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Boosting customer retention by any amount can have a huge impact on your revenue. A study conducted by Bain & Company and reported by the Harvard Business Review found that even a 5% increase in retention can boost revenue by 25%–95%. In short, your ability to retain the right customers can make or break your business. Businesses are constantly searching for ways to achieve customer loyalty. After all, it’s far more cost-effective to keep the same customers coming back to you than it is to constantly go after new ones. Marketing to new customers can cost up to 25 times more than simply catering to your existing customer base. Loyal customers who love your business are an incredibly powerful asset. They can do a lot of your marketing for you through social media and other word-of-mouth channels, convincing others that your business exists and has value. But how do you get to that point? How do you develop a strong bond with your customers that is hard to break and will keep them coming back time and time again?
REFOCUS ON RETAIL Across the fitness industry, February is like one long hangover. The burst of enthusiasm for health and wellness among average people begins to wane this month as the promises of New Year’s Day wear thin. As this honeymoon period ends and membership numbers start to fall, it’s the perfect opportunity to focus on boosting and retooling your retail game. REARRANGE The core of any successful retail operation is convenience. If members don’t see a product or they have to go through a series of steps just to make a transaction, they aren’t going to buy. This slower period is the perfect time to rearrange displays and try new ways of making purchases as easy as possible. You may find that a simple change, such as repositioning your fridge of O2 so thirsty members see it as they leave their workouts, can make a huge difference. REASSESS Some things just may not sell no matter where you put them. Maybe it’s a niche product that doesn’t quite fit what your gym offers. Maybe the price point is just a little out of your average member’s reach. Maybe that T-shirt your partner designed on MS Paint in 2016 could use some updating — whatever the case may be, now’s your chance to fix it. Review your numbers and find what’s working, what needs adjustment, and what simply shouldn’t be taking up shelf space anymore.
REMIND It’s always the right time of year to be advertising your products. From subtle sells like having coaches use products during demonstrations to more direct sells through posters and social media blasts, every little bit helps encourage members to buy. But during the slower months, this can be an excellent opportunity to experiment. Talk with your members, find out what motivates them and what messaging fits your gym’s style. Get that hammered out, and, as membership picks up again, you’ll have your marketing locked in to get the most out of those numbers. A solid retail operation can do far more than just help keep the lights on when membership lags. Working to get the most out of this vital part of your gym can help propel your growth throughout the year and give members another reason to be excited to show up to workouts week after week.
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