Since COVID-19, the fitness industry has seen a dramatic shift to hybrid, where studios and gyms offer a mix of both in-person sessions and virtual fitness.
In this new landscape, there are a variety of factors for business owners to consider. From developing a virtual fitness brand to implementing new marketing tactics to updating instructor/trainer payroll and pricing, there's a lot to think about when evolving into a hybrid fitness business.
When it comes to pricing the offerings at your fitness business, specifically, you'll need to lean on data to drive your decision-making. Start by reviewing reports in your fitness software to see historic revenue and sales trends and the attendance habits of your clients (how often are they attending virtual workouts? In-person workouts? One-on-one sessions with your trainers?). You'll also need to consider your current capacity—paying special attention to any COVID-19 restrictions.
Download this pricing worksheet for your hybrid fitness business to guide your efforts. This editable Microsoft word document accompanies our Pricing and Payroll in a Hybrid Fitness Environment guide and includes customisable Excel spreadsheets to work through the numbers.
It walks through the steps (and Mindbody reports) to both review and revise your fitness studio pricing, including how to:
- Outline your current pricing because having too many pricing options for your fitness business can be confusing and actually lead to fewer sales
- Review your sales data to determine your most and least popular pricing options
- Look at attendance data to determine what your autopay offerings (for both in-person and virtual workouts) should be based around
- Review your expenses and profit goals to see if your current pricing is profitable for your business (and if not, how you might adjust)
- Consider capacity to see how your pricing or service mix should be adjusted to be profitable given current limitations (Do you need to prioritise semi-private or personal training sessions over group classes? Should you offer virtual classes with unlimited capacity instead of in-person sessions?)
Once you have up-to-date data, you can consider various hybrid fitness pricing structures and price accordingly for:
- All-access memberships that include both in-person and at-home, online workouts
- Access to on-demand or live streaming workouts as a separate add-on for clients
Evolving your hybrid business pricing strategy isn't easy. The positive impact it will have on your bottom line, however, is worth it. Even in the midst of COVID-19, you can lay the foundation for success at your hybrid fitness business—both today and for years to come.