What's Old is New Again

In the quest to attract new clients, here's a novel idea........reacquire your old clients! If you are truly taking advantage of your extensive client list (which includes clients that you are not currently training), then clientele should never be a problem. Identify your premium clients and reconnect with them. Obviously they may have moved on after achieving their goals , (or they could have easily picked up their former habits) but they probably knows someone that is in dire need of your services. Remember, the seeds that we plant ourselves often produce the greatest fruit. Former clients are your best spokespeople let them tell others how great you are.
Here is a great strategy to reconnect with those long forgotten gold mines:

-Send an email inviting former clients in for a free check-up assessment
-Offer them a special personalized package that entices them to "Tighten up for the summer"
-Remind them to continue to read your newsletter for helpful hints and tips on staying in shape (ask for feedback on your newsletter as well, things that they feel might improve the newsletter)
-Inform them on specialized training that you offer that caters to their hobbies and interests

These simple steps and methods of personalized communication demonstrates that you have not forgotten about them, and that though they no longer train with you, that you are still interested in their fitness success. Sometimes you can find money right in your own pocket.......or client list, whatever the case may be.

"If it doesn't make dollars, it doesn't make sense!"

The Power of $5

The current economy has wreaked havoc on many industries and businesses. Consumers are being more careful with every penny they spend.......Which smart business people are anyway, but we'll leave that conversation for another time. What hasn't changed is the willingness of buyers to pay top dollar for a product or service that offers great value. FMG members understand that their customer service and value added services and products should never be scaled back or sold at a "discount." That word discount very precarious in that I promote the use of discounts all the time, but ONLY when used as a strategy to generate more business. (Incidentally, discounts should be offered on products and services offered at a premium price in order to derive the desired profit.) In this way you leverage a slightly lower price to increase consumer volume. Simply put, by sacrificing a 10% profit, you generate 10 more consumers. Less money from more buyers equals greater profit.......Simple!

BUT there are instances when the price must not be compromised, both for the integrity of your business and reputation, and to respect the loyal consumers that are the foundation of your organization. Here is what i mean. I stand firmly on a strict NO HAGGLE RULE. This means that I do not negotiate price. I offer any discounts or packaging of sessions on my own terms, and so should you. Keep in mind that when it comes to price, there is never a price that is low enough, and when you offer something for free most people ignore it. Why? BECAUSE IT IS FREE! Many of you may be thinking, "Why not get the money that you can, particularly with respect to the current economy?" By settling for what the consumer offers, I place them in a leveraged position. I would also reduce the value of loyal premium rate clients.

I was inspired to remind all of you out there of this because of a call I had the other day from a potential client. A young lady was looking to train with me, but was concerned about price. I provided a scenario in which she could reduce her rate by agreeing to certain terms: 1. She would have to come to the location most convenient to me 2. She could only train at "off peak" times (basically time that I might be taking a nap, playing with my dog, cutting the lawn........which I actually enjoy sometimes but don't tell my wife) 3. And she had to purchase a minimum number of sessions. Again ,I put her on my 30 minute session program (if you aren't familiar with converting your hour clients to 30 minute clients, I will be detailing that in future tele-seminars and blog entries) , and told her that she could get this all at a discounted rate. Even with this value she asked if I could lower her rate by $10 more. I quickly told her, politely I might add, "No, but I would be more than happy to connect her with another of my network of trainers that might meet your price." To which she quickly replied, "Well, how about $5 less." I repeated my previous statement, which of course astonished her......."You mean to tell me that you would turn me down over a difference of $5." I quickly reminded her that I could easily charge my normal rate, which is about two and a half times more than what many trainers charge, and give her $5 off of that rate. I also reminded her of my level and quality of service. Needless to say she now has a contract in place and is so happy to pay the $5 extra that was such a point of contention at the time.

Sometimes $5 just isn't worth your time or hassle, and in the end it can cost you thousands.

"If it doesn't make dollars, it doesn't make sense!"

