Intelligent Pricing for the Fitness Studio of the Future | B.Well Consulting

INTELLIGENT PRICING for the fitness studio of the future PRESENTED BY CHRIS BEER, B.WELL CONSULTING

originally presented at

THE IMPACT Let’s take a quick look at how the pandemic has changed everything in the fitness and wellness industry.

The rolling spikes in Covid cases caused a disruption in how gyms and fitness studios delivered their programming to their members.

Consumers everywhere bought gym equipment and lots of it. Connected fitness flooded the market - right place, right time.

Let's look at how fitness studios can create and sell pricing options that fit the needs of the post-pandemic consumer.

Intelligent Pricing for the Fitness Studio of the Future

THE GOOD NEWS While the boutique fitness industry certainly faced its share of challenges, boutique studios held an advantage over traditional gyms in several areas, including: Being able to deliver (and keep clients engaged through!) virtual programming Being able to offer more personalized membership options, based upon clients’ needs and interests Having a smaller physical footprint, which makes some clients feel more comfortable when coming back to in-person programming

Intelligent Pricing for the Fitness Studio of the Future

CONSUMER INSIGHTS What does the data tell us about what consumers are looking for as they get back to a studio or gym?

Lower Costs Low Commitment Entry Level Classes Social Component Personalized Programming

Source: 2021 Mindbody Wellness Index Survey

Intelligent Pricing for the Fitness Studio of the Future

Put ideas into action!

Now that we know what the consumers want, let’s see how intelligent pricing can really benefit your business.

Read more about loyalty programs, dynamic pricing and other intelligent pricing models at https://www.bwellconsult.com/bwell-hive-mind

Intelligent Pricing for the Fitness Studio of the Future

You've established a great pricing model ...

TIME TO SET IT AND FORGET IT? NOT QUITE.

What makes a pricing model successful?

You need a systematic approach to selling it!

Avoid Choice Overload

Erase Doubt

Simplify the Process

Create Decoys

Intelligent Pricing for the Fitness Studio of the Future

Intelligent Pricing for the Fitness Studio of the Future

Intelligent Pricing for the Fitness Studio of the Future

BASIC MENTAL HACKS These tweaks will help you guide clients to the products and services that are best for them...and best for your business:

Upsell Related Items Nudge the Client Encourage Subscriptions Create Your Own Categories

Intelligent Pricing for the Fitness Studio of the Future

THE PATH TO PURCHASE It's not about the choices your clients are given, but more about the context of those choices that influence their behaviors.

Intelligent Pricing for the Fitness Studio of the Future

THE SECRET INGREDIENTS Your prospects are influenced by emotions, how options are presented, and their environment.

The following page lists my top tips to influence behavioral buying decisions in your client's journey.

Intelligent Pricing for the Fitness Studio of the Future

THE SECRET INGREDIENTS The “Free with Membership Option” The Dominated Alternative Irrational Value Assessment Work from the Right Mind Social Norms Loss Aversion The Magic Number 9 Images Matter Show the Results Use the Right Messaging Read more about how to influence behavioral buying decisions at https://www.bwellconsult.com/bwell-hive-mind

Intelligent Pricing for the Fitness Studio of the Future

IT'S YOUR DATA. USE IT. How does your data fit in with your pricing and sales decisions?

Separate Yourself from the Pack

Target Your Clients

Track Your Leads

Articulate Your Membership Value

Intelligent Pricing for the Fitness Studio of the Future

Keep moving forward.

Challenging as these times may be, the prognosis for the fitness industry is quite good.

So get out there and build a lasting and faithful clientele by understanding their needs.

Learn from others. Learn from your mistakes.

Focus on continuous improvement.

All you need is persistence, a great plan and the will to succeed.

Intelligent Pricing for the Fitness Studio of the Future

LET'S KEEP THIS CONVERSATION GOING.

CHRIS BEER

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Intelligent Pricing for the Fitness Studio of the Future

www.bwellconsult.com @b.well.consult Chris Beer / B.Well Consulting