“10% of your audience would happily pay 10 times more for a higher level product or service”
For fitness business, this means that 10% of your members will happily pay 10 times as much for your product or service.
Let’s be realistic and talk about how to double your membership process instead. Doubling your prices will definitely have a significant impact on your profit’s margin.
Often overlooked strategy is creating a high-end program commonly known as VIP Program, Platinum Program or how you call it depending on the alliance of your brand.
The idea is to create a package with extra perks, extra features and ton of values that will create a win-win situation. You want to get more revenue from your members and the win for members is to provide them a ton of value such as a better experience, get better results and if they get better results they’ll more likely be referring you to their family and friends and they will be retained longer.
“It’s not always about getting them amazing results; you want to create a great experience for your members”
To get started, here are some tips that you can include in your VIP Program:
- Free body scan or measurement assessment each month
- Access to VIP member Facebook group
- Heart Rate Monitors
- Someone online that could answer their questions at any time of the day
- Meet with them in person for 15 minutes once per week to talk them about their goals
Great way to come up with ideas with your VIP Program is to sit down with your team and write down everything that you would include if money is not an issue. What can you include that would get better results for clients and create great overall experience.
Next is to go through each item and identify what items are low cost to implement and would have a high perceived value to your members. At first glance, some items might be expensive but if you do the math it is cost-effective.
If you are able to upgrade 10-15% of your current members to this VIP Program, what would that mean to your business in terms of dollars. How much would it cost you to deliver this high end program and what would it actually cost you on a month to month basis?
At Smart Traffic we work with fitness businesses to deliver a steady stream of new leads and members.
Interested in learning more?
Schedule a 15 minute call and we will:
- Show you exactly how we are generating leads for fitness businesses
- Figure out if your business is a good fit for our Fitness Leads Accelerator system
- Provide you with free expert advice