The ebb and flow of the fitness industry over the past two years has dramatically redefined how workout classes are structured—and instructed. Whether it’s virtual Vinyasa from your client's living room floor, hybrid 45-minute barre, or socially distanced strength training, it’s become more apparent than ever that every class isn’t created equal. So how do you simplify your studio pricing model—and charge for classes accurately (while still meeting your revenue goals)?
The answer is credits.
Credits help you value, price, and sell classes based on worth to all types of leads and clients. It’s not a revolutionary idea, but it’s a much-needed solution in an ever-changing fitness and wellness landscape where a one-size-fits-all pricing model doesn’t work.
But what do credits really mean for your classes, clients, business, and bottom line? Here are four reasons you have to consider credits when creating (and updating) your pricing models and profit goals.
1. Engage (and keep) clients who want value-based, budget-friendly flexibility.
Credits aren’t just about a better way to price classes, they give you the opportunity to engage (and reengage) clients and leads who want options when it comes to their wellness journey. By offering credit-priced classes on your schedule, you can tap into a segment of your studio demographic who aren’t ready to commit to a membership—and want to score a deal on some of your best workouts. Plus most consumers are familiar with the Classpass credit model, so this concept isn’t foreign.
2. Added accessibility for in-studio, virtual, and hybrid class options.
Adaption is part of a newer reality, and when it comes to your studio, and clients want (and often expect) a choice when it comes to working out. Credits help address a consumer's perceived view of class value (like virtual boot camp vs. in-person with all the equipment). From practicing yoga six feet apart to exercising from an online, on-demand library and successfully executing hybrid class plans, credits enable you to not only address evolving client safety concerns but give them a choice of how and where they want to get their movement on. And since hybrid fitness isn’t going anywhere (it’s one of our top 2022 trends), credits give endless pricing combinations that match how (and where) workouts take place.
3. Confidently create a dynamic pricing model.
Credits normalize pricing across services and classes that have different worths. Livestream, peak hours, 75-minute or 45-minute workouts, low capacity—every detail can be valued (and the pricing customized) at the class level. With the option to build everything from limited credit bundles as a one-time purchase with an expiration date to a 50 credit per month plan that allows you to keep recurring revenue as your primary business foundation, it’s all about creating credit bundles your way.
4. Allow your business to truly be based on profit.
Having the power to take control of your class pricing means you decide how much the next workout is worth—no mysterious algorithms or guessing. With our value-based credit system, you set the price, and that dollar amount will be automatically converted to credits. This enables your business to be solely based on profit and not on averages—and that means you regain and remain in control of your revenue.
Utilizing and promoting credits as a pricing method is a surefire way to address the need for client transparency and flexibility, especially regarding how they work out and their wallets.