LESSONS FROM REHBAND
This is a great tactic for introducing members to products they may not be familiar with. What about well-known products? “Create some excitement. This could be a two for $5 deal on O2, 10 percent off a mixed case, or reminding people that ‘Murph’ is around the corner and they need to replace those old knee supports.” RETAIL MISTAKES We all make missteps when learning new workouts, but we don’t let that stop us from trying. Kyle points out that the same mindset should apply to retail. “I think the most common mistake is making retail out to be harder than it is and quitting before you start.” RECONCEPTUALIZE SALES Kyle’s philosophy as an affiliate owner is to not view sales as “sales” at all but as an added value for your members. “Offering products and services to your athletes that help them perform, recover, or have a more enjoyable experience is good for the athlete and your business,” says Kyle. “Stick with products you believe in, and view it as helping, not selling.” Thanks for the insights, Kyle! If you’re interested in more tips from this retail master or information about becoming an authorized Rehband retailer yourself, email him at kyle.burns@rehband.com.
RETAIN COACHES, RETAIN MEMBERS
When you have high employee turnover, chances are that you have higher-than-average customer turnover. This holds true for beverage companies and boxes alike. If your business is customer-facing, your employees must build relationships with customers, and these relationships are key to retaining your customers’ patronage. When a coach leaves your box, members often have to start over and build a relationship with someone new. Not everyone will be willing to do that. Their sense of loyalty has been eroded, and it gives the member a reason to look elsewhere or perhaps follow your former coach. While employee retention is not the sole factor in customer retention, it does influence it, so examining your staff turnover rate is always a good idea. The costs associated with replacing an employee are high. You have to find the right candidate and train them. Couple that cost with the cost of losing a client, and you lose a significant amount. According to a 2015 ERE Media study, to replace an entry-level employee, it costs about 30–50 percent of that employee’s annual salary. Need to replace a midlevel employee? It costs about 150 percent of their annual salary. Get to senior or highly specialized employees, and the cost reaches about 400 percent of their annual salary. Most boxes don’t have a C-suite of executives, but you get the idea. On the customer side of things, a Bain & Company study found that it is 5–25 percent more expensive to get a new customer than it is to retain a current customer. Considering all of these costs, why wouldn’t you do everything you can to retain good employees? Employee retention is critical for morale. When you lose one employee, it’s not uncommon for others to follow. Of course, it’s also critical to understand why employees decide to leave. This is where in-depth exit interviews can provide valuable data. Know exactly why people are leaving, and you can fix the problem. Additionally, consult with current coaches on what the business can do better. The more you know, the more you can do. Realizing the value of your employees contributes to the success of your business. When you’re proactive and willingly cultivate a positive work environment, you retain employees. All you need to do is remember this simple equation: Happy coaches = happy members.
AFFILIATE SPOTLIGHT TONY KOENS PUTS THE BITE IN TIMBERWOLF’S BARK
This month’s guest led a team to a top-10 finish at the Games last year while running one of the most successful boxes in the Midwest. Oh yeah, and he was also our No. 1 new retailer of O2 in 2017. Meet Tony Koens. WHAT’S THE MOST IMPORTANT LESSON YOU’VE LEARNED FROM RUNNING A BOX? I have learned that if you are honest and transparent, people will see that you are doing your best to provide a good product.
WHAT ADVICE WOULD YOU GIVE NEW AFFILIATES? My first couple years were rough. My advice would be to find a balance. Also, build the community — fun weekend events keep people excited about being a part of your box. HOW DO YOU RUN YOUR BOX MORE EFFICIENTLY? My members and coaches will tell you I like an organized gym. I hate clutter and like open, usable space. We also recently put O2 on auto- ship, so I don’t need to worry about running out. WHAT DO YOU LOVE MOST ABOUT YOUR JOB? My friends. I am a social person. I get to go in and hang out with friends at work every day. They are excited to be there, which isn’t the case in a lot of other jobs. O2 | PAGE 3 | DRINKO2.COM
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