In so many areas of gym ownership, it can be easy to just follow the norm. Stick to the basics. Do what everyone else is doing. But what about when you want to stand out, grow and have the opportunity to change more lives? You just need a huge helping of increasing gym revenue and retention, with a side of determination and creativity. And retail sales might be just the thing to get you there.
It’s not uncommon for gym owners to think that selling more memberships is the key to growth. Sure, that can be a core offering. But don’t forget about all the other additional revenue streams out there.
Today, we’re talking specifically about retail sales, which can be an incredibly lucrative form of supplemental income. See what we did there? (We’ll see ourselves out.) But seriously, from supplements to apparel and everything in between, retail sales are a huge opportunity.
Believe it or not, retail sales aren’t just about increasing gym revenue. They offer a number of benefits to your business. First, let’s dive into the why. Then check out the step-by-step guide to help you launch an effective retail strategy for your gym!
Why Retail is a Great Option for Increasing Gym Revenue.
There are three main reasons why you should consider adding retail sales into your gym’s revenue strategy.
The first reason should come as no surprise. The primary goal of adding retail sales is increasing gym revenue. With the right strategy and margins, your retail sales are designed to bring more dollars into your gym.
Second, a solid retail strategy can result in great marketing and promotion for your gym. If your members are rockin’ the gym’s apparel all over town, you might get some new leads. And nothing promotes your gym better than good, old-fashioned results. If you’re selling supplements or recovery tools that help your members get better, faster, their friends and family will notice. And that’s when your retail sales start increasing gym revenue via selling more memberships.
Finally, your retail strategy can actually improve brand loyalty and enhance the member experience. The convenience of purchasing what they need right in your gym saves your clients time and effort. There’s added value in having access to high-quality products that support their fitness goals. Plus, when your members have branded apparel or accessories, it can foster a sense of community and pride. All of these things can lead to increased member retention.
How-To Guide for Setting Up Retail Sales in Your Gym.
1. Do Your Research.
The first step in filling the needs of your gym community is to figure out what those needs actually are. Sure, you could cover all your bases by selling products in every category. But it’s probably wise to start with the highest demand and implement new options over time.
So start by finding out about the products your members are interested in. Are they looking for supplements, recovery options, apparel, branded merch, etc.?
Pro Tip: Don’t be afraid to ask other successful gym owners what they’re doing. Always feel free to pop into the PushPress Facebook Community to ask about popular items and pricing!
2. Decide on Products, Suppliers and Inventory.
Once you’ve decided on the product categories you’ll offer, it’s time to get into the specifics. This simply means choosing which products you’ll sell, where you’ll get them from and how much you’ll stock.
First, when choosing your products, remember that quality matters. You’re indirectly making a recommendation about any product you sell, and you want your members to trust you. Plus, you’ll ensure repeat business if they’re a hit with your community. You may also want to choose your product offerings based on the reliability of suppliers.
In terms of inventory, pre-orders are king. For everything else, do your best to estimate supply and demand. Then start with a small, manageable inventory that you can expand as needed.
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3. Determine Your Pricing Strategy.
There are just two simple keys to setting the price for each product. First, it has to be high enough for you to make money. Second, it has to be low enough that your members will find value in paying it.
This means you should set your prices competitively while remembering that people will pay extra for convenience. For example, $5 for a recovery drink might seem high. But if the alternative is that Sally has to drive to the gas station, she’s likely willing to pay you the extra dollar or two.
One rewarding, experience-driving option is to offer special membership perks or bundle deals. For retail sales like apparel, consider offering members a 10% discount. For energy drinks, think about deals like one for $3 or two for $5. These things incentivize membership and encourage more sales. Just make sure your lowest price is still a healthy profit margin.
4. Set Up Your Retail Sales Area.
Now that you’ve gotten the details ironed out, it’s time to have some fun with your retail setup. This is a great opportunity to get creative in designating a specific area in your gym for retail sales. Just be sure it’s noticeable and accessible. Then figure out organized and attractive ways to display your products.
And don’t forget your online options too! Consider setting up a store on your gym website. This allows your members to shop at any time of day and pick up purchases in the gym. You might even attract some new online customers this way!
5. Create a Marketing and Promo Strategy.
The next step in your retail sales plan is to start spreading the word. The good news is that it doesn't have to be complicated. There are three main areas to focus on. The goal is for your members to see your marketing messages as many times as possible, compelling them to act.
Start with in-gym promotions. Use posters or digital screens with QR codes to promote product sales or discounts. Also consider special events like sampling nights or nutrition challenges to launch supplement sales.
Next, use your gym social media and email marketing campaigns to inform members about retail options. Think about including testimonials to build social proof or including details about the benefits of each product.
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Finally, your team of coaches can be a driving force in promoting retail sales. By training your staff to be knowledgeable about the products, they can make recommendations and answer questions. Your members already trust their coaches, so this can go a long way.
6. Analyze and Adapt Your Retail Sales Strategy.
The best part about a solid retail sales strategy is that nothing is permanent. The products your members request and use will change over time. So the goal is simply to keep evolving with their needs.
Asking for feedback on occasion will allow you to make informed decisions about expanding or changing your inventory. If you're flexible and willing to adapt based on feedback and sales data, you’ll likely see long-term success in your gym with retail sales.
Ready to Learn More about Increasing Gym Revenue Through Retail Sales?
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