How To Stay Relevant (& profitable) in a Highly Competitive Market

What does 2024 have in store?

We know that competition is only going to increase which means that you’re going to need to be smarter than ever about the strategies you implement and where you spend your energy and focus

In this episode, Seran dives into the key strategies and focus areas that will help you differentiate your business and attract the right clients. Discover how to develop compelling marketing messaging that sets you apart from the competition, create unique experiences for your clients, and build a strong community that fosters customer loyalty. 

Whether you're a seasoned studio owner or just starting out, this episode is a must-listen for anyone looking to scale their business and thrive in the dynamic fitness industry.

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Transcript

Speaker 1: 0:00

What does 2024 have in store? Well, we know that competition is only going to increase this year, which means that you are going to need to be smarter than ever before about the strategies that you implement and where you spend your energy and your time and your focus. In today's episode, I'm sharing my top tips for how to stay relevant and profitable in a very competitive market. Well, hi there, I'm Sarah. In Glenfield, I'm a business and marketing strategist just for Boutique Fitness Studio owners like you. If you're ready to be inspired and make a bigger impact, you're in the right place. All you need are a few key strategies, the right mindset and some support along the way. Join me as I share the real life insights that will help you grow a sustainable and profitable studio.

Speaker 1: 0:58

This is the Polarties Business Podcast. Welcome back to the Polarties Business Podcast. I'm Sarah and I'm so thrilled that you're here with me today, because we are talking all about competition and if you've been reading the industry updates and you've been seeing the trends, you will know that there is a lot of happenings happening in our industry and there's going to be a lot of studios opening their doors. There's going to be a lot of new brands entering into this space with lots of different offers that will, in some ways in many ways potentially compete with those wellness dollars that are currently coming your way. Now I'm not here to fear monger at all. The reason why I'm talking about this with you today is because I know that you have the ability and the power to get ahead of the competition, and I know that you are able to withstand whatever comes your way, especially if you've been in business for a number of years. So I want to make sure that you're ahead of the game here and that we are making sure that every opportunity that comes your way you're able to fully take advantage of Now.

Speaker 1: 2:19

First things first. I want to share with you the advice that I'm giving to everybody that I'm speaking to all around the world when it comes to where should I focus this year? What's the big thing for me to focus on inside of my business? And in the past it might have been perhaps focusing on getting teachers or training teachers, which is still one of the things that we want to make sure we're focused on an ongoing basis, but this year, truly, it's going to be all about staying relevant and staying top of mind, and all of that has to do with your marketing, your marketing messaging and your marketing strategy. It is going to be imperative for you to take whatever time and energy and money that you are putting into your marketing efforts and making sure that they are getting you the results that you are looking for, because you do not have the time for trial and error or perhaps for copycat approach to try to see if something is working. You need to have strategies that are going to help you to move your business forward, to scale your business in a way that is simple and easy for you and so that you can take advantage of, like I said, this opportunity that we are seeing in the industry.

Speaker 1: 3:32

So let's start off. I have quite a bit I want to talk to you about today, but I want to make sure we cover it all. So I want to start off by talking about some of the trends that we are seeing right now in the industry. If you haven't had a chance to catch up on some of that light reading, I want to give you a bit of an outlook as to what we're seeing and what I'm expecting to happen over the course of 2024 and beyond, and then I'm going to share with you four different strategies that and focus areas that will help you to stay relevant and profitable, and this is really critical, because I do not believe at all that you should be sacrificing your profit or your wellness, your own well-being, for your business, and I do not think that you need to do either of those things, and so that's why I am all about what is smart and sensible for your sustainability of your business. So let's dive in and talk a little bit about what I'm seeing in the market right now.

Speaker 1: 4:27

Now the trends are. There's lots of trends. There's lots of trends right now, and what we are seeing, specific to boutique fitness, is an increase in specialized experiences. We're seeing people are increasingly seeking more personalized and unique journeys that align with their very specific fitness goals and interests, and what that means is we are seeing that people want to have more customized, more specialized programming and plans, and, with the rise and interest in the wearable tech that we know we're all wearing and all using, and sometimes maybe more than one type of device at any one time, we know that people are interested in knowing more about their bodies, their recovery, their sleep, their energy and so on, and so that tells us that there is a lot of interest in more specialized, more personalized programming that are very unique and tailored to your individual clients' needs, which means that we're moving away from that generic trend. We're moving more towards recognizing that everyone has unique challenges and that we need to perhaps support individuals in overcoming some of those challenges, whatever they may be, that in order to help them to reach their goals. So we are definitely seeing a rise in more specialized experiences.

