Delivering Solutions to Increase Profit
A whole new year has arrived, and everyone is thinking the same thing: “What can I do this year to make a more significant impact on my community and my company than I did last year?”
While not exclusive to the fitness industry, a very common problem in business is increasing business revenue without increasing overhead or expenses.
Although entrepreneurs tend to be visionaries and risk takers, they could minimize failed efforts by truly identifying the actual problems of their customer before making a move or investment.
The fitness industry is notorious for choosing a solution and hoping they get it right: “I think they will want this, so let’s do it.”
These days, fitness is now more of a lifestyle than a trend, and the gym business is booming. Today’s consumer is looking for on-demand anything and everything. They want it now, they want it at their fingertips and they want to be a member of a tribe.
For this New Year ahead, wouldn’t it be wise to offer your current members solutions to things they have identified needing support for? With 35% of the population being reported as obese and diabetes on the rise, nutrition is a sure bet to offer as a solution, addressing the need of your market.
Offering new products and services that provide a solution with minimal acquisition costs, and provide profits that go straight to the bottom line, is worthy of placing major emphasis early on in the New Year.
Providing such things in 2020 will surely increase retention because happy members don’t leave. Members who are seeing solutions to their problems stay, pay and refer.
Additionally, common in business is aligning brands to build a faster, bigger presence with immediate authority. This type of business building is common with brands that are looking for rapid growth by bringing their members something they believe in and already have proof of concept, with minimal risk.
Joel Tallman, president and CEO of MÜV Fitness, shared his principles necessary for a successful brand. Tallman’s “4-R’s winning formula” was used to describe what he has in mind for his MÜV Brands: “Results, retention and referral, all working together to increase revenue.”
This New Year, deliver what your members want: solutions. Provide 100% of the solution to your members’ needs. Employ Tallman’s “4-R’s” winning formula and watch this unfold as your best year ever in business.
Don’t hesitate to form strategic brand alliances to start the year off right in Q1 with partners who will enhance what you’re already offering, with minimal risk.
To learn more about adding a Balanced Habits nutrition profit center to your fitness business, download “The BH Solution: Turn-key Report” at meetbh.com.