Pricing Checklist for Appointment Based Boutique Wellness Studios
If you operate an appointment based boutique wellness studio, then this checklist is for you!
The goal for all service based, wellness studios is to price your services in such a way that you are encouraging and rewarding for higher visit frequency and ongoing commitment as much as possible. This optimizes the lifetime value of your clients and the health benefits your clients will experience. I have used these strategies for the massage branch of my yoga studio as well as in my 10+ years consulting and coaching studios of all kinds.
Ensuring your pricing aligns with the value you provide and is structured in a way to optimize retention and commitment can be a delicate balance. That's where strategic thinking about the behavior you’re trying to encourage comes in.
Whether you're reassessing your current pricing structure or preparing to launch, this checklist will guide you through some of the essential steps and thoughts to maximize revenue, retention, and joy for you and your clients.
Instructions: Click here (or button above) for a google doc version of this checklist (go to File > Make a Copy) to have your own editable version to play with and check off as you complete tasks. Anyone else just love checking those boxes?
Pricing Strategy Checklist for Appointments
Review Current Reality First
Run reports in your business management software for clues to help set the tone for this pricing deep dive, if you are already open. If you aren’t already open, consider goals for your first quarter.
I love looking at current data to inform pricing decisions, if you have it
Review current capacity. Do you have room for more people or are you near capacity on a regular basis?
Review current sales growth. Are you growing, maintaining, or are sales feeling flat or contracting?
👑 Review Pro Tip: If you are “full” and sales are “up” then it might be time to raise your prices across the board. If you are a newer business, and/or have room for more clients and visitors, then perhaps you can be more aggressive with your new client introductory offer and/or a membership or package options.
List Options In Spreadsheet
Seeing your options listed can be helpful with strategizing pricing
You want to clearly see the difference between each option on a per session basis and play with plugging in different numbers and see how everything fits together. Your overarching goal is to price in a way that optimizes and encourages customers to want to buy multi session packages or ongoing memberships. Here is a free template you can make a copy of and use. Look for the tab “appt pricing list”.
Differentiate Between Options
You should have at least a $10-$20 difference between each option on a per session basis. You want to reward for commitment.
Consider Offering An Ongoing Membership Option
Think about how you can better reward those who visit most often and what cadence they often visit with
Many appointment based studios have great success getting clients on a session per month membership with clear terms and conditions for additional sessions and rollovers. If you prefer not to offer an ongoing option, can you offer a package option that is a much better deal than the single session?
Consider An Upsell Option For Newest Clients
Offer an option for new clients that’s only available while they are on an intro offer or in their first month at your business. For example, at my studio I said, “If you sign up for the massage a month membership or 3-pack, you’ll get $10 off per session for at least a year”. Keep in mind how this might affect payroll and come up with something that feels win win for your service providers and the studio both.
Consider An Introductory Offer
Intro offers are generally a great way to make it easy for new clients to try your services and make a purchase choice. “For the price of 2 or 3 single sessions you might as well buy this intro offer”.👑 Pro tip: 2 or 3 sessions always out performs a single session intro offer retention wise. Changing this up from time to time is good too.
Raise Single Session Price!
The people who spend the most money with you, get the best deal per session, this is win-win for all!
Roxy Rant: I’ve never seen this hurt a business and it often needs to be higher than you are comfortable with. Most of the people who most prefer the flexibility of a single session aren’t as price sensitive as you think they are. Sure, there is always a squeaky wheel client who may balk about this. Guess what, they don’t spend enough money or time at your business for you to take this too seriously! Put on your owner teflon outfit and shake these comments off! Money is a trigger and challenge for a lot of people. That doesn’t mean you shouldn’t make the choices that are necessary to help your business thrive more, right? You are in the business of creating space for healing and wellness. Rewarding people who value that most, and visit the most, is an important business strategy and community building foundation. The single session people who don’t want to commit to more can still visit your business, they just don’t get the best deal anymore because you are rewarding those who are really committed to your business. I have faith in your ability to make the hard decisions that will keep your community thriving for the long term.
General Pricing Housekeeping
Head over to your business management software system and review your Sales by Service / Product report again.
Simpler is often better for pricing
Review what’s selling the most. If it’s your single session, I propose you can be more aggressive with your membership or package option prices.
Review what isn’t selling much. Can you deactivate any of these and / or hide them from your website and / or business management software?
Confirm 7 options or less per service offering category.
Look at your highest count package option, such as a 10 or 20 pack. If this package is the same price per session as a membership or not far from the single sessions, change the price so the membership or package seems like the better deal.
Consider Payroll
Ensure that payroll isn’t going to change dramatically with any pricing changes. If you are worried or unsure, review your Payroll & Revenue Earned reports in your business management software and/or work with a consultant or coach for peace of mind. 👑 Pro tip: Don’t bonus teachers for students on introductory offers.
Make Changes Without Anarchy
Lets try not to make your clients cry with our pricing changes
Decide on pricing changes and the date you will have these changes done by. I love to change prices in January and/or June and announce the changes a month prior. “Accountability is the glue that ties commitment to results” is my favorite quote reminder on this from Bob Proctor. Who will do what, by when, to make this change happen? If you need hand holding and a listening ear, you know where I live and there is such a great network of fit biz friends out there to help you.
Announce changes in advance via email and/or social media. For example, “We are raising our package and single session prices as of DATE and you can stock up at the old price by clicking here.”
Day of changes, update actual prices in…
Business Management Software
Website
In Studio
Print Collateral
In conclusion, reviewing and thinking strategically about your pricing strategy for your boutique wellness space is not just about setting numbers; it's about understanding the value you offer to your community, rewarding those clients who are most valuable to you, and ensuring that your pricing reflects that value appropriately. By following the steps outlined in this checklist, you can gain clarity on your pricing strategy, focus more on optimizing your most committed folks, and ultimately enhance the overall experience and lifespan for your clients. Remember, pricing is not static – it should evolve as your studio grows and evolves. Embrace the opportunity to fine-tune your pricing model, it can dramatically help retention and revenue both, and watch as it contributes to the continued success and sustainability of your studio for years to come.
✋Virtual High Five
Humans can be very triggered by money but have faith that you are making the best choices for the long term potential of your business.