As a business owner, it is easy to fall in love with the idea of acquiring new customers by constantly increasing your monthly marketing and sales budget. With new gyms popping up on every street corner, many business owners will try to outspend their competitor to win over new clients. However, this approach seldomly works. In most cases, you end up spending thousands of dollars on marketing expenses without receiving any real return on your investment.
Fortunately, there is an easier way to grow your business without burning a hole in your pocket. The old rule of thumb says it costs 5x more to get a new customer than retain an existing one. This rule is especially true for the fitness industry as trends constantly evolve. Therefore, you should focus on growing your client base from within your gym. After all, your existing client base and their recurring revenue are the lifelines of your business. Therefore, it is wise to do whatever you can to keep your current members happy!
Member retention and customer satisfaction is the most crucial concept to master and pivotal for the success of every business. A 5% increase in member retention can result in a 25-95% increase in profits. Forming meaningful relationships and connections with your members will set you apart from your competitors. When you focus on supporting your current members, you create a trustworthy brand that will have a lifetime value on your business.
Below are 8 ways to help you keep your customers happy, telling their friends, and coming back for more!
- Elevate Your Member Experience to Awesome
- Start a Fitness Blog
- Stay Engaged with Your Members
- Get Feedback from Your Members
- Establish a Gift & Loyalty Program
- Refer a Friend Incentives
- Implement an EFT Program
- Create Compelling Customer Success Stories