Speaker 1: 5:59

We're also seeing in terms of consumer behavior. We're seeing a phenomenal shift towards not just the physical benefits of movement and well-being, but also towards well-being, wellness and holistic health as a whole, and we've seen the interest and the rise in recovery services. In fact, we're seeing quite a lot of studios move into offering or plan to offer some recovery services or offerings over the course of this year and because of this big shift in focus, not just from the physical benefits of movement and wellness and well-being, but also on the mental and long-term longevity benefits of movement and well-being that we're seeing that sort of balance out into being aware of the recovery time and recovery efforts as well, and so we might see people move into perhaps being able to add additional services or offerings or classes that help to perhaps support your existing movement offerings from existing classes or existing sessions with some additional sessions that are more recovery based. And you can do that within the four walls of your studio or in your virtual studio as well, and this is something that we are seeing, like I said, a tremendous amount of interest in from a consumer behavior perspective. Around the world, we also are seeing a preference for very community-centric environments. So we're seeing what that means is. We're seeing people be more excited than ever before about being a part of a community within a workout group or club or studio, and that sense of belonging and connection is increasingly important to people when they're looking for a place to become their home for their workouts. And you will find that much of the studies that we are seeing right now are coming back with that community being a big, big component, a big driver of retention for studios. So consumer behavior is telling us that people are looking for perhaps a more rounded experience, a more specialized experience tailored to their unique goals, that also offers them more than just that workout time. They're looking for a community and they're also looking for perhaps some add-on services Now in terms of competition, as I've mentioned, the number of boutique fitness studio owners has grown significantly over the course of the last year, and we do expect that to continue.

Speaker 1: 8:44

Many of the franchises in our space are planning hundreds and hundreds of new studios, which means that you need to be aware of what that might look like and what that might mean for your studio business, and so we may well be on the precipice of market saturation in some areas, and so it's going to be really important to adapt and evolve so that you are not comparable to your competition. Right, what we're looking for here, what I'm suggesting here, is that you consider ways to differentiate yourself, and that will always start with your marketing messaging and how you're interacting and engaging with your community and what you're telling them about your studio, and that you're telling them things about your studio that makes it such that it stands out amongst the competition and is not commoditized, and that it is not comparable. So it's really important to adapt to the environment that we are in and to be very aware, and to perhaps even lay some of that groundwork before it becomes a problem for your business. So marketing messaging and investing in developing your messaging and articulating what differentiates you from the rest is going to support your business in 2024. Now, with that growth and with that comes some opportunities as well. We are. This is going to support your business for years to come. These changes and adapting this year over the course of this year is going to mean that you are stronger, not just for this year but for every year thereafter. And there are ample opportunities in the industry right now, especially for those who are willing to adapt and create unique experiences, very special experiences for their clients and those offerings that will really resonate with specific client segments. So, as we move forward, sort of understanding and thinking ahead and thinking big picture will be really the key to not just surviving but truly thriving and being a part of the opportunity that exists in our industry.

Speaker 1: 10:54

So, when we think about wellness or well-being, you know what are the big trends right now. Well, I want to share just a few with you because obviously you know you are in it, so you see it. But I want to share with you some of the bigger, larger data points that we're seeing right now, and I think one of the things that has come out of a lot of the surveys and research that has been done most recently is that fitness and movement is a higher priority than ever before. The number of people who consider movement and wellness important to them, or very important or extremely important to them, is higher than ever before. Over 60% of consumers that were surveyed said that they considered movement and well-being to be very or extremely important to them, and though that was tied also to services that help with healthy movement and longevity. So that is where a lot of those recovery services also come into play, and we know that very different generations I talked on the podcast a few episodes ago about Gen Z and Gen X and millennials and then how all of the different kind of generations I should say are demographics of consumers See fitness and see movement and see their movement practice, and we're seeing it be such an integral part of not just the baby boomers and not just the millennials, but the Gen Zers and the Gen Xers as well. So we want to make sure that we are aware of that and considering how that might actually be supportive of our businesses.

