Unlocking Success: Dynamic Pricing Strategies for PYOP Studios

12 Apr 2024 · 1 min

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0:57

Donna Genie (video) discusses using dynamic pricing to manage studio traffic and seasonality for PYOP studios. She suggests lowering prices on slower weekdays (e.g., Tuesday discounts like buy-one-get-second-at-25%-off) and raising prices or applying premiums on busy days (e.g., Saturdays). She prefers add-ons over blanket percentage-off coupons and defines dynamic pricing as higher prices when supply is low and lower prices when supply is high.

Chapters

In studios with the busy times and seasonality. If we were to look at what we could do to manage that ebb and flow, what would we do? Well, what if it was cheaper to come in on a Tuesday than it is to come in on a Saturday? What if there was a premium on Saturday? Now many people don't like the idea of having a premium, but they understand the benefits of having a discount. Now if you've heard me before, you know I'm not a big discount person when it comes to coupons and percent off and things like that. But I do like add ons. So what if Tuesday was buy one, get the second person at 25% off on your visit or if you're encouraging people to spend more with you in a slower time rather than having your staff be overwhelmed with busyness on the weekend. Dynamic pricing is simply when your supply is low, your price is high. That's Saturdays. When your supply is high, then your price goes down. That's your Monday, Tuesday days.