The ongoing pandemic has forced businesses to digitalize their services. This has lead to a surge of online fitness classes being started by teachers who sometimes had little or no prior knowledge of setting up an online class and give it a price. Choosing the right pricing for online fitness classes is very important as it can help you acquire new customers and retain your existing ones.
Although an online platform has no standard rates, the pricing might differ depending on your experience, reputation, location, etc. Pricing online fitness and marketing your services is essential for maximizing your potential online revenue. So they need to be thought through carefully.
Your pricing set expectations. So you should never underestimate your services and tag them for a lower price than their worth. It is also a common mistake made by online trainers.
People have preconceived notions regarding low priced services and generally associate it with lower-quality. It also involves less profit as compared to the hard work put in by you. Moreover, lower rates set your standard in the industry. You may risk losing some of your clients if you gradually raise the pricing online fitness in the future.
Also, if you tend to charge too much, you’ll probably have to reduce your price in the future to convert more customers, which is not really nice to your existing clients who paid full price.
Pricing For Online Fitness Classes: Best Tactics to Follow
Pricing online fitness classes is the final step before you roll it out for your audience. Below are five factors that’ll make you feel confident when choosing the best pricing for online fitness classes.
Do Thorough Consumer and Market Research Beforehand
When choosing the pricing for online fitness classes, the foremost step should be to check out similar offers in the market. Plan out your time and do in-depth research regarding the prices charged by your competitors and figure out comparison standards to their services to formulate the best pricing structure for yourself.
This will provide you with an upper-hand in the competition. You will know about your competitors, their services, and their rates. Doing some research on the pricing online fitness will give you an idea of the price range you should be aiming for. Market research will help you gain insight into the working of the online market. It will also give you an idea about your services’ quality and level.
However, you do not need to offer similar prices to your competitors. Pricing online fitness classes should be based on your services and can exceed the existing trends.
After all, you are selling “You,” and every service is unique. The level of your work and effort must be the deciding factors after you’ve researched enough.
Furthermore, conducting an online survey of your targeted audience would not harm. But it only will help you attract them and add value to your services. For this, you may want to include questions about their field of interest, their past online classes, how much they paid, etc.
You will then know how much people are willing to spend on health and fitness. It’s also worth using the best tools to grow your yoga studio. Thus, you can charge your services accordingly and give them suitable pricing online fitness.
Identify Your Potential Clientele and their Spending Ability
The next step is to identify your target audience and your services niche. It is because it will dictate your pricing range. Figure the unique feature of your services and the group of people you wish to serve.
This step is essential in pricing online fitness as some established niches already have more disposable income on average than the others, and some groups of people are willing to spend more than most others.
So you can figure out who you want to serve with your online business by asking yourself—what group are you aiming for, and what is their spending power? Are you offering specialized training or a general one? Do you have something unique to offer them?
For instance, if you offer online fitness classes, then it is evident that working people, athletes, etc. would be more willing to avail your services than the older generation or the teenagers. This allows you to plan your pricing online training strategy that targets potential customers. Therefore, if you provide quality services to your clients, you can demand a fair price.
Set Up Your Profit Goals
After you’ve researched your rivals and identified your potential clients, it’s time to work out the practical numbers. You must calculate the amount you would charge to make a specified profit. If you fail to make a profit using your set pricing online fitness, then all your hard work in setting up online classes will waste.
You can work out the profit target by considering the number of clients you can serve, and then fixing an amount you need to charge from each client to hit this target. This is the best way is to set up a monthly goal. For example, you have a monthly profit target of $3000, and you plan on training 15 clients initially, then you’ll have to charge every client $200 per month.
Although making money is essential, but ensure that you serve your clients with quality training. Do not let the work hours dominate your pricing. Having high pricing online fitness is only justified through client satisfaction and the quality of your sessions.
Choose a Suitable Payment Structure
Once you’ve decided on your profit goals and clientele, you need to determine a sensible payment structure that suits your clients’ needs. This will depend on your clientele preference and the style of training you offer.
The two main structures employed by online trainers for pricing online training are a flat-fee or recurring subscription. A flat fee works best for people who plan on training for a specific period, like four weeks or eight weeks.
Recurring rate is a subscription billed weekly, monthly, etc. The price varies according to the services you provide, like phone/video chats, email coaching, additional tips, and tricks, etc.
However, the recurring pricing for online fitness classes has emerged as the winner. It is because it gives clients flexibility without making a long-term commitment. So it is recommended that you survey to know which payment structure is preferred more by your potential clients.
A planned marketing strategy is essential for a flourishing online career. Therefore, you can consider introducing incentives, like free trials, bonuses, or limited-time discounts, to lure more customers. Allowing new clients to take a free trial of your quality services can offer you a high chance of gaining them as long-term clients.
But be aware of the people that choose you just for special offers and reward, as they may not stick with you for long. Instead, aim to give your clients the right pricing for online fitness classes. It will prove beneficial for them, and they will continue to be loyal customers.
Pricing online classes is an important step. But there’s no fool-proof method to ensure the best pricing of your online training classes. It’s all relative. Tweaking your services and adjusting according to your clients’ needs and expectations makes you the most successful online trainer.
Remember, choose the right pricing for online fitness classes might seem a daunting task initially. But working on frequent feedback from your clients let you have confidence in yourself. It also helps you alter your price range that will ensure your stability in the market. If you manage to keep your clients happy by providing them your best service, no one will hesitate to pay the asked price.
So go ahead and launch your best-priced training course!
If you are finding the perfect way to manage your online fitness training, try WOFH software today.