All businesses struggle during hard times, but service industries like gyms may experience particularly tough patches during a recession. When people try to reduce spending, they often consider canceling their gym membership or passing up a new one. However, as a gym owner, you must also deal with rising gasoline, electricity, and rent costs.
You must be at the top of your game during a recession to grow. Remember: you compete with all the other gym owners who are starving for membership. Read on to learn about staying afloat in a recession and how Aquabike can help.
Know Where You Stand at All Times
Before anything else, check your per-month attrition rate. Gym owners should be intimately familiar with this figure; if it’s over 5%, you have work to do! Remember that a 6% attrition rate translates into a yearly loss of 72% of your membership. With those numbers, staying afloat during a recession
will be challenging.
Knowing where to make cuts and which parts of the company require attention will depend on how well you understand the data. Be the sort of manager that doesn’t bury their head in the sand when things get tough!
Focus on the Member Experience
As noted above, people respond to a recession by examining their spending and reducing what they view as unnecessary costs. If your attrition rate is high, your task is to turn the customers’ gym memberships into essential parts of their daily lives. By improving the member experience, you may achieve that.
What steps are you taking to improve your client experience? First, you should present yourself as a solution provider to new gym members. Then, treat everyone as unique so they feel cared for when they enter your doors.
Foster Community Among the Membership
Few things attract people to a gym as effectively as a sense of community, especially in difficult times. The return of group classes after the COVID pandemic offers compelling evidence for this claim. As the economy slows down, you need to create a more supportive, inclusive, and fun community than your competitors.
Get to Know Your Patrons’ Needs
Gym communities are great support networks for people. However, individuals each have their own goals, aspirations, and limitations. For gym owners, finding each prospect’s unique set of needs, and meeting them, is crucial to driving new business during a recession. However, with so much competition, it can be challenging to cater to diverse needs with a single piece of equipment, amenity, or group class.
Offer a Solution That Your Competition Doesn’t
Fortunately, Aquabike classes are uniquely situated to help your gym weather the rough waters of an economic downturn. First, the upbeat instructors, pulse-pounding music, and engaging choreography foster a supportive and welcoming atmosphere. They turn fitness into a celebration!
Moreover, the Aquabike addresses an unmet need in the fitness industry: low-impact, variable-intensity workouts. You can meet the needs of almost any gymgoer by adjusting the resistance. Your members can take it easy to develop essential mobility and coordination or ratchet up the intensity to match a professional athlete’s training.
Aquabike Will Give Your Gym Business Resilience in Tough Economic Times
Recessions are trying times for every business, and gyms are no different. As an owner, you need a leg up on the competition to ensure you don’t lose your membership. Understanding what your current members and new prospects need, and providing a welcoming community to help them meet those needs, are the best way to stay afloat.
Fortunately, Aquabike covers both elements with its feel-good atmosphere and adjustable intensity. As a result, it truly caters to every gymgoer, even in difficult times. Get in touch with Aquabike to learn more!