Four Fitness Business Tips For Kicking Ass In A Slow Economy

Fitness Business Success Against the Odds. By Pat Rigsby

Recession?

Economic Downturn?

Whatever you want to call the current state of the economy – it’s scaring the crap out of a bunch of people.

While this might mean that people are a little less likely to buy on impulse – it also should provide you with hope and a real opportunity for your fitness business if you play your cards right.

Why?

Because your competition is probably doing everything wrong right now. They’re probably not driving sales, putting less time and money into their marketing and most likely spending a lot of time whining.

Here are four fitness business tips and tactics that will definitely help you stay ahead of the competition during these (or any other) times.

Invest More In Marketing

Most fitness business owners “budget” for marketing, which only makes sense if you think of it as a cost. Forget that mentality and see marketing as a revenue generator. When your competition is cutting back this ‘expense’, you should be doubling down and spending more time, effort and money on your marketing efforts. Because you understand the Lifetime Value of a Client (you do, right?) – you recognize that investing $200 to get a client or spending 2 extra hours to get a client are both providing you a great ROI.

And remember – when it comes to fitness marketing, time & money are interchangeable. If you want to spend less of one you can always spend more of the other. Just be sure to make that investment bigger during the current economic situation.

Make It Easier For People To Work With You

If you want to generate more business, make it easier for people to be your client. Offer EFT payments instead of only accepting PIF’s for programs. Switch to 30 minute sessions so you can make as much or more per hour, but the clients’ investment is lowered. Offer semi-private training. Offer group training. Run bootcamps. If you are charging $75 per session for 60 minutes of 1 on 1 time, you have severely restricted the number of people that can do business with you.

Reactivate Your Old Clients And Market To Old Leads

Call it the bright shiny penny syndrome. When things are going well it’s common to focus on selling only to new clients and ignore your former clients and old leads. That’s always been one of our most effective marketing strategies – but it’s one that virtually all fitness professionals ignore. Get back in touch. Call, mail, email… Also – by combining this strategy with Number #2, you have a great reason to contact them and tell them about your new (and more cost friendly) options.

Cut Unnecessary Spending in your fitness business

While you’re never going to cost-cut your way to greatness, that doesn’t mean you shouldn’t cut out expenses that are giving you little return. Don’t cut effective marketing programs – expand them. Don’t slash your retention and referral programs. Instead, take a close look and get rid of things that do not make business sense. Ask, “What is my return on this expense?” If you can’t identify it – cut the cost.

One more thought about a down economy – a lot of fitness business go up for sale and can be bought for pennies on the dollar – and a lot of clubs go out of business and their member base can go up for grabs. Be on the lookout for opportunities like these as they come and go quickly, but can make you a lot of money if you catch them.