The competitive world of dance can sometimes tempt studio owners to offer price reductions to attract students. While occasional discounts can be useful (especially in referral programs), a relentless focus on slashing prices can undermine the perceived value of your classes and is ultimately a race to the bottom for your business. Instead, consider the strategy of value stacking: offering more without significantly diluting your revenue.
Understanding Value Stacking
At its core, value stacking involves bundling additional benefits or products with your primary offering, enhancing its perceived value. This strategy doesn’t just make your offering more attractive; it underscores your commitment to delivering above and beyond the expectations of your customers.
Why Value Stacking Trumps Discounting
- Protects Perceived Value: Constantly offering discounts can chip away at the perceived value of your dance classes. Value stacking, on the other hand, ads so much more to the experience of dance, promoting the idea that your classes are worth every penny.
- Sustainable Profit Margins: Instead of cutting into your profits with discounts, value stacking allows you to maintain your pricing structure. This ensures that you can continue to offer high-quality instruction without financial strain.
- Enhances Customer Loyalty: Value-added offerings can foster stronger connections with your students and their parents. It offers your business a point of difference, and your customers will recognise and appreciate the extra effort you put into enhancing their experience.
Digital Products: A Cost-effective Approach to Value Stacking
While there are heaps of ways to add value, digital products stand out due to their scalability and cost-effectiveness:
- Low Overhead: Once created, digital products like e-books, video tutorials, or online classes can be distributed endlessly without significant additional costs.
- Relevance: Digital resources align well with the evolving digital habits of students and parents. They can access and enjoy these resources anytime, anywhere.
- Enhances Learning Experience: Digital resources can complement physical classes, offering students additional tools to hone their skills at home.
Colouring Books: An Engaging Value Add
Looking for a starting point for value stacking with digital products? Consider the dance-themed colouring books available at the Dance Resource Hub. These colouring books:
- Engage Young Dancers: Colouring books can capture the imagination of young students, making them more enthusiastic about attending classes.
- Boost Creativity: Along with dance, colouring is a fantastic avenue for children to express their creativity.
- Affordable Value Add: As these are downloadable, the overhead is minimal. Once purchased, they can be offered as a value addition to multiple students without any recurring costs.
Explore the range of dance-themed colouring books here and begin your value stacking journey.
In a world where competition often drives prices down, value stacking emerges as a win-win strategy for dance studios. It protects your brand’s perceived value, ensures sustainable profit margins, and delivers an enhanced experience to your students. So, before you consider slashing prices, think about how you can stack value and truly make a difference in your students’ dance journey.
Want more help with your marketing? Contact Sally at SP Digital Marketing