Sign up to save your podcasts
Or
Share Episode 316: The Price of Perception: Why Free Isn't a Strategy and Discounts Aren't Loyalty
Share to email
Share to Facebook
Share to X
Share to email
Share to Facebook
Share to X
Or
Episode 316: The Price of Perception: Why Free Isn't a Strategy and Discounts Aren't Loyalty
What We Cover In This Episode:
-
How research confirms that offering experiences for free often creates lower perceived long-term value for your clients [4:20]
-
Why perceived value drives conversion far more effectively than merely lowering the actual price of your service or product [6:15]
-
The "Discount Dilemma" and the need to be cautious when using deep discounts [8:28]
-
The key reasons that effective introductory offers should be treated as a strategic client on-boarding system designed to build habits [10:00]
-
A reminder that scarcity and urgency still matter and can significantly boost conversion rates [12:04]
-
How to boost client lifetime value by adding automations and strategic outreach points [18:08]
-
Why successful businesses learn to re-price their services based on the value delivered, not affordability [19:31]
-
Strategies for implementing a system to celebrate loyalty moments and milestones and the benefits of doing this [19:53]
-
How the way to overcome the fear of increasing prices is by using compelling data to reframe the value proposition [21:12]
Quotes:
"They are finding that studios who run continuous trials often see retention drop by 25 to 35% after the first month because clients never built a habit to begin with." [Nick, 4:47]
"There is something about unlimited. It doesn't create any urgency, it doesn't force you to put anything on the calendar." [Nick, 5:48]
"You are basically saying that your intro offer is a taste of the lifestyle. It is a taste of what you're going to get at the studio. Make your intro offer around what you expect their membership to be. [Nick, 10:52]
LINKS:
Features, Benefits, and Impact (Psychology Today)
HBS Online's summary of Value-Based Strategy: A Beginner's Guide to Value-Based Strategy
Discover the top performing intro offer types for your business (Mindbody)
Got a Question? Book a Call with the fitDEGREE Team!
Learn More About All of Our Partners (Including LoopSpark & LezVU) and Get Exclusive Offers
Visit the fitDEGREE Knowledge Base
Send Megan Your Playlist or Discuss the Podcast Here!
fitDEGREE's Business Portal
https://www.instagram.com/fitdegree/
https://www.instagram.com/fitspot_guru/
https://www.fitdegree.com/blog
https://www.youtube.com/channel/UChJ5rK6zWPXjbxtUQx3ys9Q
https://www.tiktok.com/@megan_fitdegree
View all episodes
By fitDEGREE
5
1919 ratings
What We Cover In This Episode:
-
How research confirms that offering experiences for free often creates lower perceived long-term value for your clients [4:20]
-
Why perceived value drives conversion far more effectively than merely lowering the actual price of your service or product [6:15]
-
The "Discount Dilemma" and the need to be cautious when using deep discounts [8:28]
-
The key reasons that effective introductory offers should be treated as a strategic client on-boarding system designed to build habits [10:00]
-
A reminder that scarcity and urgency still matter and can significantly boost conversion rates [12:04]
-
How to boost client lifetime value by adding automations and strategic outreach points [18:08]
-
Why successful businesses learn to re-price their services based on the value delivered, not affordability [19:31]
-
Strategies for implementing a system to celebrate loyalty moments and milestones and the benefits of doing this [19:53]
-
How the way to overcome the fear of increasing prices is by using compelling data to reframe the value proposition [21:12]
Quotes:
"They are finding that studios who run continuous trials often see retention drop by 25 to 35% after the first month because clients never built a habit to begin with." [Nick, 4:47]
"There is something about unlimited. It doesn't create any urgency, it doesn't force you to put anything on the calendar." [Nick, 5:48]
"You are basically saying that your intro offer is a taste of the lifestyle. It is a taste of what you're going to get at the studio. Make your intro offer around what you expect their membership to be. [Nick, 10:52]
LINKS:
Features, Benefits, and Impact (Psychology Today)
HBS Online's summary of Value-Based Strategy: A Beginner's Guide to Value-Based Strategy
Discover the top performing intro offer types for your business (Mindbody)
Got a Question? Book a Call with the fitDEGREE Team!
Learn More About All of Our Partners (Including LoopSpark & LezVU) and Get Exclusive Offers
Visit the fitDEGREE Knowledge Base
Send Megan Your Playlist or Discuss the Podcast Here!
fitDEGREE's Business Portal
https://www.instagram.com/fitdegree/
https://www.instagram.com/fitspot_guru/
https://www.fitdegree.com/blog
https://www.youtube.com/channel/UChJ5rK6zWPXjbxtUQx3ys9Q
https://www.tiktok.com/@megan_fitdegree
More shows like fitSpot Guru
View all
Pod Save America
87,119 Listeners
The Daily
112,105 Listeners
You're Wrong About
21,860 Listeners
Maintenance Phase
16,635 Listeners
Huberman Lab
29,214 Listeners