand that a small monthly fee is a whole lot easier than a hundred thousand dollar home gym. 

The problem is that most chambers keep their prices low because they are afraid to raise them. Maybe they're afraid they don't offer enough value to justify a higher price. Maybe they are afraid of hearing from that one PITA member when they get the renewal invoice... PITA stands for Pain in the Ass, of course... or maybe they are afraid of losing members because of a price increase. 

The reality is that you've increased your value since your last price increase weather you realize it or not. The difference between chambers who regularly raise their rates and those who don't, is that chambers who regularly raise their rates are intentionally raising their value ten times more than the increase in price. 

Since it's just not a sustainable business practice to keep your low prices the same over time, the solution is to drive more value every single year on purpose. And have a pricing structure that rewards your chamber when a members chooses a membership higher than just the minimum benefits. 

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