Tips for Fitness Businesses to Maximize Profit on Black Friday and Small Business Saturday
While 2020 has certainly presented your fitness business with quite a few challenges, there’s some good news on the horizon—the holiday season is just around the corner. Even though you may have faced the difficulties of going through multiple openings and closings, running specials for Black Friday and Small Business Saturday can help you earn more revenue before year’s end.
Black Friday and Small Business Saturday take place on November 27 and November 28, respectively, which means your fitness business should be nailing down a plan to take advantage of this time of year.
As we all know, Black Friday is notorious for encouraging savvy shoppers to purchase the perfect gifts for loved ones. And Small Business Saturday? Well, this day was created for entrepreneurs like yourself. On this day, the entire nation comes together with one purpose in mind—supporting and celebrating small businesses.
So, how can fitness businesses participate?
Whether you’re currently hosting in-house classes or helping your clients reach their fitness goals with virtual offerings, the best way to participate in these lucrative holidays is by offering unique specials on classes and merchandise. Even though these shopping holidays are just a few weeks away, you still have more than enough time to get a plan put in place.
Download our marketing budget and plan template to make holiday planning a breeze.
The first step is to tell your customers you’re participating in these lucrative holidays. With Marketing Suite, you can easily send out email campaigns and use two-way text messages to promote your holiday offerings.
Here are a few other tips to get help get you started:
Post-Thanksgiving fitness classes
Even though most people like to don “eating pants” on Thanksgiving, it’s safe to say they still want to get back into their yoga pants the next day. Help them accomplish this goal by offering classes on Black Friday and Small Business Saturday. Need some inspiration? Mindbody customer, Just Plain Yoga, is offering a virtual yoga class called “Twist Out the Turkey and Tofurkey Vinyasa Flow” to help their clients reset and recharge after Thanksgiving.
Increase revenue with gift cards
Want to see a huge spike in gift card sales? Try offering a special promotion on these days to encourage clients to purchase gift cards for their friends and family at your fitness business. Incentivize gift card sales with discounted rates—offer $100 gift cards for the price of $75.
Another effective strategy: throw in a little something extra for the purchaser. This adds value to the sale and helps gain a new customer. For example, offer a promotion like “buy a $100 gift card for a friend and get a $25 gift card for free.” In this case, the purchaser will most likely keep the $25 gift card and use it towards one of your classes or they will gift it to another friend. In either scenario, you’re gaining at least two customers with a single transaction.
For more strategies on selling gift cards, check out our guide: How to Sell Gift Cards Like a Pro.
Discount your merchandise
If your business is currently open, one of the easiest ways to encourage clients to shop at your business is by offering a discount on the items you sell in your studio’s retail space. Offering a 25% discount on your merchandise is significant enough to make the buyer feel like they're getting an awesome deal but is reasonable enough for you as a business owner that it won’t negatively impact your profit margins.
Another strategy? Take a look at your retail space and your inventory–do you have any overstocked items? Offer a huge discount on them to help draw in revenue and free up space for any new inventory you have lined up for the new year.
Not open yet for in-studio offerings? Host a virtual sale. Get the word out with emails and social media and direct traffic to your online store. Or, set up an outdoor shopping experience right outside of your studio—local regulations permitting, of course—for customers to safely shop your inventory. Display merchandise on tables or rolling racks, package holiday-ready gift packages, and require all customers to wear masks and maintain social distance. For those who prefer to be extra cautious, consider offering a select number of short, shopping “appointments” that can be scheduled through your business software.
To learn more about how your business can make the most of merchandising, check out our guide, The Fitness Owner's Guide to Earning More Money Through Merchandising.
Now’s the time to line up your holiday sales weekend activities and specials. There’s plenty of opportunity waiting for your fitness business—even in the midst of a pandemic. And with a little imagination and effort, you can get your slice of the holiday revenue pie.