4 strategies to boost your fitness business profits!

Decoding economics of the gym industry to boost profits.

Do you keep hearing the phase — Fitness is in?
Well, if I have to be more accurate, as per a survey it has been found that 81% of Millennial’s exercise or at least would like to, vs only 61% of Boomers. So, to be apt we can say the IDEA of fitness is in.

While, 1 out of every 5 Americans are heading to the gym, or at least paying for a membership.

Did you know the U.S has the most clubs at 38,477 followed by Brazil with 34,509?

While if we want to talk about the UK — stats say there are approximately 7000 gyms.

Whilst the China fitness industry has experienced high-level growth across the board, boutique studios are now stealing the march on big-box establishments.

Lastly, the fitness industry in India is seeing more premium players enter the market but generally struggles to generate revenue outside of memberships. Despite 3800 clubs and nearly a million members, penetration is only 0.12%.

Based on the statistics I have shared with you above I can say one thing for sure — there is an immense appetite for exercise in the market, which puts the fitness industry in a pretty sweet spot!

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I bet you will agree with me too, Right?

We belong to the ear of fitness apps, wearable technology as well as consciously aware audience so as a gym owner if you are still trying to crack the code to build up, on your January profits you can still change the game… you haven’t lost the game yet!

You need Ideas —

I have them for you!

Whether you are a

  1. Traditional facility
  2. High-end club
  3. “High-value, low-price” (HVLP) health clubs.
  4. Boutique fitness studios

All of these segments together combined to form the fitness industry which is growing faster than ever…

So, all you got to do is find the missing pieces in your puzzle to work on it either yourself with the right research, test, and analysis or hire the talent to do it for you as well as the results you are aiming for.

After all, you may not realize it but my friend via your industry work millions of more people across the world will be adding more years to their life & more life to their years when pushed to truly invest in.

Here is a motivating statistic for you, currently about 20% of adults have a fitness club membership, a number that in my opinion could easily double in the next 10–15 years as the awareness & consciousness in the market increase.

Wondering what is the cause triggering the boom in the industry?

  1. Rise of demand
  2. Technological support
  3. Rising health insurance costs

Just a bit above in the article, I did mention a statistic & I would love to reshare it with you as a reminder…

81% of Millennials exercise or would like to, vs only 61% of Boomers.

And, that is not all, if I have to break it down further for you, women are more health cautious than men.

Here is some more data to help you get a wider angle when it comes to understanding the userbase where millennials are using fitness apps more than any other age group, with women using them twice as much as men. 46% of the total want as much quantifiable data about their health as possible, and in fact, 54% are likely to even buy a body-analyzing device.

I use wearables as well as utilize fitness apps, while my partner does not.

So, if you are looking for fitness marketing ideas that’ll generate more revenue, not just in the month of January but further here is a list you should work towards implementation.

The fitness industry sees fierce and cutthroat pricing wars. When I look at the campaigns run in the fitness industry all I see is monkey see — monkey do…

Big companies pour dollars into advertising and get in front of potential consumers offering special deals and low starter rates.

Small local businesses just see the deals working and adapt a follow-through approach…

I say, walk past that…rather. I want you to Re-Think Free Trials. Remember, anything that you offer for free diminishes its value.

Rather, think about your brand positioning, and offer accordingly, position them as ‘7-day memberships worth $50’ or limited ‘1 Day Passes’ that subconsciously reframe how customers view the offers.

Did you know, as per research when offered three price options, people will invariably choose the middle one?

Yes, exactly…things only seem expensive or cheap when compared to something else. So you need to give them the grounds to compare.

Once used, strategically it can be used to bump up your average order or sign-up value from your customers.

However, remember — once you convert work is not done…rather the journey has just begun.

When running a gym, a fitness studio or a high-end club your ultimate aim is not just to convert members but to re-sell them as well as retain them as well.

Yet, I see hardly most of the businesses focusing on it…if you are looking forward to work on it, here are few ways how you could…

Combining several products or services into a ‘bundled option’ has been shown to increase sales. Reason — psychological triggers it generates!

So, try combining complementary offerings into a larger bundle to drive more revenue into your business. Best would be personalized bundles to help them experience the exclusivity as well as per the person’s taste as well as preferences.

Next is an interesting option you could offer…

I mean we live in a digital world, right?

So then why not add an online option to your offer? Where people can watch videos or even join live classes, virtual communities to share their experiences. Who does not like a community vibe isn’t it?

That way when a certain subset increasingly wants to learn as well as train on their own schedule, this way they can easily do so.

It might seem like a hustle, but trust me this one can be a deal-breaker if you position it well and partner with another local niche complementary businesses to form a total package.

If you’d like more fitness marketing ideas to help grow your business, then make sure you follow me here on medium as well as on LinkedIn as I will be sharing more info over the coming time!

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