Pricing is probably one of the most important decisions you could ever make in your business.
I wish I got more questions about them.
I don’t think gym owners realize the absolute fastest way to make more money is to raise your prices.
Here’s a simple equation to drive this home.
Let’s say you have 300 active members and currently charge $150/month.
You gather the courage to raise your prices to $175 for all of your active members.
This will give your business a bump of $7500/month.
Now, you and I both know a decision like this will have some people running for the hills.
But, it’s most likely a lot less than you think and even if some do, the math usually works in your favor.
Let’s say you get a tidal wave of cancellations and 50 quit.
Bringing you to 250 members.
250 x the new prices of $175=$43,750.
This is $1,250 less than when you had 300 at $150.
But, now let’s see the math after you bring in some new members.
Month 1 you bring in 10 new members at the new price of $175.
This adds $3,900.
In one month you’re ahead of where you were before and you just lost 50 members!
Let’s add 10 more members the next month.
Now were at 270 members at $175 a month…$2,250 ahead of where you were at 300.
I think you get the point.
This topic came up on the most recent Marketing Master Insiders Club monthly call.
I went deep into this topic of pricing and you can see me first hand teach a group of gym owners how to decide on their prices…
…and what is the MOST important factor when considering price.
You can get access to that presentation and a truckload of other for $1 with a trial of the marketing master insiders club.
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