Do you have a PREMIUM option?
I recently read something interesting about marketing.
Approximately 10% of your customers will gladly pay 30%-50% more for additional offerings and you are leaving money on the table by not having anything available to them.
Think of it like desserts in a restaurant. Most people don't buy desserts when they go out to eat, whether it's fast food or somewhere really fancy. But they do have the options available for a premium cost.
They would lose money by not having these options available even though most people don't take advantage of them.
And 1% of your students would happily pay DOUBLE or more your current rate if you had offerings for them.
Some people simply want THE BEST, regardless of the price and will always pick the highest option.
You will also sell more of your lesser options if a PREMIUM option is available to make them look more reasonable.
That's why you need a PREMIUM option.
Maybe it's access to additional classes or multiple lessons each week.
Maybe it's access to a super secret club in your studio. The sky is the limit.
What would you want to offer for your students if you KNEW price wasn't the issue?
Understand that MOST of your students won't select your PREMIUM option.
They aren't supposed to. This is about having something available for the 1% that would.
I'm a big Disney fan and they recently released a $12k tour. Obviously not many people will take them up on that offer but some will. And it's another way for them to offer exceptional service and opportunities for people that want it.
This is an excellent example of a SUPER PREMIUM option.
Having a "Good, Better, Best" option is a great way to begin working towards a Premium option in your studio.
For our studio, we offer:
Good - 4 Week Intro Groups
Better - Beginner Group Classes
Best - Private Lessons
Students pay more as they work through the options and also get more commitment and get to dig in deeper.
We are able to offer different options for students at different price and commitment points based on where they are in the journey and what kind of access they want.
Do you have a "Good, Better, Best" option?