Finding creative ways to increase gym revenue is always a good time. But there’s one key difference between worthwhile revenue streams and those you should kick to the curb. The good ones should generate money without adding a ton of work to your plate. And selling supplements can do just that.
As we’ve discussed before, a healthy business needs to have more than one way of making money. Building various sources of income will help you sustain over time. You’ll also be able to manage unpredictable fluctuations in areas like membership sales. Plus, there’s an abundance of ideas out there for additional revenue streams for gyms.
Selling supplements is one of the easiest ways to do this. Today, we’re sharing five ways that supplement sales can help your business.
Five Reasons to Consider Selling Supplements.
1. Provide the Convenience Factor.
Consider this: There’s a good chance some of your members are already purchasing supplements outside your gym. That means they’re taking the time to drive somewhere else or order online. Why not snag that revenue yourself by selling supplements in house?
For members who are currently purchasing elsewhere, you’d be providing a new level of convenience. And for those who need to take supplements but just haven’t started, you’d be removing any excuses.
2. Increase Retention Rates.
Studies show that members who purchase supplements from their gym are more likely to stick around for the long-term. Similar to investing in high-ticket gym services, results generally breed motivation. And motivation leads to increased retention rates for your gym.
3. Boost Member Results by Selling Supplements.
When members start seeing results, something fun starts to happen. Not only do their friends take notice, but they start inviting friends, sharing pics on social media, etc. Actually seeing results is a great motivator, both for your members and their family and friends.
Selling supplements can help to improve - and sometimes speed up - that process. Nutritional supplements are designed to help with things like physical performance, mental state, sleep, stress and more. By helping your clients find the options that are best for them, you’re creating the ultimate member experience.
4. Improve Member Satisfaction.
The first time a member walks through your doors or inquires about your gym online, they probably have one goal in mind. They’ve come to you for help reaching their fitness goals. While the solution might involve a combination of movement, nutrition, wellness and more, they don’t know that. All they know is that they need help and that (hopefully) you’re the one who has answers.
This is a great way for you to build trust from the start. We’ve written quite a few blogs on how to refine your sales process. And ultimately, it’s simply about helping your members reach their goals. So if you can build trust that way, selling supplements to level up their journey will be even easier.
5. Create Value-Oriented Mindsets.
The simple math equation to building a solid business is having as many clients as possible who spend money with you. To accomplish this, you have to create opportunities for them to find value in more ways that just fitness classes.
One of the key gym metrics to track and increase is your ACV (Average Client Value). So instead of having to generate more leads and build a larger member base, you simply sell more to your current community. This means you provide more value to - and earn more money from - each client.
How to Manage Selling Supplements Effectively.
Once again, the key to adding a new source of revenue is ensuring it’s not adding unnecessary work to your plate. So how do you manage the space, time and effort it takes to successfully sell supplements?
Pre-orders are the answer you’re looking for. Creating a pre-order is a win-win for both you and your members, and offers three benefits.
First, a pre-order eliminates the upfront costs of selling supplements. Members will choose the items they want and pay in advance, freeing you from “fronting” the money for the order. Second, it eliminates the possibility of theft. People can’t walk off with extra inventory that’s sitting around. Third, most supplements don’t have an eternal shelf life. Pre-orders mean people are taking the products home immediately, so they don’t go bad sitting on your shelves for months.
And here’s a bonus benefit that applies to gym apparel pre-orders. Stop ordering 100 “schmediums” and crossing your fingers that they’ll sell. Stop the schmedium abuse by creating an apparel pre-order to sell the exact sizes your gym members need.
Pro Tip: Want to find out more about pre-orders and the other helpful PushPress tools to help you run your gym better? Book a demo with our team today!
