Dynamic pricing is moving the boutique industry forward. The ClassPass tool that dynamically prices your classes, SmartRate, ensures you maximize your revenue for every reservation.
How does SmartRate work?
The best way to get people in the door? By driving demand. Our proprietary dynamic pricing algorithm evaluates every class to optimize your pricing and incentivize ClassPassers to book with you. SmartRate predicts demand based on user purchase behavior as well as studio-specific components such as class times, length and instructors (similar to the hotel and airline industries). You won’t just see more students – you’ll earn more, too.
Who is it for?
Since dynamic pricing helps drive traffic to slower classes and ensure busier classes are priced correctly, every studio or gym that has an ebb and flow of visitors can benefit.
ClassPass partners have seen an average increase of ~30% in reservations and an average increase of ~15-20% more revenue since using SmartRate on ClassPass. In addition, studios using SmartRate see up to a ~40% increase in first-time members.
We spoke with Shaheed Keshvani, owner and instructor of Toronto’s Ferris360, to learn about his studio’s experience with SmartRate.
SmartRate takes out the legwork
Keshvani joined ClassPass initially to make his gym more accessible to a targeted fitness audience. Ferris360 has been using SmartRate for almost a year and has seen a real impact. Keshvani notes the main benefits of using SmartRate at his gym include consistency and efficiency. “SmartRate has given us the ability to focus on other areas of the business,” Keshvani says.
Technology to trust
Ferris360 was involved in the initial beta testing for SmartRate. Keshvani says the testing period earned his trust, and in embracing the SmartRate technology, saw the ClassPass partnership generate more revenue per month at his venue.
Ferris360 is a high-traffic, stand-out studio in Toronto and Keshvani has to juggle direct studio demand with his growing ClassPass audience. “ClassPass knows we have huge demand but we are comfortable and confident enough to host ClassPassers… We love the partnership with ClassPass,” he recounts.
Ferris360 uses SmartRate to intelligently price classes, drive traffic and reach a wider community. If you’re a live ClassPass partner, contact your account management team at https://studios.classpass.com/contact-us for more details about using SmartRate at your studio. To learn more about becoming a ClassPass partner, visit https://partners.classpass.com/become-a-classpass-partner.