When I was a kid, I loved the show The Price is Right. I remember watching it during the summers, often with my grandmother. 🙂
I enjoyed guessing the price of things, and I loved all the neat games they played.
In the real world, price isn’t a game though. It’s often a sensitive topic and it can stir up some old limiting beliefs…
I’ve actually had a few interesting conversations around price lately.
As you can imagine, as a business owner, price is always a consideration with products and services. However, I tend to look at price differently, possibly because I’m biased. Maybe. You tell me.
Now, before I get into it, this will NOT be a lesson or sermon on values and how we spend our money. It’s not my place to tell anyone that.
I do want to point out something interesting though, and, to do that, I will use The Transformation Club just as an example, but I believe you can apply this to many things.
- Here goes.
Many people think when they join a program like ours that they’re paying for a service. For example, I pay X fee and I receive Y services.
But, that’s actually NOT the case…
Allow me to explain.
Imagine if we offered a service that produced no beneficial results?
Literally, nothing. No health benefits. No fitness benefits. No education benefits. No social benefits. Nothing.
Would you even consider the cost per session?
You’d simply look at the value exchange for the service, right? And, in this case, there isn’t one.
So, in other words, you don’t actually care at all about the service. You care about the RESULT. You’re buying a RESULT.
For a program like ours, it could be a myriad of things from weight loss, fitness, health, stress reduction, social benefits, and much more…
Where am I going with this?
In the fitness arena, consumers often make the mistake at looking at price per session with no regards for service benefit – aka, results.
Now, I don’t want to lose you here, so hang tight if you’re thinking, “What about total price? That’s still an issue?” I agree.
Let’s assume we’re not having the “I can’t afford it” conversation, which, as I’ve talked about in other newsletters, is usually more of an “I choose not to pay for it” conversation, but I digress…
As I mentioned at the beginning, I’ve had some interesting price conversations lately…with people who have no issue with the monthly investment – YES, investment, but that’s yet another lesson entirely.
The conversation has come up because of the thinking around price per session…
The thinking goes something like this – “I can only come a couple of times per week, some weeks only once, and others might be none because of work travel. If I can’t take advantage of more of the sessions that come with my membership, I feel that I’m going to get my money’s worth.”
Makes sense, right?
Well, are you interested in purchasing sessions or results?
No. There is no but.
Let me put it this way… If I could get you the results you desire with ZERO sessions per month, you just pay the fee and the results come, would you care about how many sessions you can attend?
Barring the social goal, I think it’s pretty fair to say that most people would be all-in for that value exchange. ;-b
So, does price per session actually matter?
Now, as I said, the total price might be a consideration for someone’s budget and that’s a different conversation. However, I’ll leave you with this meme that my buddy Travis posted this morning (ironic) on his Instagram:
HAVE FAITH & TAKE ACTION!