Make Them an Offer They Can't Refuse

The Marketing Triad

As consumers and marketers what we have come to realize is that you can't have it all. SERIOUSLY! No matter if you are a multimillionaire or have limitless resources, it is impossible to have it all. The three absolutes when considering a purchase is 1. great customer service, 2. superior quality product/service, or 3. lowest price. In any purchasing decision, one of these elements must be sacrificed. The question is, where do your service or product offerings lie with respect to this triad dynamic? Are you company that offers great customer service and product, or low price with great product? No matter how you slice it, if your goal is to generate wealth, then price should never be a part of the equation. Particularly in the service route of the fitness industry, each minute of service time must be maximized financially. Time is literally money, which is why positioning your business effectively is key. Determine your areas of specialization and charge a premium for this service, and at the other end of the spectrum you can sell small informational pamphlets and booklets for a minimum price. These brief publications serve a twofold purpose, as a marketing piece for your premium products and as a means of expanding your marketing reach to those they may no have the means to afford premium prices. It also critical that you position your company as an authority in the particular subject matter. Remember to sell the car, the parts, and souvenirs. Not everyone can afford a Lamborghini, but many can afford the Lamborghini T-shirt.

"If it doesn't make dollars, it doesn't make sense!"

Too Many Clients???

This sounds quite strange particularly considering today's economy. If I told you that you had too many clients you might look at me as if I had two heads. But I would contend that many "successful" trainers have way too many clients........... Before you switch over to the the latest insane YouTube video, let me explain.Whenever I meet a trainer that wants to prove how successful they are, I pose this question (Actually this information is usually volunteered to me, and of course inside I laugh): "How many clients do you have?" I often received some inflated number in an attempt to impress me, and almost 90% of the time I know the person is lying. I hear crazy numbers like 15-20 clients, sometimes more. Unfortunately, most trainers take pride in how much they work, instead of how profitable their businesses are. (15-20 clients training 2-3 times per week for an hour, is just way too much work for me. In fact, training clients for an hour is just too much work.) Whenever I hear these large numbers of clientele I immediately know one of three things, either this person if already a member of the Fitness Mastermind Group and have learned to leverage their time to earn greater profits, they have figured out the way to maximize profit through trial and error, or they are charging crumbs for their services. Which category do you fall into? If you charge bargain basement prices for your training, then you will never be without a client. But I guarantee you that you will be the next trainer to burn out, because you will not be making the money you need to build a comfortable future. Most don't make the money they desire because they lack the confidence to charge what they are worth.

Building a business is about improving your offerings and developing a brand. How is it that some trainers can only charge $25 for a 30 minute session, and I can charge $75 for the same 30 minutes with a waiting list of clientele? Or that those that claimed to be unable to afford my rates have placed deposits with me for training sessions to be paid for with their tax refunds (But we will get into the "Stimulus Training Package" later)? Creating a successful business is about quality of of life, not quantity of clients. Want to start making more money right now? Make your training services the best, not a bargain............. And if you are smart enough to be too impatient to discover how to effectively build higher rates for your business, join the Fitness Mastermind Group right now!

"If it doesn't make dollars, it doesn't make sense!"

Living Green: Protecting Your Financial Environment

Financial success in any business is dependent on the surrounding environment. Factors such as competition, consumer demand, and the economy (particularly more recently) all have an impact on your business. In order to leverage these factors and tip the scales in your favor, it is important that you utilize sounds strategies to manipulate the environment. Promotion, positioning, and products/service offerings can make or break your organization, and that's even before you can even begin to think about price. Living green means creating an environment in which you can earn more, and do so more efficiently.

