How Should I Price My Cryotherapy Services?
Use a proven strategy in setting a price for your cryotherapy services.
The price you set for your cryotherapy sessions is very important for your business. It directly impacts the success, or failure, of the venture. Setting your price too high will reduce your session-sales ability as clients may not be willing to pay the high price. Setting the price too low will eat into your profits. A high cost of running a business makes it harder to maintain, resulting in business failure. While there is no perfect method to choose your price, here are some factors that you should consider before setting one for your cryotherapy sessions.
Factors to Consider Before Pricing Your Cryotherapy Services
Cost
Cost is arguably the most important factor to consider before setting your price. For you to have a profitable venture your sales revenue has to be more than the cost. How much did you pay for your cryotherapy machine? What expenses will you incur? Factor all your costs in the pricing. The amount of revenue you get is dependent on the price you charge and the number of sessions you will offer. If you set your price below the cost you are guaranteed never to get a profit from the cryotherapy business.
Type of Customers
How much are the customers you attract to your business willing to pay for the services? The type of customers you attract are dependent on factors like the location of your business, other services offered, and your brand recognition.¹ If your business is located in an affluent area, where the residents can afford to pay for an expensive service, you can easily charge a higher price. On the other hand, if your cryotherapy business is located in a medium-income residential area, you will have to charge a lower price. A well-known brand can charge higher prices compared to a business without a known brand.
Your Competitors’ Prices
Your potential clients are most likely going to shop around for the prices so you should set competitive prices. When comparing the prices, keep in mind that setting the lowest price is not always the best strategy. Some customers automatically associate a low price with low quality of services. High prices may also discourage other customers from getting cryotherapy sessions. A competitive price should be able to attract enough clients to your cryotherapy business, and still, bring enough revenue to keep the business profitable enough.
Other Factors to Consider
The bargaining power of your customers
The prevailing economic conditions
The market conditions
Cryotherapy Services Pricing: How to Do It Right
The above factors highly determine the pricing of your cryotherapy services but they don’t always go together. While one factor may advocate for a price increase, another may show that you should reduce it. This makes setting the price very difficult. Using your business intellect and seeking advice from professionals in these instances can be the difference between a successful or a failing cryotherapy business.
Are you curious about the science behind cryotherapy? Check out our list of peer-reviewed cryotherapy clinical studies.
Links to sources used
5 Factors That Directly Influence Customer Purchase Decisions - https://customerthink.com/5-factors-that-directly-influence-customer-purchase-decisions/
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