As a fitness business owner, one of the most daunting decisions you will inevitably make is, how do I raise prices, but not lose any of my members? The price of almost everything is up so your members have to expect an increase in their memberships, right? Wrong. As a business owner, it is impossible to make every member happy with every decision. At the end of the day you have to make the decisions that will keep your business afloat and your doors open. We laid out three simple solutions to ease the transition of prices for your members without the risk of losing clients.
Pro Tip: to hear more on decisions that are best for your business, listen to our Webinar with Jason Khalipa and Gabe Yanez from NC Fit Collective.
The day you decide you will be raising prices and have a projected start month of new prices, let your customers know. The more lead-time you can give your clients, the less resistance it will be met with. This will give your clients time to chat with you about the changes, adjust their personal finances, and ultimately decide if they can afford the increase. We suggest the initial notification be done via mass email to your customers and detailing the timing and reasoning behind the increase. The more details you can give as to “why” the fewer questions you’ll have to answer later. A huge feature of Wodify Core is the ability to display announcements above the workout of the day. If you have clients checking workouts then they will also see this announcement! We suggest a condensed version and directing them to their email for more information!
Another option for membership increases is to roll out an incremental jump. Breaking up a membership increase into two separate jumps is an easy way to soften the blow to membership prices. Now, if you’re raising everyone’s prices by $20, an incremental increase seems overkill and completely unnecessary. If the increase is somewhere between the $50-$75 range, an incremental change may be the route to go! Again, this all needs to be clearly communicated to your members and the time frames they can expect the jump. Another positive to making the change this way? It clearly communicates to your members that you care about their pockets as much as your own.
Before you make the change to everyone’s memberships, consider the thought of Legacy Pricing. This is a great way to keep existing members happy, but also keep your revenue increasing. Again, if the jump in membership pricing is on the larger side, you may want to still increase the Legacy pricing, by $10-$20/membership to bridge the gap between Legacy Pricing and New Pricing, but still keep existing members feeling “special”.
Pro Tip: Wodfy Core allows you to create as many memberships as you need in the back-end of the system. All you have to do is edit the existing memberships to say “Legacy”. For example, “Unlimited Memberships” can be edited to read “Legacy Unlimited Memberships”. You can then create a new “Unlimited Membership” with access to all the same programs, but with a higher price point.
Are you ready to learn more about how Wodify can help save you time and money as a gym owner? Book a one-on-one demo to hear all about Wodify’s features so you can start growing your business and retaining members.
If you already have Wodify up and running at your business, make sure you, your admins, and your coaches are all signed up to receive Wodify updates via SMS! Subscribe by texting WODIFY to 844-418-8438!