SmartRate is a ClassPass tool designed to help maximize your revenue by dynamically pricing class spots based on demand. By charging users less for low-demand spots and more for popular ones, and paying you out accordingly, SmartRate aims to drive reservations to your less popular spots and earn you more overall.¹
How does SmartRate work?
The best way to get people in the door? By driving demand. SmartRate is designed to help maximize your revenue by dynamically pricing class spots. By charging users less for low-demand spots and more for popular ones, and paying you out accordingly, SmartRate aims to drive reservations to your less popular spots and earn you more overall.
Who is it for?
Since dynamic pricing can help drive traffic to slower classes by pricing classes to match demand, every studio or gym that has an ebb and flow of visitors could benefit.
ClassPass studios have seen the benefits of this tool firsthand. Most of the 650 studios that used SmartRate for approximately half of their classes and saw at least 500 ClassPass reservations over a 6-month period in 2018 received more reservations and total revenue from ClassPass in their SmartRate classes. ²
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. When we spoke with Mr. Keshvani, Ferris360 had already been using SmartRate for over a year, and expressed that he had seen a real impact. “SmartRate has given us the ability to focus on other areas of the business,” Keshvani said.
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.
ClassPass studios have seen the benefits of this tool firsthand. Most of the 650 studios that used SmartRate for approximately half of their classes and saw at least 500 ClassPass reservations over a 6-month period in 2018 received more reservations and total revenue from ClassPass in their SmartRate classes.
¹ ClassPass cannot guarantee increased revenue or reservations. Results will vary.
² ClassPass cannot guarantee increased revenue or reservations. Results will vary.