How to Price Your Live Stream Classes and On-demand Videos During the Coronavirus
By Katherine Wernet
It’s a whole new digital fitness world out there. Gone (temporarily) are the days of packed classes in your studio or gym. We’re all in on the at-home workout now. While you’re learning the ropes of how to create stellar pre-recorded workout videos and how to live stream classes (and what the difference is between the two), you also want to think about pricing.
What's the best price for these video offerings now? You need to approach pricing differently for members, drop-ins, and potential new clients. And your pricing now is likely going to be different than what you want to do long term.
Make unlimited access to your live stream classes and on-demand video workouts available only to members
Live stream and on-demand video workouts can be a powerful tool in continuing to offer services to members during a very uncertain time. This is the optimal way to retain members and keep those auto pays rolling. These virtual offerings keep members engaged with their community and help them keep up their usual workout routine. They stay connected to you even when they can’t come to the studio in-person.
Some fitness studio and gym owners might worry that members won’t want to pay the same price for workouts they do at their homes that they paid for a complete, in-studio experience. Here’s the thing, though, your members are your most loyal clients. They want to see your business succeed through this pandemic. They’re going to be willing to pay more to ensure that there’s a studio for them to return to after the all clear.
You're providing a valuable service in offering video options. The same top-notch instructors are teaching—just in a new way. Your members may be able to fit in an extra workout or two during the week with the added flexibility of video, and they can get their families/roommates involved, too. Whether you’re posting videos after the class or uploading prerecorded workout videos, you’re providing an entire video workout library for them to access whenever they want.
Your goal is to keep as many members as possible and swapping for live stream and on-demand videos is the best option at this time. It’s important to note, though, that pricing this way won’t work normally. Even now, a best practice is to create additional value through other ways in addition to virtual workouts. Many studios and gyms are creating exclusive Facebook groups for members, loaning out equipment, and generally looking to bring new benefits to members. For more about what to do with members during COVID-19, check out this post.
Use virtual classes to reconnect with your drop-in clients and past members
With COVID-19, you have a literal captive audience. As people are cooped up in their homes, there’s more need than ever to get a workout in. Make sure that your online offerings are an option for clients who drop in every once in a while or even clients who have let their memberships lapse.
Offer your non-member clients a special deal on virtual class packs. Price this class pack slightly lower than your regular class pack to make it extra appealing.
Another way to get your casual drop-ins to join you for a virtual workout is to have a special drop-in price for your offering. Drop-in prices can give you good visibility in the Mindbody app and on mindbody.io and can help you fill your virtual class with non-members and members alike!
Remind them that there’s also the option to join a member and get access to your additional member perks during COVID-19.
Use virtual classes and on-demand videos as an acquisition tool for new clients
Make sure your video offerings are available for people in your area who have always wanted to give your studio or gym a try but haven’t had a chance. It’s never been so easy—or necessary—to try something new!
When you list your offerings in Mindbody, you can even attract new clients from around the world (just make sure you use the word “VIRTUAL” in all caps in front of your regular class name on Mindbody). Get more eyes on your live stream class by setting up a promoted intro offer specifically for your digital offerings. As you’re attracting new clients to your studio with this option, you want this deal to be enticing (and less than your regular membership). There’s a fair bit of content being created out there that you’re competing against, and someone new to your studio won’t have the same affinity that your regular members do.
While it’s not a good idea to offer free intro classes at your studio or gym, some studios are experimenting with a free first virtual class. This might help your class stand out from all the other content out there. No matter what type of intro offer you have, you need to have a sales process in place to try to convert them.
When you have new, local clients coming in through your new digital intro offer, make sure you have a sales process to try to get them through your doors when you’re open again. You could get more regular members out of this!
Think about what you might want to do for those who are working out with you from far away, too. If you’ve got a knack for creating video workouts, maybe this is a good way to boost your revenue with a digital offering beyond this pandemic.
During this pandemic, you have the chance to try something new. You may have been thinking you wanted to try video for years but just never got around to it. Pricing a completely new offering is part art and part science. Just remember, it’s always easier to decrease prices than increase.
You’re being agile with video now. You want to help your clients right away, but it’s important that you set yourself up for the long term, too.