As 2022 comes to a close, Power Wellness is pleased to share three ideas for quickly generating revenue, to get 2023 off to a positive start:
Raise Monthly Dues – Given the current inflationary environment, you might be concerned that a dues increase might increase member attrition. We’ve found this isn’t the case. Not only do moderate dues increases quickly generate revenue, they also do not drive members away. The chart below shows that average dues increase of $4 per month during six months of 2022 at sixteen of our managed centers had no impact on attrition:
Attrition averaged 4.1% during the six months prior to the dues increase (6 – 1) and averaged 3.7% during the six months after (1 – 6).
Build and Promote “Experience Packages” – An “Experience Package” is a group of predetermined, bundled services (i.e., health assessment, health coach personal training, massage, meditation, etc.) for new members. Properly implemented, “Experience Packages” can improve program growth, increase member retention, and encourage more ancillary services spending. In 2022 Power Wellness sold over 3,200 Experience Packages.
Resolve to Build a Professional Sales Function in 2023 – Many fitness centers do not have the tools or the team in place to execute sales professionally. Start 2023 by cross-training existing associates and implementing a base plus commission sales structure. Set targeted closing ratios as a team with center management and marketing. Implement a CRM tool to track leads and measure conversions. Finally, hold a “Flash Sale” to drive traffic and pressure-test your new professional sales function.
Want to learn more about how to make 2023 a successful year for your medically integrated fitness center? Contact us at powerwellness.com.