Stick To Your “Pricing Guns” Even When Times Are Tough

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By Sal | June 2, 2010

Your pricing structure is one of the single most important features of your business and has more of a direct effect on your bottom line than any other aspect.  If you want to be a successful trainer you must have faith in your abilities and be willing to believe people will pay a premium price to work with you.  You can't be good and cheap, you shouldn't be good and cheap.  And when it comes to being a personal trainer, people will not think you're good if you're cheap.

I have spoken to many young, inexperienced personal trainers over the years who really knew their stuff, but were afraid to charge "too much" money, and as a result struggled to build their business.  There's nothing wrong with wanting to be financially successful, especially when you work hard, strive to improve professionally and personally and give clients the highest level of service.

Great restaurants charge top dollar, if you're a great personal trainer or strength coach, you should do the same.

There have been four pretty substantial downturns in the economy since I started my business 20 years ago - including the one we're currently experiencing - and I have signed up new clients throughout all of them.  In the past few months I have had three new clients start with me at my increased half-hour rate.  The lesson in all of this is that if people are willing to work with you at $45 or $50 per half hour, there's just as good of a chance that they will pay $55 or $60; an additional $10 won't be a deal breaker for people who are willing to pay $100 per week.   And the same holds true for your hour sessions.

Keep the big picture in mind; people who are serious about training are in it for the long-term and aren't making a one-time purchase of a luxury item.  They are investing in their health and fitness and $5, $10 or even $20 more per week won't scare away the serious clients.

And for goodness sakes, whatever you do, don't give away sessions - or (gasp!) cut your rates - in an attempt to drum up new business. Ever.  Whether you are just starting out or have an established business, nothing says "I'm desperate and struggling," and "I have no confidence," like a discount or giveaway of your sessions.  Give free sessions to your good, repeat clients.  How would you feel if you were a loyal customer of a business and found out that they were giving free sessions/services to non-customers in an attempt to get new business?  If you aren't insulted when this kind of thing happens, you should be.

I have several clients who spend more than $10,000 per year to train with me, and you can be damn sure I am going to give them five or six sessions per year - on birthdays, holidays, anniversaries - and not someone who hasn't paid me a dime.  Give a client two or three free sessions to give to their spouse at Christmas or for their birthday or anniversary, and you'll engender good will and maybe get new business.  Don't give a freebie to a stranger.

Stick to your pricing guns and you will have a healthier business.

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