Few studio owners believe their business (classes and programs) is average. We all hope for more. Yet most of us permit ourselves to be average by our pricing, thinking what we offer is simply average. Remember, if what we deliver isn’t truly unique and special, how can we charge anything but ordinary, average or low prices.
Once we start competing on price alone, we can always count on someone coming along who will beat our prices (even if it bankrupts them). When we compete on price we have no choice but to be the cheapest. Being the second cheapest isn’t good enough.
We need to spend time trying to figure out how to increase quality and value so that price concerns disappear. Remember, some people will always pay more for higher quality and the return on investment. Do you personally always buy the cheapest of everything? i.e. daycare, car, food, etc.?
What makes your studio different from the competition? The value of our art is higher than anything else out in the market. What are you going to do with the value of the art in service to the community?