Long Standing Studio in Need of a New Pricing Model to Drive Memberships
Susan Bowen,
Owner of Thrive Yoga
With a thoughtful pricing revamp, Thrive Yoga added nearly $10,000 in additional recurring revenue within 6 months.
The Challenge
Thrive Yoga is a well established business in the Baltimore, Maryland area. Having been in business for over 20 years, Susan was looking for ways to grow her membership base while retaining her loyal members. The challenge was the existing pricing structure and creating a new one that appealed to a wider demographic. In addition, she didn’t have any automations in place, which was creating a lower retention rate that she wanted.
The Strategy
We created a more adaptable pricing model that allowed for members to be on multiple tiers of membership and removed any barriers inhibiting new members from joining. We also increased the member perks, including member-only class offerings and partnerships within the local community. Finally, we created an entire email automation system that ensured clients were nurtured from cold leads to loyal members. The automations were customized to her new pricing model to enhance client retention and conversion.
The Result
We immediately saw an increase in overall memberships with new members so excited about all of the new offerings and perks. Within six months, Thrive added an additional 70 members, resulting in an increase in nearly $10,000 in recurring revenue. This increase in consistent revenue is allowing Susan more time to focus on other growth opportunities for the studio, including expanding their retreat offerings and training programs.
For more valuable advice on enhancing your fitness studio's growth and marketing strategies, read our blog and deep-dive into articles like “Winning at Retention.”
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