Our Wodify Guest Blog Series is part of our initiative to open our doors to the Wodify fitness community around the world, so they may share their experience, news, and advice.
Guest author Aaron Hinde is the Co-Founder and President of LIFEAID Bev Co., whose performance and recovery drinks rely more on quality ingredients and less on additives, sugar, and added caffeine. LIFEAID is also the official beverage sponsor of the CrossFit Games.
I’ve spent hundreds of hours talking with gym owners as the LIFEAID brand (@fitaid) has grown, and those conversations have given me unique insight. I’ve seen how they handle their retail up close, with varying degrees of success. Using that experience, I wanted to share my Top 3 Best Practices for both setting up successful retail in your gym and maximizing your ROI.
This may seem like common sense, but the more visible and easily accessible you can make your retail, the higher your sales will be. This means positioning your items so they’re the first thing people see when they enter and the last thing they see when they leave. If they can't see it, they can't buy it!
Pro Tip: Offer a free FITAID to new members after their first workout. We’ve found it’s the best method for making them lifelong fans and regular purchasers.
You don’t want to implement anything that will disrupt coaches during class times. Unless you have a full-time desk person, having a 'self-serve' area where members and drop-ins can check themselves out will not only reduce unnecessary interruptions, it will also provide a faster, more convenient experience. The truth is, we're an on-the-go society, so a set-up that requires a few extra minutes might mean the loss of a sale.
It’s a fact that your members live on social media and they’re are far more likely to look at an Instagram or Facebook post than an email. So why not create social content that promotes your retail? Show pics of your coaches using your products or share the ingredients/benefits and list how they may help them improve their performance. A social post once every week or two can really improve sales.
Any time you’re processing payments (unless it’s cash), there is going to be a charge that can reduce your margins, especially on small ticket purchases. Utilizing bulk billing strategies (only billing members when they reach a certain dollar amount or on a weekly basis) can save you hundreds every year.
Product companies frequently offer promotions for retailers, like rate discounts or free cases of beverages. Keep an eye out for these offers (wink, wink - check out the bottom of this blog post). You’ll earn much higher margins or get free products for members to sample without taking away from your cost per item.
If you’re not ready, the retail profits you earn each month will go directly to the government. The easiest way to protect yourself is to add tax to the cost of your items. For example, if a product retails for $3, charge $3 plus tax (most owners will only add a quarter) for a total of $3.25. This keeps those margins in your pocket.
I hope these tips have been helpful and have given you some new ideas to implement into your retail set-up. As a special thank you to all Wodify customers, LIFEAID BEV Co. would like to extend a special offer to all new or existing LIFEAID accounts.
From now until the end of September, 2019 - Wodify customers can purchase two (2) cases of any of our products and get a 3rd mixed case of our two new FitAid Zero and RX Zero recovery drinks absolutely FREE! (Limit one order per gym.) All new accounts will also receive a FREE fridge!
To take advantage of this offer, please contact email@example.com or reach out to our customer service team at firstname.lastname@example.org and be sure to mention this blog to claim your free case.