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Episode 267: Crafting a Strong Group Class Pricing Structure
Manage episode 455154467 series 2991340
What We Cover In This Episode:
Recommendations for keeping your service menu simple and finite [4:05]
Flexible service menu options you can use when creating your pricing structure [5:18]
Why setting low prices to attract volume isn’t an effective long-term pricing strategy for your business [12:11]
The benefits of including tiered membership options and examples of what this could look like [13:30]
A bundling strategy that can enhance the member experience and justify a higher price point [13:50]
A way you can reward long-term members for their commitment to your studio and what you will see as a result of using this strategy [19:24]
Quotes:
“I think it really helps when you offer flexible membership options because then a membership is for each client persona, for your casuals, your committed, and your flexible people.” [Nick, 7:14
“If you offer them that specialized attention, it is part of their membership and they might as well take advantage of it, they're only going to get more hooked into the modality, they are going to be a bigger advocate for the studio. They are going to have more fun during class and I really see it as a retention tool.” [15:29]
“Rewarding long-term members with special pricing like a loyalty discount or exclusive offers recognizes their commitment and turns them into advocates for your studio.” [19:29]
LINKS:
Visit the fitDEGREE Knowledge Base
Send Megan Your Playlist or Discuss the Podcast Here!
fitDEGREE’s Business Portal
https://calendly.com/fitdegree-support
https://www.instagram.com/fitdegree/
https://www.instagram.com/fitspot_guru/
https://www.fitdegree.com/blog
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