Speaker 1: 12:33

Now, longevity is another key, I would say hot topic right, another sort of keyword that we're going to see over and over again pop up and be in our world, and I think that this is. I think this is a really wonderful thing, because I think that longevity really does open up the door to being able to offer services that are, and offerings that are complementary perhaps to what you're already doing. And I know that so many of you have so much expertise and knowledge in how to feel good in your bodies, or how people can feel better in their bodies that actually goes beyond, often, what you're teaching in your classes. And I think this focus on the broader not just looking toned or building muscle, but also considering the impact of how to age well right and how to move well longer is only going to be very, very supportive for your businesses. And this is actually something that is not just unique to an older demographic. It is actually spurred by both younger generations, who are actually seeking more preventative solutions, as well as those perhaps in the older kind of age category, who are seeking to really make a big impact on their longevity.

Speaker 1: 14:02

The other part of the other trend that is getting a lot of traction and, I think again, very rightly so. So this is all very positive, I think, for all of us is women's health, and historically women's health has been underserved and very underfunded, but today what we're seeing is that, for those who are in that industry and who are entering into that industry, we're seeing a tremendous amount of interest and a tremendous amount of success, because purchases of women's health products are on the rise across a range of different needs. And I do still think, and what we see is that there is still a tremendous amount of unmet demand for products and services that serve women's health and, don't forget, this is often a demographic that is very motivated and perhaps even has a certain level of disposable income that they are willing to spend on their well-being. So women's health products include things like menstrual care products, fertility support, pregnancy and motherhood products, as well as menopause are something that has been particularly overlooked. So this is a, I think, a very positive thing for all of us and something that, if this is something that you have an interest in and have expertise and knowledge in, this is a huge area of opportunity for you.

Speaker 1: 15:31

Now, the final two trends are things that we have been, I think, probably been in our kind of world and our we've been aware of for a while, but that is starting to sort of trickle down into sort of more of the more general population and we're seeing some more niche offers around. Yes, recovery, yes, longevity, but gut health is also something that is coming up increasingly as a focus for many, many people, and that nutrition component the supplements you know good supplements really, I think are some an area that we cannot ignore, and we know that people are interested in learning about how they can better themselves from the inside out as well, and so what we see from the data is that over 80% of consumers report that gut health is vital to their well-being. This is a huge shift in what people are aware of, and you know over 50% of those people actually anticipate it will be an even higher priority for them over the next two to three years. So you can start to get a feel for where people are, what people are thinking when it comes to their well-being. It's not just about burning calories, like it might have been 15 years ago. We have a far more educated consumer base who are interested in a wider variety of wellness topics and are interested in sort of a more holistic approach.

Speaker 1: 17:01

And finally, that also includes the final topic I want to share with you today, which is sleep. If you have ever tracked your sleep with any device, it is absolutely fascinating, and I think that what we're finding is that a lot of the general population agree, in fact, when we're seeing increasingly that this is a topic of interest not just for those who are really focused on their health and wellness. So, if you are an elite athlete, this is something that you have never overlooked. But for most people, at some point in their life they may have put their sleep patterns and sleep schedules on the back burner, but we are seeing increasingly that this is shifting and that people are more focused on their sleep quality than ever before and, in particular, they're looking for product services and offerings that address, perhaps, concerns around sleep and that also help cognitive functioning and stress and anxiety management as well. And so all of this we know you can help with all the things that you are already doing in your studio, but I'm pretty sure that you have a significant amount of expertise that we'll be able to support them in all of these areas as well. Okay, so now that we know what the trends are and what the consumers are looking at and thinking about and that's really a really helpful insight to have right we can think about how we can use that to build and grow your business over the course of this year and the coming years.

Speaker 1: 18:35

So a few strategies I want to share with you. Okay, number one. I've already mentioned it on this podcast today and I will continue to talk about this a lot over the course of this year. But there is going to be a tremendous amount of power in differentiating yourself from others, and if you haven't taken the time to invest in your marketing messaging and thinking about how you are describing your business, talking about your business, what words you're using to articulate what it is that you do in your studio, now is the time, because one of the things you're going to have to do to stand out from the crowd in 2024 is to be able to articulate clearly what separates you from the competition.

