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- PTR #53 - How to increase your prices in 4 easy steps.
PTR #53 - How to increase your prices in 4 easy steps.
Plus, landmine crossover lunges 🍑
The PT Roadmap
A weekly newsletter for personal trainers to guide you to become a better coach and build a better business.
Hey!
Thanks for opening up today's newsletter. I appreciate you being here.
In today’s issue:
✅ Business topic
✅ Recommended exercise
✅ Social post worth your time
Let's get into it!
Business
How to Increase Your Prices in 4 Easy Steps
When was the last time you increased your prices?
If you're anything like most PTs, the answer is probably somewhere in between "never" and "years ago"
Yet, your cost of living has increased, and the prices of most other service-based businesses have risen.
You’re also spending your free time reading newsletters like this… so I know you’re committed to improving your service and coaching.
This means you’re more valuable than you were this time last year.
I recommend increasing your prices yearly; the standard is 3-10%.
Here's how I'd approach a price increase:
Set a date for the increase roughly 4-8 weeks away.
Write a letter to each of your clients. Thank them for their continued support. Explain why you're increasing your prices for new clients and how excited you are to use the increased revenue to invest in development opportunities/ new equipment etc.
Let them know that this price increase won't fully affect them due to their loyalty as a current client and that their new rate will be X, which will go into effect as of X date.
Hand it to them in person AFTER you've told them face-to-face about the increase.
The last point is critical.
I'd recommend against just handing or sending them the letter.
I've learnt the hard way that clients expect you to tell them to their face about something like a price increase (unless you're running a huge group operation). It's not easy or comfortable to do, but it is important.
Here's an example of how I approached it with a client at the end of a recent session:
"Hey Jamie. That was a great session - thanks as always for your dedication to our sessions. I'm increasing my prices for new clients on X date to X amount. As you're a current client, your new rate will be X, which will change on X date. Here is a letter that explains it in more detail. Let me know if you have any questions."
You deserve to be well paid for the work you're doing.
Last point here: I’ve spoken to 100s of PTs over the years who have this fear that all of their clients will leave the minute they announce a price increase. This never happens. You’re not putting your prices up from £35 to £70 - you’re nudging them up slightly, and you’re giving your clients notice and thanking their loyalty by not putting them on the new rate.
It will be anxiety-provoking.
But lots of must-do business decisions are.
Don’t shy away from it just because it makes you feel uncomfortable.
Recommended Exercise
This Week’s Exercise: Landmine Crossover Lunges
If you’ve been here for a while, you’ll know I’m a big fan of the landmine.
It’s versatile.
It’s easier to load up.
And it adds a novelty element.
This exercise puts a lot of load on the glutes and lateral hip stabilizers, and it just feels great.
A client found the zercher position uncomfortable, so we wrapped a towel around the bar. Easy fix.
Give it a shot.
H/T to Gareth Sapstead (The Fitness Maverick) for returning this one to my radar.
Excellent Reel from Coach to Coach on ensuring new clients/ gym members are looked after on their first session.
“A first day for anyone doing anything is hard, and people can feel very paranoid
But in CrossFit, it can be even more intimidating.
So when a new member comes into the gym for the first time, do these few simple but very important things to make them feel at ease and welcome:
- Greet them by name with a smile and a handshake, fist bump or high five
- Show them the gym floor
- Show them where to wait
- Show them where to get changed or leave their bag
- Show them where the toilet is
- Show them where the equipment they will need for the day is
- Introduce them to at least one person while they wait
- Introduce them to the whole class at the brief
Treat them like this, and they will stay.”
Thanks so much for reading.
Until next Friday, Stuart.
Here is how I help in-person PTs like you build businesses they love.
1-1 Business Mentoring
Do you need help in growing and improving your business? I work with a limited number of personal trainers every month.
We'll collaborate in three stages:
1. Assessment - We'll spend 1-2 hours analyzing your PT business, identifying its strengths, weaknesses, significant problems, opportunities, and where you'd like to take it.
2. Implementation - We'll set 90-day objectives and develop a plan together to achieve them.
3. Support - We'll have weekly phone conversations to address obstacles, establish clear actions, and ensure you remain accountable.
This is for you if:
- You're struggling to determine the direction you want to take your business.
- You enjoy coaching your clients but need help with marketing.
- You'd benefit from having someone guide you in knowing what you need to do each week.
If you're interested, please reply 🙂
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