78: When (And When NOT) To Do a Rate Increase
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78: When (And When NOT) To Do a Rate Increase
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About this listen
In this episode, we break down the right time to raise rates and how to support gym owners through the process. Raising rates is often a tough decision for gym owners, but it’s crucial for business growth. As mentors, it's our job to guide them through the step-by-step process, ensuring they make the change with minimal risk and maximum benefit.
Key topics covered:
- When to raise rates: If it's been more than 2 years, if rates are below industry standards, or if there are outdated packages or discounts, it might be time to increase rates.
- Red flags to look for: High churn rate, too many service options, and clients on long-term contracts are just a few factors to consider before advising a rate increase.
- Alternatives to raising rates: Switch to biweekly billing, pass on credit card fees, or remove old discounts as ways to boost revenue without a rate increase.
- The 15% rule: How to raise rates gradually to avoid alienating clients.
This episode will help you support gym owners through the difficult but necessary process of raising rates, ensuring they make the right changes with confidence.
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