Growth
Gym Owners,
Whatever happened in 2023 is over. Pat yourself on the back for getting through whatever the year brought you and your business. Wins and losses– they’re all valuable.
Now that that’s behind us it's time to go FULL FORCE in 2024.
Whether you’re reading this in February, or December 1st, it doesn't matter.
There are steps you can take NOW to grow your gym before the year is over.
There are 5 areas of opportunity in every gym. If you’re struggling to grow, at least one of these areas needs your urgent attention…
Let's get into the changes you can make in each of these departments to guarantee your gym grows in 2024.
IS IT BEST TO OFFER UNLIMITED SESSIONS?
In short–no. The misconception among a lot of gym owners is that unlimited sessions makes their package more valuable. The reality is that unlimited sessions leads to lower perceived value and lower attendance rates. If something is abundant, there is no perception of exclusivity, and “I’ll just go tomorrow” becomes the standard. “There's no shortage of classes, no reason I have to go today”... which leads to not seeing that member for weeks, and then eventually canceling.
Instead, the gold standard for access that we have found leads to best attendance, and best retention is 3 sessions per week.
What happens when you make the switch is two things. One, your offer is going to be perceived as more valuable, which means that your sales are actually going to be a little bit easier and you can charge a higher price. You're also going to be able to double your gym's capacity, which means you can sell more memberships.
SHOULD I LOWER MY PRICES TO SELL MORE MEMBERSHIPS?
Again, a resounding no. Large mega gyms can charge $10 a month because they have the volume, mega marketing, and turn over to support it. Studios, boutiques, and small businesses can't play the same game. You offer something special– your prices need to reflect that.
Your price points actually need to mean something. You want to give your premium clients a chance to be able to pay you more, and you also want to make sure that you're super profitable on just even your lowest level. Here's the pricing that we have found that works the best: $49 per week for large group training sessions (16 people or more in a class). Then your semi-private is going to be one $119 to $149 per week (6 people in a class), and 1:1’s are $199 or more per week, and that's for three sessions per week
That's it. Super simple.
INCREASE PROFIT JUST BY CHANGING YOUR BILLING CYCLE
No seriously, this is the easiest way to grow your gym this year. If you’re currently charging your members once a month you’re leaving an 8% revenue increase on the table.
People don't care when the billing takes place as long as they know how much and when it's charged.
Instead of doing monthly billing where every year you get 12 billing cycles, move to every 28 days or every four weeks, which will get you an extra billing cycle at the end of the year without changing your pieces– which is an 8% increase in revenue.
ADD CASH WITHOUT ADDING MEMBERS
Internal plays are marketing campaigns you target to your existing customers to add some sort
of service/value beyond their current level of membership. Internal plays are typically broken up
into three different types: Nutrition-Based, Fitness-Based, Community/Experience-Based.
Running internal plays has two massive benefits for your business...
1. Increases client value because you can charge for these
2. Increases client lifetime value by decreasing churn
They’re an incredible opportunity to not only make money, but increase the loyalty of your
customers. If you’re not consistently offering internal plays/challenges to your members, this is
your sign to start immediately.
INCREASE THE LIFETIME VALUE OF EACH NEW SIGN UP
Simply put, you can increase the LTV of your members by making your clients worth more to you via higher levels of service and product sales.
Your members are going to buy things like workout apparel, supplements, energy drinks, possibly nutrition guidance, etc whether they buy it from you or someone else. To increase your revenue, keep as many of these things in house as possible. It's a win-win for you and your members. Your gym will be a one stop shop for gym goers allowing your clients to have better results, and increased profit for you.
GROW EVEN FASTER– WITHOUT ANY MISTAKES…
If you do these, I guarantee you will see way more profit inside of your facility, double or triple your capacity, and ultimately grow and scale your business.
BUT– If this was a lot to process (we totally get it), our job is to walk gym owners through these processes, and more, so that you can wildly grow your gym without the guesswork.
Get it right the first time, and implement changes smoothly.
Book a call with us so we can walk you through how we do it. (No sales pitch, promises. We’re in the business of helping gyms succeed).
