The cost of living crisis has 5.1 million people reconsidering their gym membership. Here are our tips on reinventing your gym to survive and cement your place in members' lives.
The cost of living crisis in the UK has impacted almost every sector of the economy, and the fitness industry is no exception.
Gyms are facing significant challenges in retaining members during a time when people are reassessing their expenses and trying to save money; making it difficult for gyms to stay afloat.
The recent rise in the cost of living has led 5.1 million people (approximately 10% of adults in Great Britain) to cancel or at least consider cancelling their gym, health club or sports club membership.
We're sharing our tips on how you can reinvent your gym to survive the cost of living crisis and cement your place in your members' lifestyles.
Pricing
Consumers are valuing flexible payments now more than ever. Gyms should consider introducing pricing plans that suit members that might be on a budget or can't be tied into a contract at the moment. Membership plans with discounted rates, no joining fees or pay-as-you-go flexibility have been proven to be popular options among consumers in recent years.
Value
If a member sees value in their membership plan, they'll be significantly less likely to cancel it. Add as much value to your members as possible by providing high-quality facilities, equipment and classes. Adding on free health and fitness assessments or access to usually exclusive services is an excellent way to go the extra mile and make your members feel like they're getting more value for money.
Community-building
"60% of individuals are more loyal to a brand because of their access to the community; positively impacting retention." Think about organising social events or creating more opportunities for members to connect, such as mentoring programs or talks on topics that your audience is interested in. For example, if you run a bodybuilding gym, you could run an event in which you invite more seasoned bodybuilders to share their tips on bulking and cutting safely with those new to the sport.
Invest
Finally, gyms should assess where technology can help them generate extra revenue and invest in it wherever they can. The pandemic accelerated the adoption of remote classes and PT sessions, which can still be leveraged to expand your gym's customer base to those that perhaps prefer exercising in the comfort of their own home but still want the instructor-led experience of a traditional fitness class.
To summarise, your gym's survival hinges on your ability to adapt to changing consumer needs – something that could change at the drop of a hat in the current climate. Focusing on areas that retain existing members and offer opportunities to generate extra revenue, such as the ones we've covered, is essential to your gym's survival.
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