The credit system is THE best system to use to allow your customers the maximum variety in your studio. It is also a great way to increase your prices for prime time classes or for classes with limited capacity. This system gives flexibility and value to the customer on so many levels.
How to Build This System in Mindbody
The first step is to determine your credits for each class type.
|
Class Type |
Classes |
|
5 Credits |
Peak times, 75 or 90 min class |
|
4 Credits |
Off peak time, 60 min class |
|
3 Credits |
Livestream, 30 min class |
|
2 Credits |
Open studio |
Then set up your classes in Mindbody. This is the same as any other class set up except you are using the class types to complete the credit set up.
The next step is to determine your pricing based off of your current pricing and create in Mindbody.
|
Membership |
Investment/Month |
Price Per Credit |
|
24 Credits |
$99.00 |
$4.12 |
|
16 Credits |
$99 |
$4.12 |
|
32 Credits |
$99 |
$3.10 |
To calculate: Start with your main membership and determine if you want to use a range of credits. For example your membership is $99. If you want to only use a system of 1 credit and 2 credit classes you would take $99 divide by 8 (avg # of visits on this membership). Then take that number ($12.38 and divide by 2 (range of credits you are using) That gives a rate of $6.19 per credit. Now divide $99 by $6.19 to get 16 credits. The $99 membership would receive 16 credits every month and classes would be worth one or two credits.
If you want to have a greater range of credits divide $12.38 by 3 or 4. Then take $99 divided by the per credit rate to determine the number of credits. See above examples for the $99 membership: three different amounts of credits could be used. A common calculation would be the 24 credit option as highlighted.
Use the price per credit from your main membership to help determine the price per credit for other pricing options. Keep the membership the best option (other than intro offer) and keep your menu options very minimal.
|
Other pricing |
Investment |
Price per Credit |
|
Drop In (5 credits) |
$30.00 |
$6.00 |
|
Intro Offer (24 credits) |
$49.00 |
$2.04 |
|
Credit Bundle (32 credits) |
$180.00 |
$5.63 |
|
Payment type |
5 Credits |
4 Credits |
3 Credits |
2 Credits |
|
24 Credit Member |
$20.60 |
$16.48 |
$12.36 |
$8.24 |
|
Drop In |
$30.00 |
$24.00 |
$18.00 |
$12.00 |
|
Credit Bundle |
$28.13 |
$22.52 |
$16.89 |
$11.26 |
|
|
Price Value |
Credits Used |
|
30 min appt |
$57.00 |
14 Credits |
|
45 min appt |
$78.75 |
20 Credits |
|
60 min appt |
$90.00 |
22 credits |
Then transfer your customers over to the new system.
|
Class Pack (10) |
Credit Value (32) |
|
9 Visits Left |
27 |
|
8 Visits Left |
24 |
|
7 Visits Left |
21 |
Finally makes sure to follow all the set up steps below.
The Set Up
- Service Category
- Tab management
- Class Types
- Pricing
- Pay rates
- Schedule
- Policies/procedures around the new set up
- Training staff
- Announcement of new set up
- Training clients
- “Resell” all pricing options & launch new schedule
The flexibility offered in this credit system is amazing. You can offer so many more class offerings- classes by length of time, by location (virtual, in studio, outdoor), by prime time, etc. This system also allows greater flexibility for the customer and should result in less suspensions or cancellations. Please reach out if you have questions on this set up.