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Resources Mentioned in this Podcast:

The “jam study”

 

In this episode we discuss three pricing strategies for tough times:

1. Consider offering more flexibility on your memberships than you typically would, but don’t overwhelm your potential members with too many options. Want evidence? Read the “jam study” here: https://hbr.org/2006/06/more-isnt-always-better

2. Try to avoid offering rock bottom pricing

• You can’t lure people out of their homes with deals. They either can leave the house and want to leave the house or they don’t. When they evaluate options, they want the best environment FOR THEM that they can get out of the home. Focus on consultative selling vs. price. WHY are they leaving the house? How can what you offer provide the transformation they are looking for?
  • A better network
  • A better office environment than they have at home
  • A more productive day
  • Work friends
  • A place to record in silence

3. Don't get into a price war with the local competition. Know your strengths and know their weaknesses. If they’re doing ridiculous deals, they may be locked into very long, inflexible agreements. They may be paying for coffee and meeting rooms. Know how to make the apples to apples comparison, but even then, you might lose on price and need to sell on other strengths such as hospitality and community.

Give all deals/COVID accommodations an end date. Frame them as a COVID discount and make them good for 3 months (you can always extend if you need to). 

Link to show notes here!