Is your pricing model structured to attract and convert?

What process did you follow when creating your current pricing structure? Your competitors' pricing? Industry standards? 

While it is good to consider both local competitor pricing and industry standards, your pricing strategy should by your pricing and not anyone else’s.

• Position your studio where you want it to be in the market

• Allow you to (at least) cover your expenses, and be profitable

• Be easy for a customer to navigate

• Help you attract the right leads, and seamlessly upsell them into the pricing option you'd like to retain them with

The first step is to establish how you want your target clientele to engage with your services. What is your ideal conversion scenario—intro to membership? Do you have a few membership options? Get clear on your lead and member journey so that you can ensure your pricing supports this.  

Numbers aside, we find the key to success is the right intro offer. We find that studios with the right intro offers see the highest rate of conversion to a membership sold. Intro offers provide new clients with the opportunity to truly sample what your studio offers. For more insight into creating an attractive intro offer, read more here.

While your intro pricing shouldn't be more than a 20-30% discount to membership pricing, remember to focus on market positioning and profit goals as you analyze your pricing model to ensure it's simple, easy-to-navigate and set up to convert.