You have heard me or a number of occasions stress the importance of worth over price. Pricing can cripple your success, whereas worth can cause your profits to explode. The question is are you brave enough to charge what you are worth? ...........Let's back up, better yet, do you know what you/your time is worth? Are you simply setting a price without regard to whether that price point reflect the value of the offering? As a rule, your "pricing" should be established as merely a fraction of the value imparted. In fitness I always make the statement, "Million dollar service, at a fraction of the price." By maintaining such a mantra when considering the level of service or product that your provide to consumers, one is more able and confident to charge a price commensurate with the value. I know you are saying "everyone can not afford the price that I charge," and you are absolutely right. Just as everyone can not afford to buy a private jet or rent out a island. It is at this juncture that you must determine what is right for your business. Are you willing to sacrifice your organization's reputation and possibly sabotage your price structure in future business merely to gain one more customer? More often than not, it is that one more customer that costs your more than you gain, in wasted time and lost profits. Why should you go out of your way to serve someone that is not paying a premium for what you offer? If you want to help people..........DO FOR FREE, VOLUNTEER. Engage in charity services which can raise the profile of your operation.

"If it doesn't make dollars, it doesn't make sense!"

The Easiest Way to Make More Money Now

Even in a tough economy, there is a simple way to make more money right now. There is not trick to this one, its so simple that you have probably overlooked it many times. Drum roll please.............CHARGE MORE!!!!!!!! Remember, its not what it costs, its what its worth. If the products and services that you offer are superior to the competition, why compete with inferior offerings on price? But it is critical that what you are offering is worth the price. Particularly in an unstable economy, consumers want value for their money. If your organization lacks great customer service, its time to get out of the industry...............or any industry for that matter. In today's financial climate corporations are fighting for every dollar from customers. But with the right product or service, buyers will be fighting for you. Get out of the business of attracting the masses. Focus on the few valuable customers that make up a majority of your business (Remember the 80-20 rule).Health and fitness is vital to individuals as well as the economy. Good health keeps medical costs down, allows for better productivity, and the opportunity to generate more income. Think about, how many successful people take great care to maintain good health?

In a period of closeouts and discounts, I propose that you increase and expand. Offer clients more service, more effective products, and above all else charge accordingly. I have attracted more clients into group training and buddy sessions than ever before. By doing so you are able to save clients money, reduce the time you train clients, and make more money. Do the math, train 5 clients at $30 each for 1 hour, or 10 clients at $10 each for 30 minutes. Compare that to trying to squeeze $150 or $100 out of one client. Now I'm not suggesting that you cannot attract a single client that can afford to pay $150 for an individual session, in fact I have a number of them myself, but you gain more exposure and reduce your risk of losing the income from one client down the line by training in groups.

"If it doesn't make dollars, it doesn't make sense!"

The Easiest Way to Make More Money Now

Even in a tough economy, there is a simple way to make more money right now. There is not trick to this one, its so simple that you have probably overlooked it many times. Drum roll please.............CHARGE MORE!!!!!!!! Remember, its not what it costs, its what its worth. If the products and services that you offer are superior to the competition, why compete with inferior offerings on price? But it is critical that what you are offering is worth the price. Particularly in an unstable economy, consumers want value for their money. If your organization lacks great customer service, its time to get out of the industry...............or any industry for that matter. In today's financial climate corporations are fighting for every dollar from customers. But with the right product or service, buyers will be fighting for you. Get out of the business of attracting the masses. Focus on the few valuable customers that make up a majority of your business (Remember the 80-20 rule).Health and fitness is vital to individuals as well as the economy. Good health keeps medical costs down, allows for better productivity, and the opportunity to generate more income. Think about, how many successful people take great care to maintain good health?

In a period of closeouts and discounts, I propose that you increase and expand. Offer clients more service, more effective products, and above all else charge accordingly. I have attracted more clients into group training and buddy sessions than ever before. By doing so you are able to save clients money, reduce the time you train clients, and make more money. Do the math, train 5 clients at $30 each for 1 hour, or 10 clients at $10 each for 30 minutes. Compare that to trying to squeeze $150 or $100 out of one client. Now I'm not suggesting that you cannot attract a single client that can afford to pay $150 for an individual session, in fact I have a number of them myself, but you gain more exposure and reduce your risk of losing the income from one client down the line by training in groups.

"If it doesn't make dollars, it doesn't make sense!"

