Is It Better to Charge a Monthly Fee or a One-Time Fee | Ep. #756

Nomzy Stholly

6 min

Investing & Markets

Description

In episode #756, Eric and Neil discuss whether it is better to charge a monthly fee or a one-time fee. Tune in to hear which is more lucrative. TIME-STAMPED SHOW NOTES: <ul> <li>[00:27] Today’s Topic: Is It Better to Charge a Monthly Fee or a One-Time Fee</li> <li>[00:40] If you have a monthly fee, look at the lifetime value of your customer.</li> <li>[00:45] Think about charging a one-time that is more or equivalent to your LTV and see if that generates more revenue.</li> <li>[01:05] People like the concept of a one-time fee.</li> <li>[01:24] It’s a much more appealing marketing message.</li> <li>[01:33] You have to be testing!</li> <li>[02:37] If your average customer only lasts one year, it’s more beneficial to charge up front.</li> <li>[02:56] Neil tested out up-front payment and a payment plan and found that up-front was the best system for his business.</li> <li>[03:25] If you charge a one-time fee for a lot of stuff, this holds greater appeal.</li> <li>[04:05] It’s all about the lifetime value of your customer: this is the best way to determine your pricing structure.</li> <li>[04:43] If you’re doing a subscription thing, you can use a dashboard that will track your clients and payments.</li> <li>[05:04] <a href= "https://www.priceintelligently.com/">Price Intelligently</a> is a great resource.</li> <li>[05:18] If you wan

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Episodes

Is It Better to Charge a Monthly Fee or a One-Time Fee | Ep. #756

Nomzy Stholly

6:36