18d • General discussion
Black Friday Sales
Here is an idea for how to approach BFS.
First, you should figure out your average customer retention rate.
For example, maybe your average student stays with you for 18 months with an average monthly revenue of $200. That's a total of $3600 per customer (not including gear and such).
I would offer a 3 year paid in full for the price of 2 years. So they pay $4800 upfront. No payment plan.
You could even sweeten the deal with a free uniform and 2 or 3 privates.
Lastly, I would limit the number available to increase the urgency.
You just realized a 33.3% revenue increase on those students who purchase.
Now, I wouldn't roll this out to my long term consistent students. You don't want to kill your monthly cashflow.
I would likely offer this to beginners who signed up within the past 6-12 months.
For clarification, if someone signed up with a 1 year paid in full, then purchased the BFS deal, then their 3 years starts at the end of the current plan. It doesn't replace it.
For the advanced students, I would bundle gear and private sessions or discounted gift cards ($100 gets you $125). Post flyers and send emails so family members can take advantage.
What are some of your past winning Black Friday Sales strategies?
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Black Friday Sales
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