The Guilt-Free Guide To Increasing Your Kids Club Prices
How to increase prices without losing customers
The very thought of price increases often cause worry for kids club owners like you! You may fear losing customers or being affected by the negative spread of word of mouth. But fear not! Increasing your prices doesn’t have to be such a concern. Businesses like yours regularly increase their prices due to rising costs. Here are our pointers on how to increase prices at the right time for your club and retain parents in the process. We’re here to guide you, so let’s get started!
Why Should I Increase My Prices?
This is a key consideration. Before you increase your prices, you have to be certain why this is the best decision for your kids club. Here are some key reasons you should up your prices:
Your costs have increased - Your kids club classes should also be profitable. It is very likely the cost of operating your business has increased over the past few years, so it might be time to re-think your kids club pricing.
You’re providing a niche service - You may be the only club in your area providing a certain activity or style of service. It’s time to take a stand and boost your brand with kids class pricing which reflects the value you offer. Perhaps you offer niche styles of dance or unique football techniques. There’s likely to be more value in what you’re offering than the rate you are currently charging at, so it may be time to increase kids club pricing.
Keep up with the competition - it’s a good idea to keep an eye on what other kids clubs are offering and at what prices. Approach price increases with caution here, as competitors may be offering the same activity but providing a different service.
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When should I increase kid club prices?
Now that you’ve decided your kids club pricing needs to increase, you’ll need to consider when the best time to put these changes in place are.
ClassForKids CEO and former tennis coach Nikki recommends having a strategy in place:
“Don’t jump in at the deep end, always have a plan. You may decide to make small consistent increases over time, as opposed to hiking your prices up by 5% out of the blue.”
Many businesses like yours are unsure how to increase prices without losing customers. This is understandable, prices increases can be scary. But often, it is not the price increase that parents are unhappy with - it is the way these changes are communicated.
To approach customers with confidence, ask yourself
- Why do I want to increase kids club prices?
- What is the best way to communicate this?
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How to tell parents about a price increase?
You can maintain trust and strong relationships with parents, even when increasing your kids club prices. Here’s how:
Be Honest and Upfront - You wouldn’t be happy if one of your monthly subscription providers like Netflix or Spotify started taking more from your account without telling you, right? Parents at your kids club are no different. Ask yourself: am I giving clear notice that I plan to up my kids club prices? Announce changes directly to your customers in writing and give them plenty of notice. They will appreciate the transparency. Opt for clear messaging too - call it a price increase rather than a price adjustment or price change.
Increase Little and Often - If you increase kids club pricing on a large scale out of the blue, they will be surprised, and not in a good way. This is why a pricing strategy is so important. Small changes on a more regular basis will be received more positively.
Demonstrate Your Value - Transparency is key here. Explain the reason for your prices increase and remind parents of the worth you offer. Parents are likely to be more understanding if they know what is influencing this decision and how they are contributing to the up-keep your club.
Open Communication - Be sure to welcome any questions from parents on your pricing. If parents feel like you care about their say, they’ll be more likely to accept your changes. The most basic question you need to answer from the get-go is ‘why do I plan to up my kids club prices?’.
Whilst you may lose some parents along the way, these pointers can help not only decide when upping your prices is appropriate but also how to tell parents about a price increase.
Your very approach to price increase can determine how many customers will be retained.
Carmela Caserta
Carmela is our resident Copywriter here at ClassForKids. Her days are filled with pondering the wonder of words, up-cycling them to create something wonderful and swimming in SEO strategy. Outside of the office, she’s buried in fiction novels, invested in edge-of-your-seat crime docs and out with her dog on peaceful woodland walks.
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