Creating Revenue Through Digital Fitness
About the author: Leon Rudge is the technology solutions manager for Life Fitness. He has extensive experience in the global fitness industry and is immersed in future technologies on behalf of the fitness industry.
One of the reasons I love digital is that one feature can create multiple value propositions to multiple customers, in different industries which lead to multiple revenue streams.
As we continue to dive deeper into a world of a connected consumer that has weaved digital tightly into their daily lives, have you thought about the opportunity this new economy can bring to your business? Digital will continue to be both an opportunity and a threat, and understanding the journey ahead is thriving in this digital age. This economy isn’t going to happen overnight, so now is a good time to start thinking about how you might work with adjacencies and additional value propositions to your existing customers.
Be sure to involve some younger workers and some of the more experienced team members so you get over the generation gaps. Ask them to consider how they think you can offer new and additional value to customers, what products and services would they introduce? Consider how can you offer this at a profit? Consider what digital technology exists that can help you add this value? You’ll be surprised how most of this can be achieved at great value.
How this might work in your fitness facility.
Digital means that we are no longer restricted or governed by both time and space. Think about that for moment. In the digital world, time is irrelevant and so is the space you occupy. Consider that Amazon is the biggest book retailer in the world but doesn’t have book stores; Uber is the world’s largest taxi operator but doesn’t own a taxi and AirBNB has more beds than any hotel chain but doesn’t have a hotel.
So how about asking your new expert team to consider how you could use digital to interact outside of the four walls of your gym and extend the experience beyond the turnstiles. Is there a new population of gym members that will never come to your gym? Could you have a digital membership? Could you use free apps that already exist to prescribe activity and track it? This would bring revenue and nominal cost but also open a new value proposition to a new customer segment.
When you go through this exercise don’t think like a gym operator with opening hours and physical gym space, think like the customer you don’t have and ask yourself what experience they are looking for and how can you use digital technology to deliver it at profit.