How to Raise Your Rates, Fitness & Health Coaches

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This is part two, How to Raise Your Rates, in the raise your rates series. In the first, I addressed when to raise your rates including 3 key times. And #2 may shock the Lulu’s off you. The link to that episode will be here in the show notes today. As always you’ll find those at fitnessmarketingmastery.com and podcasts are available on your favorite podcast platform!

So, you’ve decided to take the plunge. You’ve done the math. You’re excited by the idea of ​​earning more per session, per hour, per program, or membership!

And then, gulp, you think, oh my goodness, how do I tell them?

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Here’s how to raise your rates step by step.

1) Notify your current clients

  1. Choose a time. For big increases in annual or, monthly rates give a longer runway. That might be 90 days.
  2. Choose a method. Will you send them an email, a postcard, a video message?

I often use a pending increase of rates for a program or a membership to benefit my community. I let them know that say, during the anniversary promotion of the After 50 Fitness Formula for Women course Labor Day weekend they can have the course at the 2015 rates this one last weekend.. plus enjoy a bonus.. before the rates go up on Tuesday after Labor Day.

My evergreen sales for this course after the rate increase don’t suffer because no one knew the “old” rate and the acute 4-day promotion sales increase. And, I’m not “discounting” or devaluing my services or products to increase revenue in either case.

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An example of how to raise your rates… when they are terribly low!

One of my students recently raised her rates for private coaching by doubling what she’d been offering. When she had a prior coaching client come back to do coaching again, the client didn’t bat an eye and paid in full for the new rate. My client is so excited by picking up a client and confirmation “she’s worth it,” that there’s renewed enjoyment of coaching.

The truth is her rate is still too low. A coach is worth an investment. If your model is working for a doctor’s office and the doc is retaining you for $75 an hour… but charging $150/hour, it may be time to look at starting your own business. Coaches with experience and who provide transformation earn $300 – $1000 an hour. Are you worth it? No one will believe it unless you do.

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2) Determine if you’ll grandfather in your current clients for the same rates

  1. Create a new product, making the old product invisible and sharing the link with renewing clients or simply having them on auto-renew (as with a subscription)
  2. Creating a unique discount code for them to use when they check out
  3. Create rules like consecutive or uninterrupted service for retaining the current rate
  4. With private clients I’ve been working with for years I will often grandfather them in. That is, they’ll continue paying the same rate, and as long as they continue to renew they will enjoy that rate. You’ve done the homework, you’ve got the relationship, and if it’s a client you love, then you decide. Not so much? Let them know you’re raising rates! Maybe you increase theirs by a smaller fraction.

I will say, I’m to the point I’ve raised my rates such that I have one long-standing private client paying a small fraction of my full fee. And I mean 25%. Not 25% off, but 25% of my full fee. You can decide what feels right to you and you can discuss it openly with your clients.

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3) Add bonuses

That unlock with renewal at the new rate, so you are increasing the value not simply raising rates. Though it’s reasonable with experience, increase inflation, service rates do need to increase, especially if there’s a cost of goods or rental space involved, it still feels better to any of us as consumers when we also know we are receiving upgraded service or additional service with the increase.

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4) Decide if you’ll allow a “stock up” at current flurry rates to happen.

  1. Pros: it can increase revenue in a big way to do so
  2. Cons: it can lock you into being busy servicing people at a lower rate than you know you’re worth and defeat the very reason you’re raising rates: you’re worth it and the transformation you provide is worth it!
  3. You can put a limit on number of purchases allowed if you do decide you’re going to allow this.

I encouraged both monthly and annual memberships sales this past December while I everyone know of rate increases occurring in January of 2022.

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Last tip for how to raise your rates: make it count.

Don’t do some modest increase. My client doubled her coaching fees. I increased my annual membership by $100 and monthly by $10. I recently increased my private coaching fees by 200%. I attract better clients, serious about doing the work, and love working with them. If you raise your rates only every couple of years, and you’ve been scared ____ less to do it during Covid, make it matter.

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Worried About Renewals?

How do you keep them coming back? I have anniversaries “unlock” access to new programs. In our membership, the biggest exercise asset is 12-week strength training programs. I have a special access for 1st year anniversaries and another for 2nd year anniversaries.

I’ve got members who have been with me for 5 years. They’ve been grandfathered in at the rate they joined. Membership is now 66% higher. They’re not only enjoying those low rates, but they help other community members with answers to their questions and are first to talk about excitement for a particular program.

It’s a win-win to have those legacy members involved, even at a lower rate. Consider the asset of holding onto members vs. trying to advertise and gain new ones.

There you have it, how to raise your rates. If you’re listening to this one but haven’t heard WHEN to raise your rates, health & fitness coaches go check it out.

And here’s the thing, think it through. Once. Think it over. Then just do it.

Resources:

Marketing to Women Copywriting Course

Other episodes you might like:

Be sure to listen to Part I of this podcast

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