The fitness industry is an extremely compact and competitive industry, which is often trend based as consumers are looking for the best stylised equipment and different exercise modalities. Ultimately the fitness industry can be a brutal industry if you’re not prepared. So, you need to take you and your brand seriously and look to always be broadening your knowledge as trends come ‘in’ and ‘out’ ever so quickly, which could be a downfall if you’re not prepared!
In order to plan and develop your brand you need to create a marketing mix! This comes in the format of ‘The 4 Ps’ – Price, place, promotion and product!
1 – Price
Setting the right price is crucial, many people believe setting a low price is vital to ensuring purchases, however this isn’t fully true. Setting a price too low could result in you losing out from making a profit, and having a dangerously low price often creates a problem with trust. If you are under pricing a product it can create a perception of it not being that good or reliable.
Setting a price too high can also be a massive problem as you are basically pricing out a lot of potential consumers. You need to ensure you are checking the environment around you for the average amount of disposable income potential consumers have, as well as checking what your local competitors are charging. You also must consider your profit margins, as ultimately in the business world, this decides how successful you are! The best way to ensure you are getting the best from your business is increase the perceived value of your service to make consumers feel they’re getting more than what they’re paying for!
-What are the customers willing to pay?
-What do competitors charge?
-Will customers tolerate paying it?
2 – Place
Essentially as a Personal Trainer or Sports Masseuse, you have a selection of environments which you can perform in. The most obvious is a facility such as a gym or sports hall, where equipment is readily provided for you. However, you could also work in the clients home, or your home providing you have the equipment and it is easily moveable. As a PT you could also look to be training outdoors! Again, the place has to fit into how much you’re charging, because using a facility you’re likely to be paying rent which will increase costs.
3 – Promotion
Any communication between you and a consumer is often know as promotion, as you are essentially promoting your brand and why they should choose you. Promotion can include;
-Press and Public Relations
The role of promotion is move consumers along the AIDA continuum model. As they move from awareness, into the interested stage, resulting in a desire for the product or service, finalising in the action of a purchase. Essentially, you are informing the audience of you being there, persuading them to purchase with you, and then re-enforcing the positives of your business after purchase in order to look for a repeat purchase.
4 – Product
This final ‘P’ may seem bit unnecessary due to the fact if you’re a Personal Trainer, you help others train and if you’re a Sports Massage Therapist, you massage aches and pains, in basic English anyway. Therefore they are your product, right? Well, yes they are your main product! However, with the change in trends so often, consumers are always looking for more! Therefore, we talk about potentially adding an auxiliary product to your teachings. This could be adding Strength and Conditioning training if you’re a PT or understanding Rock Taping if you’re a Masseuse. It all adds to your value and increases your knowledge. If consumers see that you understand a wide range of techniques in your field, they will subconsciously have more trust in you, as they see you as ensuring your commitment and increasing your knowledge in your chosen area.
If you require assistance with beginning your own fitness business check over our new Level 3 Business Skills qualification. We have just released this for 2019, and its a massive help for those with no previous experience of running a business!