4 Tips to Help Fitness Studios Prepare for Small Business Saturday
It may be hard to believe, but Small Business Saturday® is right around the corner, and we are excited to join forces with American Express to support the day this November 30. Founded by American Express in 2010 to help strengthen local economies, Small Business Saturday still remains a popular annual shopping holiday and provides small business owners with an opportunity to bring in more customers.
- Last year, U.S. consumers reported spending an estimated $17.8 billion* at independent retailers on Small Business Saturday, and
- 96% of consumers* who reported shopping on Small Business Saturday said the day makes them want to Shop Small all year long, not just during the holiday season.
Now is a great time to start planning for this day to ensure you get the most out of it. No matter the size of your fitness studio’s retail space, Small Business Saturday can be a great way to offer additional apparel and equipment to your clients while also bringing in extra revenue for your business. However, with managing your daily responsibilities, creating an eye-catching retail space and effective promotions can often fall at the bottom of your to-do list—especially during the hectic holiday season.
But have no fear, we have four tips you can use to help boost your retail sales during the biggest shopping season of the year.
1. Discount your merchandise
One of the easiest ways to help bring customers into your studio is by offering a discount on the items you sell in your studio’s retail space. Offering a discount on your merchandise is significant enough to make the buyer feel like they are getting an awesome deal, but is reasonable enough for you as a business owner that it won’t negatively impact your profit margins.
2. Address your inventory needs
Take a look at your retail space and your inventory–do you have any overstocked items? If you do, a cost-effective way to unload these items is by offering a discount on them. You could discount the items to help clear your inventory and make money while doing so. This will not only increase your revenue, but it may also help save you money in the long-run. To rid your retail space and inventory shelves of unsold products, you may need to return those items to the supplier, which could include a hefty restocking fee—avoid that by having a small business super sale!
3. Create promotions for memberships and packages
In addition to sprucing up your retail space, you may also be able to snag new long-term clients while they visit your studio on Small Business Saturday by discounting memberships or class packages for those who make a purchase.
There’s no denying it, class packages or memberships to your fitness studio are the gifts that keep on giving. For clients that buy on Small Business Saturday, offer them additional services as a bonus incentive to sign up for a membership—or even offer their first month's membership at a discounted rate.
Promoting memberships and packages is a great strategy for increasing revenue because you lock in payment for services up-front. And since 2020 is right around the corner, shoppers during this season may be more inclined to purchase up-front to get a jumpstart on their resolutions.
4. Promote everything on social media
Promote your participation in Small Business Saturday through your social media accounts. To help get you started, American Express has teamed up with Ripl to offer merchants, including Mindbody fitness studios, a four-month free trial of Ripl Pro (a total value of $59). Ripl helps small business owners create and share eye-catching social media content in minutes, and can help you during the busy holiday season. To be eligible for this offer, you must sign up by December 31, 2019. Terms apply.**
* Estimate based on projections from a nationally representative sample of adult consumers’ self-reported data from a 2018 Amex and NFIB-commissioned survey.