Raising Your Rates Part 2: Execute a Rate Raise and Keep Your Clients
In November 2020, in the middle of a global pandemic, Chris Thorndike raised his rates by $37, jumping his clients from $195 to $232 a month.
As a result, Thorndike, the owner of Liv Athletic, a 14-year CrossFit affiliate in Gainesville, FL, lost eight clients. However, with his current members now paying an additional $37 a month, his revenue in the first month after the rate raise was still $2,200 more than the month before.
“And with new members coming in at that rate, it compounds quickly,” said Thorndike, who is also the chief executive officer of Factory Forged, a business coaching company that works with CrossFit gyms all over the world, and has helped 50 gyms raise their rates since the start of the pandemic.
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