Episode 208: Is Boutique Pricing Justified?
Episode description
What We Cover In This Episode:
-
News with Nick and a snack movement that is on the rise [0:57]
-
Whether your price point should be earned or be determined by other factors [4:02]
-
If the cost of instructor education will impact the cost per class [5:44]
-
Why you need to consider your competition when crafting your pricing models [13:03]
-
The reasons that premium pricing is very specific to who you are and what you do [15:53]
-
What to always do when implementing price increases [16:46]
-
A quick win strategy you can use to see how you stack up to other studios while gathering valuable intel [19:32]
-
Our weekly challenge to help you determine the perfect price for your studio to offer [21:27]
Quotes:
“The intimate setting, small group instruction and the real connection between that highly-specialized instructor and their students, that justifies the pricing.” [Megan, 5:30]
“Premium pricing is really just a top tier of what you're worth. It's not exceeding what you are worth.” [Megan, 14:00]
“You are first and foremost a business. You might build a community, you might be a safe haven, you might be a great place for many of your members, but first and foremost you have bills and people to pay.” [Megan, 18:34]
LINKS:
Visit the fitDEGREE Knowledge Base
Send Megan Your Playlist or Discuss the Podcast Here!
fitDEGREE’s Business Portal
https://calendly.com/fitdegree/support
https://www.instagram.com/fitdegree/
https://www.instagram.com/fitspot_guru/
https://www.fitdegree.com/blog