Episode 148: Updating Your Pricing Model - A Strategy Discussion

What We Cover In This Episode: Important things to keep in mind as you're updating your pricing model [3:56] The types of clients that boutique fitness attracts and why reasonable price increases should not matter to them [8:05] The reasons that including founding members in your price increases is necessary [12:51] Our thoughts on if you should plan an incentive to go along with your price increase [14:56] When is the best time to announce your price increase to members [17:58] Quotes:  "Is your landlord accounting for inflation? That's one of those trickle down concepts. If your landlord is inflating your rent year-over-year, then you have to say, 'hey member, my costs went up, so your costs go up." [Nick, 4:39] "I feel like there's some software [companies] in our space that made price increases feel like a dirty thing. They don't have to be a dirty thing, they can just be an honest thing of 'some costs went up around the business and in order to keep giving you the experience that you've grown accustomed to, I'm going to need to raise my prices to keep up with those things.'" [Nick, 5:42]  "You just don't want to get yourself in a situation where you feel like the bad guy. It's got to just be an honest conversation of what you can and what you can't do. You can give them notice, [or] you can do 'next year it will be this and the following year it will be that', but you can't live off these founder memberships." [Nick, 7:06]  "You shouldn't be dipping into what you've saved or what you've earned in order to pay those costs; that should be accounted for in your new rates." [Megan, 10:53]  LINKS:   Episode 136: Keeping Your Pricing Streamlined in fitDEGREE fitDEGREE's Business Portal https://calendly.com/fitdegree/support  [email protected] https://www.instagram.com/fitdegree/ ​​https://www.instagram.com/fitspot_guru/  https://www.instagram.com/whycoachingandconsulting/  https://www.fitdegree.com/blog  https://www.youtube.com/channel/UChJ5rK6zWPXjbxtUQx3ys9Q