8 Tips to Maximize Revenue In Your Virtual Gym
Our weekly webinars have produced great conversations about how to solve problems for gym owners. One recently addressed how to maximize revenue in your business, including virtual training in the era of the coronavirus.
You and all business owners already know the importance of what we call The Big 3: marketing, sales, and retention. Keep up the focus on those three basics, always.
But here, we want to share eight additional tactics that we shared during our webinar – action items you can put into effect right now to improve your revenue.
- Price Increases: Where should you raise rates, and for whom? Can you increase rates across the board, or just for new clients or programs? Yes, you might lose a few people who were looking for a reason to bail anyway. But you can minimize losses with proper communications.
- Up-Selling: After a customer buys your main offer, what service or product can you sell to increase the purchase amount? For semi-private training, for instance, sell them a MyZone belt or similar item. For virtual one-on-one clients, show them the value of buying resistance bands from you.
- Cross-Selling: You know how your TV, phone, and Internet services might be bundled together by one provider? You can do the same by offering similar packages to sell things like nutrition coaching and supplements.
- Ascension: Move clients up from your low-tier program to a higher level of service that costs more. Transition them from once-a-week virtual training to three-times-a-week personal training.
- Frequency: Increase the frequency of purchases, and reduce the time between purchases.
- Reactivation: Win back prior contacts, including: cancelled or frozen clients; prospects that never sold; people who took your FEOs (front-end offers) but didn’t convert to COs (core offers).
- Expansion: Introducing (and selling) new programs, like virtual nutrition coaching, stress management, or life coaching.
- One-Time Sales: These are products and services that you might sell only once to each client, like meal-prep or cooking courses; yoga mats and water bottles; and video libraries.
Be sure to check out the free resources we’ve gathered to help you during this time, and schedule a time for a free one-on-one conversation with a Fitness Revolution coach. We’re here to shorten the learning curve and drive you to the next stage of your success journey.