Tips for Fitness Businesses to Maximise Profit on Black Friday and Small Business Saturday
While 2021 has still presented your fitness business with a few challenges, there’s some good news on the horizon—the holiday season is just around the corner. This time of year presents you with the opportunity to increase revenue before year's end by running specials for Black Friday and Small Business Saturday.
Black Friday and Small Business Saturday take place on November 26 and November 27, respectively, which means your fitness business should be nailing down a plan to take advantage of these lucrative shopping holidays.
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, helping your clients reach their fitness goals with virtual offerings, or a mixture of the two—the best way to participate 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 get the word out to your customers that you'll be running specials on both of these days. 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:
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. Incentivise 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
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.
Want to push your virtual offerings? Host a virtual sale. Get the word out with emails and social media and direct traffic to your online store. For those who prefer to be extra cautious, 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, put together holiday-ready gift packages, and require all customers to wear masks and maintain social distance. You might also offer 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—especially during this time of year. And with a little imagination and effort, you can get your slice of the holiday revenue pie.