How ClassPass SmartTools Can Help You Grow Your Revenue
As you work to rebuild your business from the effects of the pandemic, attracting new clients and maximizing the revenue from the ones that visit your business are more important than ever.
That's where the ClassPass SmartTools can help. ClassPass’ SmartTools use historic and real-time data to predict how full each class will be and open remaining spots for ClassPass members at the revenue-maximizing price.
Most importantly, ClassPass SmartTools is an automated solution—it relies on machine learning and data science to help you manage your inventory so that you have more time back to focus on the experience for customers walking through your doors. That means that instead of worrying about last-minute reservations, you can keep your attention on delivering an experience that will result in customers returning many times.
SmartRate helps you set prices to maximize revenue
SmartRate is the ClassPass tool that dynamically prices your classes to maximize the revenue you receive from ClassPass.
ClassPass uses a proprietary algorithm that looks at every class you offer and then optimizes your pricing to maximize the value you get from every spot you list on ClassPass. The SmartRate tool predicts demand based on user purchase behavior, as well as things like class times, length of class, and instructors, as well as the remaining time before class begins.
But the best part about SmartRate? Businesses using it have typically seen revenue increase by 15-20% and have also seen up to a 40% increase in first-time visitors thanks to the tool pricing classes correctly.
SmartSpot helps you fill empty spots and appointments to maximize attendance
Similar to SmartRate, SmartSpot is a “set it and forget it” tool that looks at your reservation history and makes real-time adjustments to add or remove the number of spots you release on ClassPass, with the ultimate goal of only putting spots on ClassPass that you would not fill directly with your own clients.
The SmartSpot tool automatically looks at every class and every time slot on your schedule to analyze your fill history. Then, it releases the spots you don’t normally fill on your own, while reserving spots you fill with your own clientele. (The SmartSpot tool integrates with Mindbody and Booker and checks every hour to account for real-time demand). Your direct traffic is always protected—ClassPass will not fill class or appointment spots that you normally fill with your own direct clients, and even when a spot is available on ClassPass, it is still bookable by your direct members.
SmartTools do the work for you
Rather than having to constantly check your schedule and make decisions about which spots to list and how to price them, SmartTools do all of the work for you. They also eliminate the guesswork, using a best-in-class algorithm to ensure every spot is priced at revenue maximizing rates, saving you time and hassle.