As a fitness entrepreneur and business owner you’re probably looking to boost your sales and profitability. Instead of relying on casual customers, you should strongly consider implementing a subscription-based business model.
Let’s start at the beginning, what is a subscription business model?
A subscription business model is a revenue model in which a customer pays a recurring fee, typically on a monthly or annual basis, in exchange for access to a product or service, in this case, for access to your classes, courses, videos on demand available at your Fitune website.
Subscription businesses often offer different tiers of service at different price points, and may also offer free trials or other incentives to encourage customers to sign up. It’s really up to you and your creativity.
The recurring revenue generated by subscriptions can provide a steady stream of income for your business, allowing it to plan for and invest in long-term growth.
It is needless to say that subscription models are becoming increasingly popular in the fitness industry and offer numerous advantages, such as improved customer loyalty, potential for revenue growth over time, and cost savings.
In this blog post, we will be discussing everything from why it’s important to not only rely on one-time purchases but find some creative examples to successfully implement subscription business models for your own fitness businesses.
Why should you consider implementing a subscription model?
Relying not only on one-time purchases and considering subscription business models can be beneficial for fitness businesses for several reasons.
- First, as we’ve mentioned before, it provides a predictable and steady revenue stream, which can help with budgeting and forecasting.
- Subscription business models also create a sense of commitment and accountability for the customer, which can lead to higher retention rates and more consistent engagement with the business.
- Additionally, subscriptions can offer customers access to exclusive content, services, and experiences, which can increase the perceived value of the product and drive customer loyalty.
Overall, transitioning to a subscription-based model can help fitness businesses establish a more stable and engaged customer base, ultimately leading to greater success and growth.
Some examples of subscription models you can implement in your fitness business
Monthly membership: although it is one of the most common subscription models, it is often overlooked by fitness entrepreneurs. You can offer a monthly subscription for access to a set number of fitness classes at your studio or gym. With Fitune, you can have all your available subscriptions in your own website and allow clients to select and pay whichever subscription they want.
Online wellness program/online courses: develop an online wellness program and offer a subscription for access to the program, which could include workouts, nutrition plans, and wellness coaching. In Fitune, you could do this with the Courses feature. You could create a course that will be available in a weekly or monthly subscription.
Virtual wellness retreats: host virtual wellness retreats and offer a subscription for access to the retreats, which could include yoga or meditation classes, wellness workshops, and group coaching sessions.
Class package: with this model, customers will purchase a package of classes, such as yoga or pilates, that they can attend over a certain period of time. This is a good option for customers who only want to attend specific types of classes and don’t need access to your gym or studio facilities outside of those classes. And by classes, we not only mean in-person classes, but also online classes.
Personal training package: similar to the class package, customers can purchase a package of personal training sessions to be used over a certain period of time. This is good for those clients who want one-on-one instruction and guidance.
Hybrid membership: this subscription combines in-person and virtual options that give your clients the flexibility to choose between adding in-person classes or participating in online ones.
Annual membership: just as its name suggests, clients will pay for a year in advance and get discounts, perks, or special offers in return. Talk about using the promotional codes feature that Fitune offers.
Final thoughts
In conclusion, a subscription business model can be a great way for fitness businesses to increase revenue and retain customers. Examples such as offering monthly or annual memberships, or virtual wellness retreats can all help to drive subscription sign-ups.. Additionally, using the analytics dashboard in Fitune to better understand customer needs and preferences can also help to optimize the subscription experience and drive even more success.
By considering these examples and implementing a subscription business model, fitness businesses can take their revenue and customer retention to the next level.
Are you ready? Give Fitune a try and start today for free or book a demo with one of our teammates.
