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.