The Most Important Pricing Strategy For Boutique Studios
This is the number one, hands down, most important thing you can do for your boutique fitness studio in regards to pricing! I learned this running my own yoga studio for 5 years and from working with thousands of studio owners for the last 20 years. I could spend an entire day talking pricing strategy with you! Don’t worry, I will, this is one of many articles on this topic coming your way. If I had to boil all the details down to one specific strategy though, this would be it. Are you ready? Drumroll in your head please….
Optimize Memberships
A great way to see if you are doing this as much as you think you are is to map out all your pricing options in a spreadsheet or piece of paper and do the math to see how much people are paying per session on each of your options. Get a free pricing worksheet template here.
A question that often comes up is, “Roxy, what about people on unlimited options?” Assume they will come 8 times per month on unlimited options. I’ve run the data for tons of businesses through the years and that’s the magic number. Believe me for now.
It’s all about building that community with pricing - this is me teaching a yoga class back at MB HQ in 2018
Once you can see all your options on a per session basis, ask yourself…is your membership option the best deal, by far? Or are you only rewarding your members with a dollar off per session? I propose to you that you want that membership to be even more rewarding. I like to see at least a $5 difference between the membership and the package options. Why? It’s win-win. The people spending the most money at your business get the best deal per session. They feel good about it. They feel loyal. They feel like you love them and they love you in return. It helps build your community. Often the packages and single sessions need to go up in price. That’s ok. I’ve never seen that hurt a business so go ahead and do it. If you are nervous or think your clients will revolt, book a discovery call with me and I can walk you through it. Stay tuned for more on pricing in the forseeable future. Now go make that membership shine more!