Market penetration
If you are just starting out and less well-known in your sport's community, you might consider what’s called a market penetration strategy.
All this entails is setting prices low initially to grow market share and garner lots of positive client reviews.
🧢 Pro Tip: You can combine this strategy with doing nearly free analysis giveaways on social media to grow both there and in our marketplace.
Once you get yourself some true believers on Coachly and social media, you can increase your rates over time.
Factoring overhead
For In-Person Lesson pricing, make sure to factor in any overhead you might have.
As opposed to Online lessons, giving In-Person Lessons might require paying a lane or area rental fee to use a training facility.
Also, there’s the drive time and gas to consider – depending on what travel distance you have set up as acceptable on our app.
Lastly, you can factor in any additional training equipment that you purchase regularly for your lessons.
Anchoring bias
Placing premium lesson offerings near standard options may help create a clearer sense of value for a potential client, who will view the less expensive options as a bargain by comparison.
You may have heard the saying, the best way to sell a $2,000 watch is to put it right next to a $10,000 watch.
This works due to a cognitive bias called anchoring.
📚 Definition: Anchoring is the tendency to rely strongly on the first piece of info shown when making decisions.
You can experiment with this in many ways.
For example, if you really want to sell more Analysis Lessons, a $30 Analysis Lesson offering might look a lot better with a $120 Live Call Lesson offering directly below it.
End your prices in a 9
Ending prices with the number nine is one of the oldest tactics in the book.
According to research from the journal Quantitative Marketing and Economics, prices ending in nine were still consistently able to outsell even lower prices for the same product.