What We Cover In This Episode:
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How research confirms that offering experiences for free often creates lower perceived long-term value for your clients [4:20]
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Why perceived value drives conversion far more effectively than merely lowering the actual price of your service or product [6:15]
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The "Discount Dilemma" and the need to be cautious when using deep discounts [8:28]
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The key reasons that effective introductory offers should be treated as a strategic client on-boarding system designed to build habits [10:00]
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A reminder that scarcity and urgency still matter and can significantly boost conversion rates [12:04]
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How to boost client lifetime value by adding automations and strategic outreach points [18:08]
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Why successful businesses learn to re-price their services based on the value delivered, not affordability [19:31]
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Strategies for implementing a system to celebrate loyalty moments and milestones and the benefits of doing this [19:53]
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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)
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