4 Ways to Increase Gym Revenue Streams
Most gym owners will increase their business growth in two simple ways:
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Finding new members
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Retaining their current customers
If these are accomplished, gym owners will have a steady average gym revenue. But adopting a more proactive business strategy to secure strong, consistent business growth is not only an attractive prospect but one that is necessary for an increasingly competitive landscape.
But how might gym revenue streams be increased? How can owners improve their gym revenue model? In this blog, we’ll be exploring our four suggestions to reliably increase gym revenue streams
Offer nutrition and health coaching
It’s always worth remembering that most gym members aren’t just with you to exercise and forget about the other encompassing aspects of fitness. For many, it’s a whole lifestyle.
Whether it’s with you or through third-party applications and services, your members will be tracking their fitness, nutrition and progress. Most members would be willing to pay extra for services to help them make better-informed decisions for the above.
Implementing health coaching as a cross-sell or upgraded product package is a great way to increase your bottom line while offering more value to your customers. If your resources allow, consider developing an app that supports this functionality, too.
Sample fitness products and accessories
Most thriving gyms strive to offer value outside of their core business offering. As well as selling products, sampling fitness products and other items could enhance their gym experience and in turn, make them a loyal member.
For instance, when a new member signs up with you, you could gift them essential items from notable fitness FMCG brands. Not only does this improve your general customer experience — positioning your brand as one that puts the convenience and needs of its members first – but it’s a fantastic opportunity to position your gym alongside household names.
It’s not even new members that would benefit from free samples. Surprising and delighting existing members is great way to improve customer service and establish a positive atmosphere.
What about having a freebie Friday with sample snacks on the front desk? You could even consider putting samples from brands in the changing rooms too to differentiate you from your competitors.
Host events and workshops
Members love workshops, boot camps and fitness challenges because they help them stay motivated and reach goals more quickly. These paid events provide a lump sum that has an immediate positive impact on cash flow.
To make the most of this revenue stream, think strategically about the needs of your business and members. Review the calendar for times when an event could provide extra cash during a seasonal downturn. Add events to help members meet a common goal, like staying fit through the holiday season.
Need some help? IDS Media don’t just work with health and fitness brands on advertising. We work on strategic partnerships too so get in touch if you’re keen to host branded fitness classes and we can work our magic.
Sell Advertising
Try selling advertising space in your facility. If you’ve done a good job building your membership base, you’ll have a fitness-conscious audience that’s attractive to an array of advertisers.
Digital screens are a very agile way of doing so, and there are plenty of companies out there that can manage the process for you – like us! In return for a bit of wall or floor space, you can get a no-fuss revenue stream as well as relevant messages for your members. A win-win situation.
In general, it’s important to look beyond marketing and retention to increase gym revenue through alternative revenue streams, new services, and operational efficiencies. In doing so, you’ll allow members to strengthen their relationship with you, giving your gym its greatest potential for growth.