How to Double your Membership Prices
“10% of your target audience would happily pay 10 times more for a higher level of product or service”
This is the basic principle we’re looking at today. In practice, this could mean that 10% of your members would be willing to pay 10 times what they’re paying now for the service you’re offering. But realistically, let’s look at doubling prices, rather than multiplying by 10. Even doubling prices will have a significant impact on your fitness business, so how do you make that happen?
This entails creating a premium program, one that you could charge double for while adding extra value – extra features, perks and value that creates a win-win situation for you and the member. When you create a better experience for them, they will be more likely to refer others and see more benefits.
But what do you include?
There are many different ways you could add value that would get people to take out the premium membership. It could be something simple like a monthly body scan, access to a VIP member Facebook group or a weekly 15-minute face-to-face consultation. Think creatively and come up with value-adds that would be meaningful to them.
Spend some time discussing this with your team – they could have some great ideas for premium membership add-ons or programs that help create the right kind of experience for clients. Once you have a range of ideas, look at which of those ideas are low enough in cost to be viable, but high enough in perceived value to be worth it for the clients.
Do your numbers
Don’t discard ideas that initially seem to be high in cost. Compare the real cost with what it would bring in, and establish your addons from there. You might find that something on the higher end of cost is a real draw, and multiplies your upgrades considerably.
If you could upgrade 10-15% of your current clients right now, what would it be worth to your business? Do the numbers, work out what it would cost you, versus what it would bring in.
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