Be 100% On Value & Quality Of Product & Pricing Is Simple
Today I had a conversation about class pricing with one of my clients & our studio manager/lead instructor.
The client simply & impactfully said:
"I want you to have complete confidence in what you deliver & how it is priced.
If you don't agree with me or with Noël on the pricing structure, then you won't be able to sell the high-quality product you & the team delivers.
You are the face of the studio. I'd rather you confidently offer someone their money back if they walk out of class hating it than to discount what we do so well.
Would it work for you & Noël to brainstorm pricing models for cycle & Pilates together & we can meet about it next week?"
A dream, right? Collaboration.
If you've worked with me 1:1 or been around the Weekly-ish Wednesday emails for awhile, you know I am a huge fan of confidence in pricing & absolutely despise discounts.
I'd rather see studios structure their class-pack pricing to add value, (alongside treating their clients well), e.g. an anniversary 'sale' purchase of a 10 class pack at full-price & 2 classes added to their account rather than a % discount, as it adds value rather than discounting boutique classes in markets with outrageous rents in our globally-inflated-goods-world…& sometimes with an already smallish-margin.
[Plus, this shift in mindset, in my opinion, sits very well next to the 95/5 rule of Unreasonable Hospitality: manage 95% of your budget with care so you may spend 5% foolishly creating special experiences for guests.]
I look forward to sharing with you in the coming weeks, more of what we're creating in Bali. Similarly to last year's [loving] 'beast' of a project bringing powerCycle to life at Physique57 India, it is a different experience inter-weaving a new-to-the-studio fitness modality to an already high-profile & successful brand. In this case, I am “looking under the hood” to identify what is working well/what might be improved + delivering a new modality which speaks the same language as the existing main studio classes. And it has been really fun.
And as with both this company & Physique57, there's more that's great than what is not, which is my wish for you, too, Noel Nocciolo
I'll be updating my availability calendar in the next few days to support you with 1:1 sessions & Happy Hour Audits to celebrate what is great at your studio & find winnable gaps for what isn't…but don't be jealous of the Balinese paradise if we Zoom; I swear I'm working.
As always. Take what you want & leave the rest.
And as ever, please hit reply & tell me about your own confident product/instructors/pricing models, if so compelled.
I hope you have a great rest of your week!
Noël
P.S. Remote ways to work together are here.