I am writing you from Upstate New York.
I was supposed to be in California at the IDEA World Conference. But my mother has some serious health challenges and I need to be near her.
While I will really miss the conference, the organizers were super helpful in finding a replacement for my leadership role.
Sometimes things don’t go as expected and we have to pivot.
As you know from reading my previous post on raising your rates the key is preparation and planning.
In case you missed part 1, go here to catch up.
Part 2 of raising your rates involves knowing what your competition is doing and how your rates compare to theirs. We must be careful here and not make assumptions, but we’ll cover that later. We are just looking to compile a spreadsheet of the facts, just the facts.
Here are the steps to follow for Part 2:
- Create a spreadsheet of your competitors within 15 minutes travel time of your facility.
- Include business name, membership categories, cost, features. Do this for each membership category.
- Do the same for each program, if they offer programs.
- Note any features each of their memberships or programs offer and promote.
- Make sure your spreadsheet is designed so you can update it at least yearly and see any trends.
That’s it for step 2. This will take some time, but it’s an investment that will have great returns as we move forward.
Don’t fall into the trap of thinking this isn’t really that important. It’s critical as you will see.
We’re here to help, so reach out if you have any questions.
