To help set your prices at the right level, consider the elasticity of demand.Elasticity of demand is the extent to which demand for your product or service is affected by changes in price.Tags: Persuasive Essay Into The WildResistance Wire CourseworkReligion Essay TopicsBusiness Disaster PlanBusiness Plan Cash Flow ProjectionGood Thesis Statements For The Story Of An Hour
The goal of creating buyer personas is to create a detailed image of your key customers.
The more information you can apply from market research, visitor data, membership data, and other sources, the more lifelike your personas will be.
If demand is inelastic, price has little to no effect on the quantity of memberships or day passes you sell.
If demand is elastic, demand will be greatly affected by price.
Set your prices too high and you’ll see membership and drop-in rates drop.
Set your prices too low and you risk hurting your bottom line.
Maybe it’s challenging, technical route setting for the veteran climbers or adding auto belays for the lunchtime visitors looking to get a fast but efficient workout in.
Maybe the new climbers would really like to see more beginner classes to get them off the ground.
Once you have your climber personas mapped out, think about how to add value for these personas.
If you were to make investments in your gym, what would they like to see those investments focus on?