This blog provides 7 Awesome Profit Making Ideas for your fitness business. Ideas like this planted in the right fitness entrepreneur’s mind means some kick ass money.
Profit Idea No. 1: ADVERSITY – Did you know approximately 20% of people who receive gift cards don’t use them, leaving approximately $5 billion in unredeemed dollars? This percentage is due to lost or expired cards, or consumers not using them. This is called “adversity” and numerous businesses make money from it. It’s almost like a win-win situation for a business. It’s very profitable when the cards don’t get redeemed, but even if they are used most clients spend more money during that visit giving you an opportunity to acquire or re-gain clients (62% of people spend more than the gifted amount).
Profit Idea No. 2: DEADLINE – Retail studies show that consumers get annoyed when they save a coupon or money-savings offer, finally get a chance to use it and then realize the discount has since expired. This scenario supports my belief that dates and deadlines need to be large, bold, upfront, and in the center. Deadlines should also be revealed early and continuously on all marketing material. If the deadline is in such small print and a client misses it and realizes they missed the opportunity to redeem the offer it causes more harm than good. This sends a message that you are hoping they don’t redeem the card. Hiding the deadline weakens your entire goal. Hiding the deadline is what often times happens when you outsource graphics to a “trendy” ad agency or a graphic designer. You have to be cognizant of this and explain exactly what you want.
Profit Idea No. 3: DOING THE OPPOSITE – Earl Nightingale stated, “If you had no successful examples to follow, you need only observe how big business advertises and do the opposite.” Big businesses tend to follow a Madison Avenue style of advertising and avoid direct response offers. In this style, the message is second to image, creativeness, beauty and charisma. But with small businesses the message must be above everything else. Madison Avenue advertisers (big business) believe small businesses shouldn’t even advertise. This is so untrue. Small businesses absolutely need to advertise just in the opposite way of the big business; message is everything.
Profit Idea No. 4: PLACING THE OFFER– Many ads don’t even make an offer and those that do often hide the offer in the copy. Sometimes this is an unavoidable strategy when you’re advertising an “unknown” or a pricey product. However in most cases it’s better to provide the offer in the beginning; bring it up front. You can do this by placing the offer in the heading or subheading. Don’t be shy – put it front and center.
Profit Idea No. 5: THE REASON WHY – Most prospects are looking for a reason to purchase. Make sure your advertising supplies this reason. The more reasons you provide and the better they are, the more they will buy. Give them strong reasons and nothing else matters. Without good reasons, your ad will be lousy.
Profit Idea No. 6: THE GUARANTEE – It’s alarming how many entrepreneurs are afraid to provide a guarantee of their product or service. I view it like this; if your product isn’t worth a guarantee then don’t sell it. Not convinced? Look, guarantees are ALL MATH. It’s true. If you acquire some clients because of your guarantee, you will actually get more to buy who initially wouldn’t have without that guarantee.
Profit Idea No. 7: TESTIMONIALS – This idea is worth repeating a million times. Testimonials are far more powerful than fancy messages with photos and graphics. Basic testimonials including real genuinely excited and satisfied clients, stating what you have done for them and why someone else should join your program. One the best opportunities to ask clients for a testimonial is when they thank you. If your business provides the service you guaranteed, believe me your clients will thank you, and this is what you want to capture for your testimonials. Here’show you can do this. The next time a client says thanks, just say, “I truly appreciate you thanking me. As a big favor to me, would you mind taking a few minutes to write down or (email) what you are thankful for; what you like about our program?” This is also an opportunity to schedule a video testimony. Go for it!! It really does work.