Speaker 1: 19:17

Okay, and that means that you want to. You want to and you want to be able to incorporate that unique identity for your studio in all of your marketing messaging, so that your brand is something that stands out. And so you want to start by thinking about what unique skills or specialties or experiences that you offer your clients, and you also want to think about how you can perhaps be innovative around how you work with your clients and some of the offers that you share with them. Okay, differentiation is going to be key to your success, but it will only support business growth if you're able to share what your differentiation looks like for your clients, as in as long as you're able to integrate that into compelling messaging across the all of your marketing channels, okay. So if, inside of the four walls of your studio, you're doing some amazing things and it's very unique, but no one knows about it, that is not going to help your business to grow. What we need to be able to do is to define what it is that's happening and what separates you and distinguishes you from the rest of the competition, and be able to articulate that with stories and phrases and copy and content and language that can be integrated throughout the customer journey. That supports your business growth because it is attracting new clients in the right kind of clients in, and they are sticking around for the long term.

Speaker 1: 20:44

Okay. So we want to make sure that that marketing element is really dialed in, and that includes knowing and understanding your audience, so you know how to present that messaging to them. You also are going to want to make sure that you're developing a very strong online presence with that messaging. You cannot overlook that in this day and age. I'm sorry, you are going to need to be on social media and on email if you want to grow your business this year. Okay, and that leads me to content marketing, which is going to be an increasing. This is already, I think, often overlooked, I would say, for those people who are struggling with growing their studio, it's often because the content in their marketing is not compelling enough. It does not resonate with their clients, and so combining that great messaging with some with fantastic content that showcases your brand and your values is really going to help you to make sure that what you do does stand out and is memorable.

Speaker 1: 21:43

And you want to make sure that you're active in the right markets. You want to make sure that you are active in your local communities. If that's where your studio is, if you have a brick and mortar studio, you want to make sure that your local community knows who you are and where you are and what you can do to help them. Now, coupling that with retention efforts is going to be key as well, because retention is absolutely critical to your revenue growth, and we're seeing the impact of a strong community in your studio business as having a major impact on your retention, and that is something that we're going to see continue. And I think, in this day and age where we are still seeing quite a lot of people working from home, doing a lot of online work, they may be missing some of that interaction, and your studio is a place that people may go to get that. Okay. You want to make sure you're building your community and have strategies for fostering a very supportive and inclusive environment. You want to make sure that you're engaging regularly with your community, both those who are already members of your studio but also those who may not be yet and you want to make sure that you're doing a lot of outreach and collaboration in your local community so that you can stay top of mind and visible. All of this will help to drive retention through the power of community.

Speaker 1: 23:02

Now we know that there is a lot of support for your business out there in the shape of studio management software, where there are lovely automations that make your time multiply, so we know that we want to make. I would love to see you be able to utilize all of those automations that you have available to you, and I'd like for you to do that in a way that again portrays your brand. So I don't want those automated emails going out. They sound like the automated emails of everybody else down on your street. We want to make sure that your emails are branded and they have the same tone that you have in your studio as well. So maybe this is a quick reminder for you to go and have a quick look through some of those emails. Make sure they represent your brand, your tone and your values, and that will really help to reinforce and affirm that you are unique and different as well.

Speaker 1: 24:01

Okay, so retention is going to be critical. We want to prevent client churn, we want to keep people active in their memberships, and that means you're going to have to work on that customer journey and on creating a very specialized experience for your clients. All right, and this is all about the details and making sure that, at every touch point, you are delivering value, that you are enhancing the perceived value of your services and that you're implementing quality and very unique experiences. And what I often see is that it's easy to perhaps overlook some of these smaller details, but they all add up to a tremendous amount of success when they are implemented effectively. Okay. So as we go into 2024, I've hoped that you are thinking big and thinking big picture, and that you are ready to take on what everything that this industry has to offer you, and that you are excited as excited as I am about what's in store this year.

Speaker 1: 25:10

I've shared with you today just a few things to think about and, as you go around about perhaps implementing some of these ideas and thinking about how you could implement some of these ideas, keep listening into this podcast, because I've got a lot of new ideas and innovation coming your way when it comes to how you can build and grow your BT Fitness studio business in 2024. So I hope this is helpful to you. If you love what you hear today, pop in to wherever you're listening to this and rate and review this podcast. It would mean a ton to me. Or help to get this podcast out there into the community so that more teachers and business owners just like you can get the support they need.

Speaker 1: 25:56

Did you love this episode and want more? Head to spring3.com and check out my free resources that will help you run a profitable and fulfilling studio business. And before you go, one last reminder there is no one way to do what you do only your way, whatever it is that you want to do, create or offer. You've got this. Thanks again for joining me today and have a wonderful rest of your day.