As a fitness facility manager, you may be doing more harm than good with flexible term contracts and the most competitive pricing in your area.
In our new e-book, “The 10 Worst Mistakes Made by Gyms & Fitness Centers,” we researched the top 10 mistakes gyms make surrounding member retention. Don’t let fiscal miscues be one of those problem areas.
Short-term contracts can create long-term retention headaches. Members on a 1-month minimum term are over four times more likely to cancel than members on 12-month minimums.
A Lowball Rate Structure
A lowball rate structure can put your facility in a race to the bottom. Over 700% of U.S. facilities charge under $50 a month. Yet 41.4% of their members earn $100,000+ per year. Those that belong to studios pay more than twice what fitness-only facilities typically charge. Surprisingly, facilities that charge the most enjoy the highest retention rates.
Why Not Take the High Road?
Instead of competing on price, find ways to provide the kind of added value that justifies premium pricing. To learn exactly how to do this, download our free e-book, “The 10 Worst Mistakes Made by Gyms & Fitness Centers.”
NOTE: For list of research references, please download the full version of the e-book.
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Want to learn about fitness facility management? Find out why member retention is important and how to avoid mis-targeting mistakes.