Considerations in Pricing Personal Training

I know I’ve posted about pricing in a previous post, but, as it is part of a presentation I will be doing (Fitness Sales: Strategically Price and Sell Your Services) at Club Industry Show in October, I thought I would revisit this important topic. Pricing your service is not simply choosing what you think the going rate is. There are a lot of factors that go into intelligently setting your prices. Here are a few of them.

Target Market: First, let’s start with who your target market is? This may or may not set a limit on what you can charge. If you are out to help low-income families become healthier and more fit, you will be limited by what they are able to afford (unless you are seeking grant money or sponsorship to subsidize). On the other end of the spectrum, if your target market is the rich and famous, you have the ability to charge much more.

Your Competition: You don’t need to charge what your competition does, but what they charge tells you two things. It tells you what your lowest price should be (If you believe yourself to be as good as they are, why would you charge less?). It also let’s you know what the market’s perceived value will be. You can certainly charge more, but you will need to sell your value and why you are worth more.

Your Time: What is your time worth? Now, this is often times a big problem with service providers. They think that because they book sessions by the hour, that they have to fit some expectation of hourly rate. One of my favorite stories (and I can’t remember it verbatim so here’s my paraphrasing of it) is one where Picasso was painting on the sidewalks of Paris. A woman walks up to him and, impressed with his work, asks if he would paint her portrait. He agrees. 10 minutes later, he shows her the finished piece and she is thrilled. “How much do I owe you?” she asked. Picasso replied, “5000 francs.” She was exasperated. “But it only took you 10 minutes.” “No…” said Picasso, “it took my entire life.” The point is that you are giving more than time. You are giving the sum of all of your education, practice and experience.

price.valueYour Operating Expenses: Do you have operating expenses (most of us do)? Maybe it’s travel expenses (this should include travel time), or marketing, or booking software, or whatever else there might be. These expenses need to be paid and you need to make enough to cover them.

Income Needs: Above covering expenses, you also need to think about what you need to make a living. If, after you pay expenses and hold out your payroll fees, you are not making enough money to make the kind of living that you want, you are charging too little.

As you can see, there’s a lot that goes into setting prices and there’s no one answer that fits everyone. It is an art. Take into consideration all of the above, choose a price that you believe in, and then test it out for a set period of time and see the reaction. Then come back to the table and reevaluate it. Does it satisfy your needs and are you able to build your clientele?

Let me know if you have any questions or insights that you’d like to share.

What is Your Client’s Experience?

When what you sell is a commodity (let’s use the classic example of selling widgets), your widget is comparable to someone else’s widget. They do their widget thing. Nobody is wowed or disappointed. It’s just a widget, and being just a widget, the lowest price wins.

However, if you want your product (i.e. your club, studio, personal training, or classes) to be more than a commodity, then you need to differentiate yourself from others. Yes, having great great equipment is one thing, but is that enough? Other clubs can have great equipment. How about certified personal trainers? That too can be similar to other clubs. What will ultimately make you stand out from the crowd is the experience that you give to your members/clients.

2016_Principles-of-a-Great-Customer-Experience

“I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.” ― Maya Angelou  When we talk about people’s experience with your business, we’re talking about just that, how you made them feel. The experience encompasses everything they come in contact with from the parking lot to the bathrooms to the service desk staff. It should also be representative of your own particular brand. Here are a few thoughts.

The facility –

Not only should everything be cared for and functioning (no potholes in the parking lot, no stains or tears in the carpet), it should be clean (one of the most common reasons for women quitting a club is that it isn’t clean), smell fresh, and be attractively decorated.

Sound is also an important part of the experience. There are now businesses that will customize music for your business such as Soundtrack Your Brand. The volume and acoustics in your facility should also managed.

The people –

From smiling at members/clients across the room to having deep conversations, the whole staff (trainers, teachers, cleaning staff, management, etc.) need to understand that their job is to make people’s days better. How they are dressed, how they interact, even how they smell is part of the experience. Staff cannot bring their personal problems to work with them. It’s showtime from the moment they step out of their car coming to work. At Disney, no employee can be seen out of character and, to deliver an optimal experience, neither should any staff member at your facility.

best_3a878719229bc786eee3_cizeThe equipment –

Simply put, all equipment should be clean, up to date, and functioning perfectly.

The member’s/client’s experience is what they see, hear, smell, and feel, and, in creating a positive experience, all of these factors need to be considered and made consistent with the essence of your brand. Setting the experience is a well-crafted and ongoing task.