1. EachPod

92: Top 20 Must Haves For Growth In 2020 - Part 4

Author
Tim Lyons and Randy Angsten
Published
Thu 06 Feb 2020
Episode Link
https://built-to-grow.simplecast.com/episodes/92-top-20-must-haves-for-growth-in-2020-part-4-ZC3i9q8D

In this episode, Tim and Randy will wrap up their 20 must-haves for a gym business to grow in 2020. They will share the last 5 aspects starting with retention strategy (also referred to as churn rate or attrition). It basically just means a gym being able to keep their clients happy, keep them paying, and not canceling their memberships. The rule of thumb with retention is to try to keep it under 3% each month on average. Obviously, some months may be higher than others, but 3% is the number a gym owner must ensure they’re maintaining.

There are a number of things one can do to build a strong retention strategy, and one of them is looking at month-to-month versus annual memberships, and how they affect retention. Month-to-month memberships are definitely easier to sell, but Tim highlights the need for annual memberships with monthly memberships as a backup plan. There are tons of great strategies that a gym can apply to retain their clients, and Tim and Randy will share them all.

Another must-have for every gym to grow is a referral strategy. This is all about getting existing clients to refer their friends and family to become members. Tim will talk about how giving away points on a rewards program for referrals has worked amazingly at his gym and gotten them more referrals in 12 months, and they did in 3 years. Initially, the rewards program was monetary, but they shifted it to a more status-based system where they give points and the results have been very positive. Listen in for more of the must-haves that will have you winning with your gym in 2020 and beyond.

Key Takeaways:

  • How monthly and annual memberships affect a gym’s retention (02:07)
  • The commitment that is an annual membership and the benefits of its accountability factor (05:23)
  • Having multiple offers and an ascension system as a retention strategy (08:02)
  • In a referrals program, clients are more status motivated than monetarily motivated (15:29)
  • It's okay to ask for referrals after you give a client some results (17:50)
  • If you’re not growing, you’re dying: The importance of personal growth for gym owners (19:59)
  • The value in listening to relevant podcasts and the importance of setting health goals (22:11)
  • The huge growth trajectory that comes from having a coach or a mentor, and being in a mastermind (25:12)
  • The Yelp for the fitness industry gurus (30:30)
  • Keep the money that you've earned and don't give it away to the damn IRS (33:59)

Additional Resources:

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If you are interested in a free audit for your gym, visit http://bit.ly/free_gym_audit

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You can find out more about Tim and the strategies covered in this episode by checking out our website.

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Would you rather watch the video version instead?

Head over to our YouTube channel to watch this episode by going here

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If you don’t already have my book, get your copy FREE here.

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