6 Strategies to Power the Growth of Your Health and Wellness Business
The market size of the health and wellness sector is expected to grow by $1.3 trillion between 2020 and 2024.
As a result, business opportunities in the industry are vast, allowing everyone from SMBs to established businesses to leverage trends and make large profits. But how will your business stand out in a market that’s becoming more crowded by the day?
If you’re a new health and wellness brand, you need to be strategic to stand out from the competition. An excellent way to set your business apart is to aim for customer-driven growth, centered on the idea that every happy customer can introduce you to another new customer—and that they’ll be thrilled to do so!
In this article, we’ll go over six strategies you can use to take your health and wellness business to the next level with the help of your current customers.
Create a business vision
Most brands believe that creating a business vision is important because it helps give your business direction and a sense of purpose. And that’s true—but more than that, your business vision can also help you send a strong message to your target audience.
For instance, if you’re a fitness brand, and your vision emphasizes your commitment to improving people’s quality of life, your target audience will be inspired and motivated by it. So, when creating a vision for your business, make sure the message resonates with your customers as much as it reflects your goals and aspirations.
Use automation to gain insights
Is your vision resonating with your customers? How are your customers engaging with your business? How much has your business grown over the last few months? What’s the quality of service that your team has delivered?
Competition is fierce out there, so knowing what your customers love about your business will help you grow your business and customer base.
By using automation, you can easily track and view insights on comprehensive dashboards that provide you with all the information you need for data-driven results. Leveraging apps that provide business solutions and insights, like Mindbody’s Insights feature, can help you make well-informed business decisions effortlessly.
Consistently ask customers for feedback and reviews
An easy way to show your customers you care is by regularly asking them for feedback and reviews. And while collecting feedback is key, implementing it is even more important to make your customers feel appreciated and listened to.
When asking for feedback or reviews, pay attention to what your customers like about your business and what they want you to improve on. When customers offer meaningful suggestions, take steps to put them into practice. This will also help with building trust between your customers and your brand.
Engage authentically on social media
Social media interaction is a great way to have your target audience connect with you. According to The Harris Poll, 77% of consumers say that they’re more likely to choose a brand over its competitors after a pleasant social media experience. Authentic social media interaction always drives brand engagement and leads to more sales.
As a health and wellness brand, you can use social media campaigns to give your target audience unique opportunities to interact with you. You can use value-adding posts that offer knowledge, insight, or entertainment, or try boosting engagement with giveaways or quizzes.
The key is to experiment and find the approach that appeals to your particular audience.
Reward customers for their loyalty
By offering rewards, discounts, and other exclusive incentives, loyalty programs can help you retain existing customers and gain new ones.
If you’re a fitness, wellness, or beauty business, you can offer a robust loyalty program, like a fee-based loyalty program. These programs help you retain customers and increase customer lifetime value. They offer an easy way to boost sales and increase your profits.
To go one step further, brand loyalty strategies can help you create brand advocates who’ll generate revenue for your business by referring your brand to their friends, family, and social media followers.
Leverage the buddy system with referrals
Speaking of referrals: People are four times more likely to buy from your business if referred by their friend than if they heard about your brand through a marketing campaign.
Being in the health and wellness industry, a referral program will absolutely work in your favor—people love working out together or hitting the salon or spa with friends. You can even track which of your customers are refereeing your business the most, and reward these true fans of your business.
Bonus: Grow your health and wealth business with Mindbody and NiceJob
Whether you own a fitness studio, salon, spa, or integrative health business, using software will help you streamline your operations, offer exceptional customer experience, and ultimately help your business grow. The strategies outlined above can be accomplished with two powerhouse softwares: Combine the power of Mindbody for business management and client experience with a reputation marketing app like NiceJob to help you collect and market your reviews and gain referrals. Your business will be primed and ready for growth mode!