Pretty sure we can agree that in most industries multiple – contributing profit centers are a must to not only survive, but leverage in ways we now understand are necessary for survival.
In the Fitness Industry, most clubs have the same profit centers…but are they really?? Let’s examine this a bit.
Membership / Monthly Dues
We all saw what happened with this when the doors were closed. Yes, a profit center, but not entirely reliable.
Personal Training
Most definitely if done right.
Can retain at least partial revenue even if your doors are closed. The total annual revenue of the personal training industry tops $10.4 billion and the industry is expected to grow. Yes, a profit center, but not entirely reliable.
Nutritional Programming
Most definitely if done right.
Contributing revenue even if your doors are closed. Annual revenues worldwide are predicted to hit $465.4 billion by 2025. Much of this growth has been driven by an increase in consumer demand for health and wellness services and products. Indeed a true profit center; closed doors or not.
Healthcare Partnerships
Most definitely if done right.
Can retain at least partial revenue even if your doors are closed. Yes, a profit center, but only if contracts are negotiated properly to ensure they are advantageous; closed doors or not.
Supplements
Initially and some recurring revenue but a profit center?
The hard part is having to carry inventory and hope it sells. Potentially some, but not significant profit; closed doors or not.
Smoothie Bar
Possibly brings in a bit of profit, but costs more to run in the long run. Not a true profit center.
Branded Apparel
It’s cool to see your logo around your community, but a true profit center? Not a true profit center.
Jospeh Weiss, president of Nutrition 21 LLC in Purchase, NY pointed out recently that the pandemic will allow companies to have an opportunity to become a better version of themselves. He says, “it’s sort of like an open-enrollment period for brand rediscovery. But lets just do it right.”
Meaning, we have an opportunity to re-imagine how we position our brands in front of the communities we serve. Although we have challenges ahead for recapturing our market, we also have a new opportunity to utilize needs-based, or solutions-based marketing strategies, which is not the same as brand marketing.
Between excellent fitness and scalable nutrition programming we can influence our community in ways we never utilized in the past simply through how we market what we provide: SOLUTIONS.
We just need to do it right, like Mr. Weiss so brilliantly pointed out.
Carolyn Fetters
Health & Wellness Industry Thought Leader
Balanced Habits
carolyn@balancedhabits.com
(657) 231-6779
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