Today’s fitness business is segmenting and many of the middle-market gyms are gone. Industry experts see trends in growth at both market extremes. 2018 marketing strategies should be either targeted at budget shoppers or at high-end type exercise enthusiasts.
The fitness industry now is very specialized and broken into fitness niches whether as a group class or as a pay as you go pricing program.
The health club consumer report cites that personalized fitness studios now make up more than a quarter of the entire fitness market with projection upward trends.
The uber-successful club called Classpass has grown to over 3 million class reservations in over 30 US cities and recently raised financing of over 14 million.
The company joins with boutique fitness studios which offer a variety of classes from spinning to yoga to martial arts and modern dance for one membership price.
Members pay a monthly fee and they can take unlimited fitness classes in the studio network system up to three times monthly.
In addition, to prevent people from missing class members are charged a cancellation fee when they skip out on the reservation.
Class past members say they like the convenience and choice of the program.
This company success story shows that today’s fitness enthusiasts want a large variety of niche classes in boutique studios, not commercial gyms.
Other examples of this trend in niche fitness businesses include the boxing studio called shadowbox and rolling studio such as go row in New York City. Then the celebrities favorite hangout spot is called model fit that offers $40 fitness classes.
Fitness studio owners like to be part of this network because they can offer their customers a better workout in a shorter time. At a better price.
To make your fitness studio as popular as these boutique gyms follow this advice
Make it a cool hangout spot
Based on a recent American Express market study fitness studios have become his social scene and lifestyle experience in addition to simply working out.
This new concept of hanging out at your gym is how many of these boutique companies develop their marketing plans. In fact, many of the studios offer members the ability to bring friends or business associates to fitness classes where in the past they might have taken out those same clients for expensive cocktails and dinners.
Many people are developing relationships during workout classes at these hangout studios.
Data proves performance
Today’s data-driven society wants to see results for their fitness efforts. They want to see how many calories they burned and compare it to their prior workouts and other people in the gym.
Many of these studios have a bike console where you can see these metrics during the class. Additionally, there are flatscreen TVs to see your teams average score of how many miles biked and calories burned.
Social media is key
many of the studio owners told the American Express researchers that the social media channel Instagram was an instrumental part of building your business into a lifestyle experience instead of just any old gym. The ability to reach out and engage with the community via social media was critical to their marketing efforts.
Make it easy for your gym customers to post about their workout experience by adding buttons on your website and sending follow-up texts and emails one-click share links.
Specialization is crucial
Gone are the days of the one-stop gym. Today’s fitness studios need to have a very specialized offering retract their particular type of customer. Whether it’s prenatal classes for yoga enthusiast or personalized training for new mothers specialization is today’s gold standard.
Startup cost sources
Opening a new fitness business is more expensive than ever. The state-of-the-art technology specialist equipment and boutique decor and up quickly.
Health club consultants estimate costs as low as $50,000 up to $500,000+. This is only for initial setup costs and based on the average growth projection rate of one year you will need a full 18 months of working capital until your business to profit. Here’s how to build your business credit in 8 easy steps.
One of the best ways to finance your business start-up by ROBS 401(k) rollover retirement fund with a rollover for business startup program. This is not a loan so you do not have to pay back this you will save both on interest payments and not dip into your precious working capital to make loan payments.