How many active subscriptions do you have? From coffee to cars and your local library to modern-day’s ‘Kindle Unlimited, notice how everything runs on subscriptions. Subscriptions are everywhere.
The global wellness industry, including spiritual self-care, has grown to $4 trillion. While spending on fitness classes and gyms grew just over 5% last year, the spendings on online fitness jumped nearly 59%, according to Cardlytics. Digital wellness offerings are also much cheaper, with the average user spending about $48 per month, versus $59 per month for traditional gyms and $136 for boutique studios.
Here are 5 good advantages of a subscription business model
1. Predictable income
Whether you offer a ‘5 Class Pack’ or ‘Monthly Unlimited Membership’ it will ensure better sales forecasting for your business. The lumpsum amount you earn can be directed towards meeting necessary expenses to keep your business operations up and running.
2. Creates a win-win
Bulk buyers and subscribers often look for consistency and convenience. By offering these types of purchasing options your students get what they need and you get a more loyal, committed and regular batch-full of yoga practitioners.
3. Less retention efforts
Since subscribers are automatically bulk buying you don’t have to shell extra marketing dollars to target them. Also, subscribers, who pay periodically are committed to a long-term association. These are less likely to churn and you don’t have to spend on customer retention.
4. Better class planning
Members are great because you can even predict who all will show up in your class today, you know what their needs are because they are regular and hence, are able to plan your class sequences better. Result: Happy clients! This becomes difficult if you offer just drop-ins and single class options.
5. More earning opportunities
Your members are your champions and advocates. As their needs evolve and as you see them growing in their practice, as a yoga teacher you know exactly what they need next to keep advancing. This becomes your opportunity to create and offer something very bespoke to your members.
In our experience, we’ve seen the member subscription model work wonders for yoga teachers and it is one of the most effective business models you can leverage to grow your yoga business, both online & in-person.
Namaste.fit offers yoga teachers with an array of features to sell their on-line and in-person classes as standalone classes or part of membership subscriptions. Most importantly, we make it very easy to set these up taking only a few minutes to publish your next 6 Class Pack or Monthly Unlimited Membership or a Weekly Class Pass.
Wish to see our membership subscription features in action? Request your personalized one-to-one demo.
Namaste!