How Data Can Transform Your Gym Business’ Performance & Growth
Growth Industry Insights
The movie “Moneyball” is an all-time inspirational movie for entrepreneurs. It shines a light on the idea of analyzing the data streams and the impact of statistical analysis to drive the game of baseball. Entrepreneurs, including gym and fitness business owners, can use this idea to drive their businesses forward and maximize their revenue.
Like all other industries, data is everywhere and is floating around your health club too, waiting to be used across multiple touchpoints. Recent innovations in health and technology such as fitness bands, health applications, heart-rate trackers, and mobile devices, we now have access to data for millions of fitness enthusiasts across the world.
Data-driven Business Decisions = Financial Gains
As one of the fastest-growing industries globally, health clubs and studios should be using the data-driven approach that will turbocharge growth strategy. Did you know that highly data-driven organizations are 3X more likely to see significant improvement in decision-making?
Current data trends can now provide more individual information about members, allowing gyms to personalize their relationships with customers at an individual level. New technology can now allow members to be reached through many different touchpoints. In the past, the fitness industry has relied on basic information about its members and used a one size fits all approach to increasing revenue.
Leveraging this data efficiently can drive new potential customers and help them retain existing members. Monitoring your gym members closely will help you identify members who are likely to churn, and you can act proactively to create personalized programs and counselling sessions to retain them. Results show that any interaction with a member at risk of cancelling can reduce the likelihood of dropping out by nearly 10%. More retention creates increased revenue!
Personalized Gym Experience is the New Retention Formula
Retaining gym members during a pandemic is difficult. Your member data is a gold mine waiting to be tapped into. Gather meaningful insights about your customers and reach them with specialized offers and products created just for them.
Interestingly, roughly 90% of club members say they value communication from staff members. Using member data and employing important engagement systems such as on-demand and live streaming workout sessions, custom programs and more, will increase revenue. Every additional visit by a member in a given month reduces the risk of that member cancelling in the following month by 33%.
Undoubtedly, the use of the latest technology can make the gym experience for your members more rewarding. And you, as a business owner, can leverage technology to track everything from maintenance to equipment usage and uncover patterns to differentiate your club from your competitors.
The data shows that the hyperconnected fitness clients today want guided training alternatives that enable them to spice up their regular training. For example, Life Fitness has recently released a library of 80 digital classes available on their brand’s fitness equipment.
Gold’s Gym has rolled out a 3D body scanning technology to all its members in a country-wide program called GOLD’S 3D™ (powered by Styku™). It helps fitness coaches evaluate member scans to find the best fitness plan for each individual customer. The results of this new program have increased Gold’s Gyms’ member retention and new member rates. This data-driven approach has resulted in a significant member engagement initiative for Gold’s brand.
CIPIO has created a customer intelligence platform that helps fitness owners unify data from their MRM, customer data platform, and social media platforms. CIPIO’s software analyzes data from all the integrated platforms to help gyms and studios provide personalized experiences to each member. These recommendations help to minimize member churn and improve retention rates.
Get started on your journey to uncover the truth hidden in your data and maximize growth for your fitness business with CIPIO. Request a demo today.