When was the last time you looked at your client retention rate?
Most gym owners don’t remember because they’re so focused on getting new members through the door that they hardly think about the ones slipping out the back.
But attrition is silently killing your business. You’re constantly spending more on marketing just to replace members you’ve lost, simply to break even – let alone grow your business, where you need to attract at least five more members than you’ve just lost.
It feels like a never-ending race to maintain your client numbers and keep the money flowing each month.
But wouldn’t it be great if you only had to replace 5 members instead of 10 each month? That’s the topic of this week’s episode.
Join Tim and Randy as they discuss attrition issues and how retention is the hidden key to scaling your gym. They break down the numbers, show you how to calculate your average membership length, and share proven strategies to keep clients coming back.
Tune in to learn how to reduce attrition by focusing on client retention and the overall customer experience rather than constantly trying to attract new members.
Let’s dive in!
Key Takeaways:
- Intro (00:00)
- Attrition vs. retention (01:10)
- Formula to calculate membership length and client lifetime value (03:54)
- Improving client retention through service delivery (05:22)
- Targeting the right type of clients for retention (08:20)
- Maintaining consistency in client experience (09:59)
- The impact of staffing changes (12:15)
- Challenges with providing extra services like yoga or spin classes (14:49)
- Communicating changes to members to avoid attrition (16:14)
- Making strategic changes like transitioning to semi-private models (18:47)
Additional Resources:
- Tim's new book - Built to Win by Tim Lyons
- ProFit Accelerator: Helping Training Gyms Grow to 30K/month and Beyond Facebook group
- A tool for deciding on new gym services – 5-Question Matrix
- SOP in a Day Workshop
- An app designed for semi-private training - Semi Private Pro
- Check out our Switch to Semi-Private course
- Business Accelerator Program
- Learn more about The Iron Circle
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