You have a business, but you want more revenue.
You might be surprised to learn that there are only four ways to grow your gym’s revenue. There is no magical fifth way. And knowing these four ways will really help you make sense of which direction you want to take.
1) Increase the price of your core service/product: This is the standard price increase, just having clients pay more. Pretty straightforward and a normal part of all business is regular adjustments. The drawback here is wondering if people will accept it and pay it.
2) Increase the number of customers you have: This is using an outbound marketing strategy to generate more leads, convert more of those leads into visitors, and more closed sales.
The drawback here is that some businesses, like group fitness gyms, can or will only take so many clients and generally don’t want an overwhelming amount of new clients at once since it can increase churn due to lack of a strong enough fulfillment strategy to support growth.
This is increasing volume.
3) Ascend/upsell Clients to a higher tier of service/product: This is productizing a set of services and having a VISIBLE ascension ladder all clients look to ascend upward through. The drawback here is that it takes time and effort to educate your clients about the different options.
This moves the client vertically.
4) Increase the number of transactions: This is basically selling more items to each customer. These are products/services that support and are needed to enhance the experience and usage of the core product. The drawback here is it can be difficult to find new products/services to sell to your members.
This is moving the customer horizontally.
Which of these methods sounds the easiest?
For you, one might sound easier than another – but here is the rub… you actually need some combination of all four.
Once you see the results from each start to stack up, you’ll begin to wonder what took you so long to start doing any of it.
Imagine what doubling or even tripling your revenue could do for your company – it would be life-changing.
With Big Little Gyms, you can easily see an increase in all four ways to grow revenue and see an immediate impact on your bottom line. We make it easy for you to get more out of your current customer base, grow your membership base and help you reach new heights.
Sign up today and see how easy it is to increase revenue!