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Gym membership invoice for Finance

[Music] today i'm going to show you how to design your pricing sheet so that it's a no-brainer for your members when they're choosing a program and we're going to do that using what's called the decoy effect so the decoy effect also known as the asymmetrical dominance effect it's exactly that we want to take something and make it asymmetrical meaning it doesn't really line up it doesn't really make sense the reason most people have a difficult time not getting i need to think about it when they're creating their prices or when they're just demonstrating their prices is because they actually designed their programs in a way to where i kind of do need to think about it let me give you an example of what i mean so the average studio might do something like one time a week two time a week and an unlimited option as an example okay and and you may do contracts you may do differently everyone's different but just stay with me for this one example okay and let's say we go for the one time a week we're gonna charge 119 a month for the two time a week we'll charge 139 a month and then for the unlimited we charge 159 a month now the problem with all this is it makes sense and this is what we typically see out there and the reason other people keep doing it is not because there's some science or some human psychology that they injected into this it's just because they're kind of doing what everyone else is doing and this seems to make sense yeah for 20 more you get this one for 20 more you get that one well when a consumer looks at this they're not really sure exactly where they want to go now you could say like oh we recommend this one for you but it doesn't matter what you want to be able to do is turn your pricing sheet over and let them make a decision without you having to walk them through it if you have to walk them through it you've already done it wrong see the thing is if i'm walking you through what you're reading and it's a price sheet chances are you're kind of listening to me but what's happening more than anything else is you're skimming ahead and you're actually reading everything so you're not actually getting 100 focus on either what i'm saying or what's in the price sheet which can create a feeling of uncertainty or confusion and the number one reason people don't buy is because of lack of certainty so if we want to avoid that then we need to make sure we do everything we can to create certainty not a lack of it so with this everything kind of makes sense you're gonna have jane who's sitting down looking at this going man i don't know am i gonna come in two times a week am i gonna do more than two times a week ugh okay so let me see i got kids school i got this can i take this and now she wants to take it home can i think about it i need to take this home so we want to make it so it's absolutely a no-brainer so there's a few things that we're going to need to do and i'm going to walk you through it before i do actually i'm going to show you an example outside of fitness so you can see what it actually looks like see i've fallen for this twice even though i teach this psychology i've fallen for it twice one time i was at central park with mckenna and this guy sam that used to work here and while we were actually at central park i was doing intermittent fasting at the time and it was about time to eat it was like 11 o'clock and there was actually a food truck that had green drinks and i personally at home i do drink green drinks that's how i typically break my fast is with the green drink and it's about 12 ounces well the options that they had at this food truck was 8 ounces 12 ounces or 20 ounces okay now remember i typically drink this at home and that's about as much as i can have i don't really i mean like most people i probably don't really love green juice i just do it to get the nutrients in so that's about typically what i want now the pricing for this was six dollars eight dollars or nine dollars now i looked at this and i'm like oh well it's just a dollar more and even though i knew i wasn't gonna drink this like well what if i do like it so i bought this and i knew as i bought them like they're decoying me but it is what it is it worked um it's a dollar i'd rather have it than not have it it also happened to me as one other example about in may so maybe four or five months ago i was on a flight and it was a five-hour flight from new york and i knew i wanted to work but i was also wanting to read a book so i may only work for a couple hours tops and for the wi-fi it was thirteen dollars for one hour it was seventeen dollars for two hours or it was eighteen for unlimited the whole flight at the fastest speed now i knew i wasn't going to work for the whole flight but for only a dollar more it was tough now if it was just these two options or if it was just that one option it'd be different do i want to pay 18 dollars be on wi-fi can i wait but because of this all i focused was on was these two options and that's what we're going to be talking about is how do we actually create a program to where we using psychology and what we know about people use the way their brain works um against them to be able to help them pick the right solution so let's go back to our original option where we have a one time per week we have a two time per week and then we have an unlimited okay the first thing we have to do is understand what our actual goal is our goal is to sell a specific program now if you're like most businesses the most expensive program is your most valuable option meaning where the consumer will get the most return for bang for their buck right and so let's say we go okay i want to sell this unlimited and so the unlimited we said was 159 so let's call it 159 per month okay so that's where we actually start from here we have to go how do we get everything to lean towards these two so that people ignore this one this doesn't even become an option and then because these two are so similar in so many ways i can't stop but needing to see what the difference is and when i realize the difference is so much more in deliverables but so much less in costs it just it's a no-brainer so now we go okay so we need to make this one nice and close now there's a few different ways you can do this i'll show you one way you can make this 154 per month that's one way another way you could do it is where you made this one 159 and you actually made this one like 199 or 249 and you scratched it out and put 159 a month like that's the promo that you would have going on so you would actually get this program for this price okay but there's so many ways to cut it for this one let's go with the classic way where it's just a tad more expensive five dollars more and then this one here you want to make sure it makes sense with this one so for here if that's 154 this would make sense to be like at that 1 29 mark something like that okay so there we go so you can come in one one time a week for 129 two times a week for 154 or unlimited for 159 so far so good we got a lot more work to do in order to make this really a no-brainer right now we're still not there okay the next is in the naming of the programs okay you want to do your best to name the program something to where the eye draws once again to these two options okay so i'll show you how to how to do it um you've actually seen iphone do it right with like they'll have like the uh iphone 8 and then the iphone 9 and then the nine nine pro or the nine plus or the nine s or whatever it is right uh tesla just did it where they have sport then they have ludicrous and they have ludicrous plus so you see it a lot so here it may look like let's say this one's the gold you could call it whatever you want right just giving you examples this one here would be called the platinum and this one here would be the platinum plus now we still want the eyes to start leaning here and maybe we actually like make this into like you know a little bit more pretty of a color where we add the blue whatever it is right okay so we got the platinum plus okay we're close we're still not there so now we go okay the gold platinum and the platinum plus now what happens is the eye can't stop by going what's the plus about what's the difference why does that one have a plus and then it starts looking oh it's unlimited we're not done though okay so now we go what deliverables come with this so we know that um workouts per week so we know that's what that is okay now we go okay what else can we add let's say as an example now your studio may actually avoid nutrition and if that's the case that's okay i'm giving you examples meal planning maybe this one doesn't come with it this one comes with it oh put a check and this one comes with it too why am i making it blue because i'm just wanting you to constantly see more on this side okay i'm going to keep the cap off here all right so what else body fat percentage this one doesn't come with it this one does come with it and this one comes with it okay now we can start seeing the difference between this one and these two it's starting to build out now you're probably looking at this already going yeah my eye is starting to gravitate towards these two it's beginning to happen okay so now we go uh full on let's say metabolism boost program and this is something as simple as where you share all the different foods and things that you can do in order to increase metabolism this one doesn't come with it this one doesn't come with it and guess what this one does come with it and you could do the same thing where you get uh your your let's say platinum platinum gear so everybody in this program would also get like let's say a little duffel bag and in that duffel bag comes with a t-shirt it comes with a tumbler it comes with whatever else you want to throw in there for a discounted rate um so all of these you can keep going you could put like t-shirt you could put 10 off the store you could put whatever you need to just keep filling in a few more spots so the overwhelming perception is man the value here is incredible we're not done though we can still do more to make this powerful [Music] you