How would you determine the price for this new yoga style?
Factors to Consider
Competition: In the yoga industry, there is stiff competition, and one needs to determine what the competitors are offering and how much they charge. You can then determine whether your yoga style is unique and how much you can charge for it.
Costs: When determining the price strategy for a new yoga style, one needs to consider the costs involved in setting up and running the business. For instance, you need to consider the cost of the venue, instructors, equipment, and stationary. All these costs should be factored into the pricing strategy.
Marketing: You need to develop a marketing strategy that will help you reach your target audience and promote your new yoga style. You may need to hire a marketing consultant or do the job yourself, depending on your budget and experience.
Target audience: You need to consider your target audience and what they are willing to pay for your new yoga style. For instance, if your target audience is busy professionals, you may need to offer classes at convenient times and charge a premium price. However, if your target audience is students, you may need to offer discounts and charge lower prices.
The best price strategy for a new yoga style is the one that helps you achieve your business goals and satisfies your customers.