Building a loyal, close-knit community is essential for success in the yoga industry. In order to serve your community and knit your influence throughout, a structured and profitable membership program is key. Let’s take a look at the different components involved in your yoga studio membership options.
In the Third Annual Yoga Studio Benchmark Report, we examine the most popular types of yoga studio membership options. The most profitable yoga studios in our report (“Centered”), are the most likely to offer unlimited memberships for students. In fact, 44% of yoga students at Centered studios are on unlimited memberships. The next most prevalent membership options for Centered studios are Punch Pass (16%) and Intro Program (11%). An interesting takeaway from this report was that Centered studios have, on average, only 1% of their current students using the drop-in option. The less profitable studios, however, have an average of 15% of their current students using the drop-in option. Profitable fitness businesses of all kinds know the importance of creating a funnel that begins with a low-barrier option and eventually results in a deeper commitment.
Show Me the Data: How much should you charge for an unlimited membership?
In the Third Annual Yoga Studio Benchmark Report, the median price for an unlimited membership at Centered studios was $148.12 per month.
Now that you have a better idea of the type of membership options to offer, the next component to consider is how you will collect student payments. As we see the profitability of unlimited memberships, let’s look at how to optimize that membership type on the backend. Autopay, if your region allows it through a software system, is the best payments experience for both you and your community. In the Third Annual Yoga Studio Benchmark Report, 60% of Centered studios use autopay in the United States. Autopay generally has two collection methods, credit card and ACH/EFT/direct debit. In a similar way to autopay, credit card is typically the best experience for both you and your community. In our report, 59% of all student payments are received from credit card.
Keep It Simple, Encourage Loyalty and Flourish
Unlimited memberships appeal to students who are loyal to their studio and dedicated to their practice. Drop-ins, while necessary and effective in certain scenarios, are temporary transactions. When forming your studio’s membership options, focus on the student experience and journey. Focus on converting your new students into long-term community members.
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