The most profitable fitness studios know how to capitalize on retail. The ability to maintain an efficient retail space serves as a key differentiation point in the industry. The importance of retail lies in buyer’s impulse, quick revenue boosts, and the creation of brand advocates. At fitness and sports centers, retail serves as a profit producer, marketing magnate, and emergency safeguard for members who forget to pack a piece of clothing. Retail offers endless benefits if used correctly and creatively— here are four tips to drive retail footprint at your facility.
Promote your retail products and simplify the purchasing process
It’s Never Too Early For Gifts
Believe it or not, the holiday shopping season is quickly upon us. A recent report shows that 40% of shoppers begin their holiday spending before November 1st. It may seem early to push holiday offerings, but doing so will target the early spenders looking to get ahead on gift shopping and drive retail purchases at your business.
Gift cards are historically amongst the most popular holiday gifts. They are convenient, easy, and allow choice for the recipient. On the business end, gift cards are just as easy. As the holiday season nears, beginning gift card promotion is an effective way to draw attention to studio retail. Customers will appreciate the seasonal awareness; it lets them know you are helping to alleviate stressors like holiday shopping. Plus, the giving of gift cards increases the chances a member becomes a brand advocate.
Incorporate Prizes into Fitness Competitions
People love prizes and giveaways. It’s almost impossible to say no to either. Prizes and giveaways can be used in sports and fitness centers to highlight retail products. Lessons and classes can be uniquely organized so that top performers receive small giveaways or retail credit. If a member bests their personal record, they could win a branded towel or shirt. The person who frequented the facility the most that month could get two free items from the retail desk.
Using contests and giveaways is a natural way to increase exposure and drive retail Retailers have complete control over the prize, so there should be no surprises in what products are leaving the shelves as giveaways. While giveaways may seem contrary to revenue-focused retail, it is expected that small giveaways will influence clients to pay more attention to retail.
Utilize Membership Discounts
Members already have an established connection with the studio. As such, they will be more inclined to purchase branded material at the retail desk. They have allegiance to the studio and are committed to it; they want to be able to express that commitment. Offering special deals will encourage them to purchase more products. Some studios could even offer special products that are only available to members.
Upper Hand allows for customizable membership discounts. This capability allows for fitness studios to craft membership models most beneficial to their center. Membership retail discounts can be easily implemented through this cutting edge software.
Make Purchasing Retail Easy
Customers do not want to deal with antiquated, disorganized retail stands. If a studio is to commit to retail, it must be a 100% commitment. Temporary retail tables with a manual inventory process and a cash box will cost valuable your valuable time and the return on your investment may not make it worthwhile. Retail is not something that can be shrugged off— it must be invested in, with a dedicated section of the studio that uses an organized software system to keep inventory and revenue details. Upper Hand’s Point of Sale system, along with the streamlined retail capabilities on the software, work to make the purchasing process as easy as can be.
Extra revenue streams are important to any business. Fitness studios are well-positioned to make retail a large factor in their business. Following these four steps will help to not only drive retail, but elevate the culture for your entire fitness studio.