Your business is centered around a competitive mindset. You teach your athletes and clients to compete like champions, and you scout talent and competition on other teams–but when is the last time you’ve taken time to scout your business competition? And after analyzing your competitors, how can you use those insights to differentiate your business offerings? We’ll define 3 key ways you can give your business the upper hand here.
In March 2019, the National Music Publishers Association (NMPA) sued Peloton over more than $300 million in damages from the interactive-fitness company’s alleged use of 2,468 unlicensed songs from artists including Ariana Grande, Bruno Mars, Taylor Swift, Beyonce, and many others. The NMPA alleged that Peloton violated national streaming standards and laws, as Peloton did not have the necessary public performance rights for those thousands of songs, yet was including them on the playlists for their streamed cardio classes.
While the world scrambles to find solutions and formulate a vaccine, sports venues can prepare themselves by finding alternative roads for revenue outside their traditional events, as well as ways to integrate new regulations to ensure health and safety throughout the venue. We can’t know how long closures and/or social distancing will last, or if the virus will rebound, so it is essential to take the steps we can.
Many fitness businesses that play music in their gym or studio aren’t aware of the legal implications behind streaming from personal plans. In fact, violations to copyright infringement can hold you liable for damages up to $150k per song played. Plus, acquiring a Public Performance License on your own is time consuming and costly, which is why many gyms and studios opt to use a service that has this covered. Here are a few streaming services built specifically for gym, box, and studio use.
Many clients and members of a gym or studio will eventually cancel their membership or stop coming to classes or lessons. Especially as COVID continues to affect consumers on a global scale, businesses are seeing a deep decline in memberships. With this mass exodus of clients, revenue and profitability are inevitably hit hard. With that in mind, here are a few surprising insights into how you can actually build customer loyalty when clients cancel their memberships.
With the sudden crisis created by COVID-19, the digital fitness trend went from a 3 to 5 year transformation to an overnight one. So where Peloton has enjoyed watching the market stubbornness and ignorance let them dominate, in a short 90 day period every in-person fitness business was forced to ramp their learning curve of digital production. Through this industry phenomena it also revealed not all digital content is created equal.
The fastest company to reach an intersection of digital offerings and an in-studio experience will lead the fitness market over the next decade. Which begs the question: “How does the in-person fitness side of the market compete and win in the face of Peloton’s disruption to the industry on the digital side?”
With the help of programs like Rakuten and Raise, business owners can save thousands of dollars on routine purchases from major online retailers. Here, Josh Williams walks us through how to save on popular Under Armour shoes.
As studios, gyms, and sports facilities begin reopening, an important element for owners and operators to know–in order to set their business up for success– is new expected consumer behavior. We surveyed 1,200 consumers who frequently train at local sports or fitness businesses to gain insights into their thoughts and feelings about reopening.
Our team has been hard at work creating the resources you’ll need to fine-tune your re-opening strategy. Our checklists, guides, research briefs, and templates are built on a foundation of meaningful consumer behavior insights and valuable industry leader expertise, and will arm you with the tools you need to make important decisions for your business in the coming days and weeks.