3 Ways to make more revenue without increasing prices
Lets talk about revenue. It is one of the main driving forces behind your growth and arguably one of the most important metrics in business. That is why I have created this series to help you maximise your revenue.
So with that out of the way, let’s dive in!
Create a revenue boosting course or challenge
Creating a course or challenge within your fitness facility can be an easy way of hitting multiple birds with one stone. It increases your client’s average spend and also allows potential new customers to gain exposure to your gym/studio and everything you offer. Create challenges with a specific goal in mind relevant to a specific time of the year.
For example, a 6-week fat loss course in the lead-up to summer can entice new customers but also motivate current members to commit to a short-term fat loss phase before their holiday. Operating it can be made super simple by allowing one coach to take full ownership. That coach carries out the various elements (i.e. accountability, nutrition workshops, support etc) that might be included and gets a percentage of the revenue at the end.
In the meantime, your fitness facility still looks after the training and exercise elements with your membership offerings as recommended throughout the course. If 30 members signed up for 6 weeks at €90. That’s €2,700 for approx 40 hours of that staff member time (10 minutes weekly accountability dedicated to each sign-up while including workshops and educational resources as support).
Once created, this can be run several times throughout the year as quarterly or biannual events to boost revenue and provide more focus for staff. In essence, your staff will benefit from the experience, they will be rewarded for their input while growing their experience in the industry.
Upsell more products to grow revenue
An upsell is an opportunity to sell somebody something of more value than they had initially planned on purchasing. Within any gym/sytudio, there are normally a number of tiers. A low ticket, a medium ticket and a high ticket with associated benefits of each. This is important for a gym/studio to keep customers in their ecosystem.
New customers don’t typically know what they need which is why they’re standing in front of a professional like you. They ask you for a recommendation on what is best and if you feel they need more attention. Then offering them a higher tier offer can help them reach their fitness goals. Keeping that option front of mind should be your way of trying to provide that customer with what they need most.
Get high quality referrals
Referrals are by far my favourite way to increase revenue. Think about the customers you sell to and the niche that they fall into. Now, who does that fitness niche spend its time with? That’s right, they spend time with people similar to themselves and by extension, more of your ideal customers. You’ve spent months if not years building trust with your gym/studio customers having helped them achieve amazing results. You can then pull on this community to gain more customers and help more people.
A goal-setting session or after a client achieves a win is a perfect opportunity to ask if they have any friends that could benefit from the service like they have. Some fitness facilities like to use a reward system and provide an incentive for people to consider who they could refer to. For example, the new referrals can be offered a sign-up bonus (maybe a one-to-one personal training session) and the member that referred them could get a discount for the next month.
These are three simple ways to increase your revenue. Integrating these changes into your business can really help you to grow and expand. Thank you for taking the time to read through this guide. We hope that it was helpful for you and your business. If you would like to stay in the loop simply fill out the form below to make sure you never miss any of our exclusive content!
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