in this episode:
Drawing from her own inspiring success story, founder of Studio Grow Lise Kuecker shares the most important aspects of pricing in this week’s episode. Learn how to not only be profitable, but to create pricing that supports your lifestyle and work-life balance. Whether you’re just starting out as personal trainer/studio owner or are more experienced and want to reevaluate your current prices and packages, this is the episode for you!
Lise Kuecker talks about her success story of taking that failing studio and turning it into a 7 figure, multi-state, empire; one that leverages systems to allow for a life of freedom and balance. Fun fact: at one point she was running a multi-million dollar business, and working 5 hours a week.
Core Strategies for Pricing (12:24)
How to Position Yourself in the Market (21:55)
People will pay for the results they are going to get. Don’t be shy of charging what your services are worth. In order to determine the value of your services and your position in the market, first you need to acknowledge who you are and what you want. Do your research and get people’s opinion and input on what they want. Consistently test the market and reevaluate as you go along. You don’t have to offer everything at once but can build up your services.
Your Business and Prices Are Always Evolving (32:18)
As your experience and services grow (but also to keep up with inflation) you will need to adapt and increase pricing alongside your business. One strategy to do that is to introduce small pricing upshifts every year that won’t make a big difference to your clients.
The one consistency among failed pricing changes is bad communication: Mass communication causes mass chaos, therefore make it as personal as possible! You don’t have to change pricing for every existing client right away. Take a personal approach; you can take your clients on a reset and help them connect with their WHY again.
Indicators that Your Pricing/Packaging Should Change (40:39)
If you’re not happy and/or burnt out, you definitely need to make a change. Ideally, you should continually survey your clients and take on their feedback (not so much on pricing but on your programming and services). When you hit 80% capacity on your services think about how you can expand outward and evolve. As you grow you might want to think about licensing and franchising or teacher trainings etc. At the same time, you have to be equally willing to cut things that no longer profit you.
Tips Around Pricing (50:45)
Be aware of how often people use your studio when establishing your packages and prices. Provide a downgrade option for people who want to cancel. And very important: Offer a significant reduction for someone who is willing to commit!
Action Tip: Start at your least expensive, longest-term option and work your way backwards. That’s the best way to get the prices you need.
Tips for New Studio Owners (54:14)
Spin Towel & use promo code “BARRY” or for studio owners, mention FCM!