<description>&lt;p dir="ltr"&gt;&lt;strong&gt;What We Cover In This Episode:&lt;/strong&gt;&lt;/p&gt; &lt;ul&gt; &lt;li dir="ltr" aria-level="1"&gt; &lt;p dir="ltr" role="presentation"&gt;How research confirms that offering experiences for free often creates lower perceived long-term value for your clients [4:20]&lt;/p&gt; &lt;/li&gt; &lt;li dir="ltr" aria-level="1"&gt; &lt;p dir="ltr" role="presentation"&gt;Why perceived value drives conversion far more effectively than merely lowering the actual price of your service or product [6:15]&lt;/p&gt; &lt;/li&gt; &lt;/ul&gt; &lt;ul&gt; &lt;li dir="ltr" aria-level="1"&gt; &lt;p dir="ltr" role="presentation"&gt;The "Discount Dilemma" and the need to be cautious when using deep discounts [8:28]&lt;/p&gt; &lt;/li&gt; &lt;/ul&gt; &lt;ul&gt; &lt;li dir="ltr" aria-level="1"&gt; &lt;p dir="ltr" role="presentation"&gt;The key reasons that effective introductory offers should be treated as a strategic client on-boarding system designed to build habits [10:00]&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;/li&gt; &lt;/ul&gt; &lt;ul&gt; &lt;li dir="ltr" aria-level="1"&gt; &lt;p dir="ltr" role="presentation"&gt;A reminder that scarcity and urgency still matter and can significantly boost conversion rates [12:04]&lt;/p&gt; &lt;/li&gt; &lt;/ul&gt; &lt;ul&gt; &lt;li dir="ltr" aria-level="1"&gt; &lt;p dir="ltr" role="presentation"&gt;How to boost client lifetime value by adding automations and strategic outreach points [18:08]&lt;/p&gt; &lt;/li&gt; &lt;li dir="ltr" aria-level="1"&gt; &lt;p dir="ltr" role="presentation"&gt;Why successful businesses learn to re-price their services based on the value delivered, not affordability [19:31]&lt;/p&gt; &lt;/li&gt; &lt;li dir="ltr" aria-level="1"&gt; &lt;p dir="ltr" role="presentation"&gt;Strategies for implementing a system to celebrate loyalty moments and milestones and the benefits of doing this [19:53]&lt;/p&gt; &lt;/li&gt; &lt;/ul&gt; &lt;ul&gt; &lt;li dir="ltr" aria-level="1"&gt; &lt;p dir="ltr" role="presentation"&gt;How the way to overcome the fear of increasing prices is by using compelling data to reframe the value proposition [21:12]&lt;br /&gt; &lt;strong&gt;&lt;br /&gt;&lt;/strong&gt;&lt;/p&gt; &lt;/li&gt; &lt;/ul&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;Quotes:&lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;"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]&lt;/p&gt; &lt;p dir="ltr"&gt;"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]&lt;/p&gt; &lt;p dir="ltr"&gt;"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]&lt;/p&gt; &lt;p dir="ltr"&gt; &lt;/p&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;LINKS:&lt;/strong&gt; &lt;/p&gt; &lt;p&gt;&lt;a href= "https://www.psychologytoday.com/nz/blog/jacobs-staff/201904/features-benefits-and-impact" target="_blank" rel="noopener"&gt;Features, Benefits, and Impact (Psychology Today)&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;a href= "https://online.hbs.edu/blog/post/value-based-strategy" target= "_blank" rel="noopener"&gt;HBS Online's summary of Value-Based Strategy: A Beginner's Guide to Value-Based Strategy&lt;/a&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;a href= "https://www.mindbodyonline.com/sites/default/files/public/education/learning-assets/2024-05-CONT-PIORevenue-PDF.pdf" target="_blank" rel="noopener"&gt;Discover the top performing intro offer types for your business (Mindbody) &lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;a href="https://calendly.com/fitdegree/support" target="_blank" rel="noopener"&gt;Got a Question? Book a Call with the fitDEGREE Team! &lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;a href="https://www.fitdegree.com/partnerships" target="_blank" rel="noopener"&gt;Learn More About All of Our Partners (Including LoopSpark &amp; LezVU) and Get Exclusive Offers&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;a href= "https://guide.fitdegree.com/support/solutions"&gt;Visit the fitDEGREE Knowledge Base&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;a href="mailto:fitspotguru@fitdegree.com"&gt;Send Megan Your Playlist or Discuss the Podcast Here! &lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;fitDEGREE's &lt;a href= "https://businessportal.fitdegree.com/"&gt;Business Portal&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;a href= "mailto:support@fitDEGREE.com"&gt;support@fitDEGREE.com&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;a href= "https://www.instagram.com/fitdegree/"&gt;https://www.instagram.com/fitdegree/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;​​&lt;a href= "https://www.instagram.com/fitspot_guru/"&gt;https://www.instagram.com/fitspot_guru/&lt;/a&gt; &lt;/p&gt; &lt;p dir="ltr"&gt;&lt;a href= "https://www.fitdegree.com/blog"&gt;https://www.fitdegree.com/blog&lt;/a&gt; &lt;/p&gt; &lt;p dir="ltr"&gt;&lt;a href= "https://www.youtube.com/channel/UChJ5rK6zWPXjbxtUQx3ys9Q"&gt;https://www.youtube.com/channel/UChJ5rK6zWPXjbxtUQx3ys9Q&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;a href= "https://www.tiktok.com/@megan_fitdegree"&gt;https://www.tiktok.com/@megan_fitdegree&lt;/a&gt;&lt;/p&gt; &lt;p&gt; &lt;/p&gt; &lt;p&gt; &lt;/p&gt; &lt;p&gt; &lt;/p&gt; &lt;p&gt; &lt;/p&gt;</description>

fitSpot Guru

fitDEGREE

Episode 316: The Price of Perception: Why Free Isn't a Strategy and Discounts Aren't Loyalty

NOV 20, 202524 MIN
fitSpot Guru

Episode 316: The Price of Perception: Why Free Isn't a Strategy and Discounts Aren't Loyalty

NOV 20, 202524 MIN

Description

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 [email protected] 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