iPT lessons are free thanks to our trusted partners:
My Personal Trainer Website – https://bit.ly/32AKe3y
PT Distinction – https://bit.ly/2VOfx8C
Online Trainer Academy – https://bit.ly/2ptaVc5
PT Minder – https://bit.ly/2IWHfuC
In this lesson we talk about how to understand different pricing models, the problems you might face, how to increase the value of your service in the eyes of the client and how to price your services for maximum profit.
Original Lesson: https://www.instituteofpersonaltrainers.com/pricing-your-services.html
There are 7 industry standard common pricing models that work well for Personal Trainers. We’ll have a brief overview of those now.
We have Limited Functionality with Upgrade. This might be something like a membership site where you upgrade for paid content. We have tiered pricing ing, which is volume-based (e.g. three sessions for £150 or £60 separately.)
The third type is razor and blade pricing, popularised by Gilette. You give something away cheaply, but make your profit on the replacement blades. The fourth type is freebie marketing, where PTs might offer a free session and then present upsells.
The fifth type is value-based, and this is where you price more than your competitors by offering higher-value, e.g. nutrition plans. The 6th type is flat fee pricing – for example £500 for a fitness package or £1,000 for a nutrition lifestyle overhaul.
The final type is hourly rate – probably the industry standard for PTs.
Location can dramatically affect your prices. IN reality, location is everything – especially when your “storefront” is often online or amongst other PT’s.
Let’s take a look at some ways you can position yourself better.
The first way is to Extend your reach. Promote your services through writing on your blog, posting on every social media your client is likely to be browsing through, and commenting on other weight loss blogs and forums.
The second way is to Be visible. Frequent health and fitness forums, and social media regularly. Be there with advice on making getting fit easy and simple.
And it’s important not to compete on price alone, but to also compete on value, so compete on things like your unique advantages, such as service quality, extra skills and your persona.
How should you price your services?
Well write down the minimum things your clients needs to get a before and after picture. It might look something like:
1. They must do 3 x workouts per week
2. They must adhere to some nutritional advice
3. They’ll certainly need some habit coaching
4. Accountability (email, text, etc)
5. Workout videos (if you’re online)
Then price your services based on the time and resources it’ll take to deliver that result.
Pricing at its most simplistic level is easy. An easy way to break down is to account 25% of the total price to time, space, resources and expertise.
So if you’re a personal trainer who’s just starting out and works in a commercial gym, you may charge $50/hour. The way you get to that price is:
* Time (1 hour) = $12.50
* Space (gym rent) = $12.50
* Resources (forms, software, etc) = $12.50
* Expertise (programming) = $12.50
* Total = $50
One final key area to consider, when pricing your services, is how you are going to raise your prices.
We’ve created a template letter for you to use below if you ever want to do that.
Finally, remember that most clients know when they are ripping you off so if you are one of those helpful service providers who haven’t raised their prices in years, it might be time.
Having all the information at your fingertips should go a long way to help you set prices confidently, so that you really do get paid what you are worth.
That’s the best way to ensure your services return you maximum profit – right from the start.