Avoid This Pricing Mistake

Getting your pricing and packages right is a key part of your business.

I spend a lot of time talking numbers, prices and packages within my community of studios and instructors, and while every studio is different, there is a key concept that applies to most boutique studio businesses.

Fundamentally, business (including yours) is an exchange of value.

The definition of value is the usefulness, the importance of or the worth of something.

#1 mistake: disconnecting price and value

If you only talk about special deals and one-time promotions in the messages you send your clients, then, that is what they will focus on too. 

Think of all the low-cost operators out there, dollar stores and low-cost airlines. They are associated with low prices, saving money and possibly some compromise. Think of the cheap airline that doesn’t offer seat assignments or the grocery store that sells products close to their sell-by date.

Business models focused on price are not the same as business models focused on value. Clients should also view them differently, and it’s up to you to show them how.

Emphasize the value of what you do, the outcomes, benefits and other wonderful stories of success.

Bring the advantages of your business to center-stage (strong core, better flexibility, knowledgeable instructors) and that will become what people associate with you and your studio. Send a message of value, and your clients will think of you as a value provider.

Fundamentally, what you talk about is what will become your clients focus. 

A Facebook page full of never ending deals and promos will make people think of you as the go-to for deals and promotions.

Instead, focus on your value. Talk about what you do to make your clients lives better, the success stories. Share valuable and interesting articles, tips and inspiration.

This way, you are giving your clients something to think (and talk) about that is directly connected to what you really do for them. Your clients will become more aware of the advantages of your service. Then, you will attract people who are truly interested in what you offer and crucially, who are willing to pay what you need to charge to operate a sustainable business.

Be conscious of the message you send.

I’d love to hear your thoughts on this topic. Get in touch and let me know what you think here