Right Place, Wrong Time

Far to common when consulting with clients I am posed the same question time and again, "what are we doing wrong?" More often than not I find that the solution to the problem is right in front of the client. The client is either working to improve their product or to improve their marketing message. The kicker is.........they are usually working on one when the should be focused on the other. So, the next time that you are working to improve a particular area, ask yourself whether it is the correct object for improvement. BUT, before you undergo this self diagnosis remember that it is vital to determine whether or not there is a market for your offering. This factor is the foundation for every other action you take. If there is no market, it does not matter how you improve the product/service. If there is no market, it does not matter how great your promotional efforts are.

Have you created some sort of high energy program when the local demographic does not fit the population that would demand it?

Are you attempting to offer sports conditioning, when the majority of your clients are soccer moms?

Adapt your service, product, and marketing message to fit the demand. Your business must be a chameleon, conforming to the demand of the market. Shaping the marketplace to fit your product, although not impossible, is far more difficult than catering to buyer demand. As individuals we must also morph into the individual that the client expects. Above all else be yourself, but allow yourself to be everything from the tough drill sergeant to the big teddy bear. If you become only one specific type of trainer, then you only attract a particular type of clientele.......eliminating a segment that can mean huge profits for you. By the same token, if your strategy is to only target a specific population, so be it. Just be sure that that small segment will mean financial success well into the future. The only singular type of professional that I recommend that you aspire to become is an expert. Become an authority no matter what the demographic. This means that you must work constantly to remain on the cutting edge of what you do! ARE YOU FOCUSED!

"If it doesn't make dollars, it doesn't make sense!"

T. Boone Pickens, The Big Dog

Yes my puppy is growing and growing......well only about a pound, after all he's a minature schnauzer and only gets to be about 8 pounds. I have been able to cut down the number of late night walking. Mr. Pickens has now been trained to the point that I can open the door, he runs out and does his business, and he runs back into the house. GREAT! Particularly when its 15 degrees outside. In a few short weeks that little ball of fur has developed independence and a distinct personality, and accidents have grown few and far between. SO WHAT DOES THIS HAVE TO DO WITH YOUR BUSINESS? In a word, consistency. Consistent modification and improvement made to your organization will yield the business you dreamed of when you started. It then becomes a thoroughly organized and systematized animal that requires less monitoring to ensure profitable operation, but more importantly more allows for more time to create new opportunities. THAT'S RIGHT, once you have raised that puppy its time for a new one. But even if you are not ready for that next venture or next extension of your business, do what I do with T. Boone and give your business a bigger bone once its chewed through the first one. Continue to challenge yourself and your organization to get better, and in no time that puppy will mature into a guard dog...............of your success that is.

"If it doesn't make dollars, it doesn't make sense!"

Your Clients are your Greatest Marketing Agents

With the flush of new year's cash, its time to put it to work. Paraphernalia that clients can purchase or receive upon sign up is a great way to extend your marketing reach. Photo and video are another way to feature your clients and your business at the same time. Make them the stars, record images for promotional use on your website or future print ads. Not only do these images operate as great testimonials, but as progress tracking for your clients. In fact I used client images as "pre-new year's" reminders to former clients as a funny motivator to get the m back in the gym. VERY EFFECTIVE!

"If it doesn't make dollars, it doesn't make sense!"

The Mistake you Are Making Right Now

The time has come again, the big rush of new clients. Its a phenomenon that I call the "Resolution Rush." This short, usually lucrative, period is great for the fitness industry. Hordes of holiday guilt laden individuals seek out fitness services and products, as they resolve to get in shape and improve their health. This is also the time that many fitness professionals drop the ball. Many are flooded with clients and customers to the point that they often feel that they cannot take on any more. BIG MISTAKE! Even if your training schedule is overbooked, take on more clients. Remember that now is the time to stockpile clients to reduce the chance of the dreaded "summer slow season." Filter new prospects into group sessions, create a waiting list, register everyone for your newsletter to market to them in the future. When there is a flood don't grab an umbrella, build a dam, grab buckets, save potential sales for the future.

But the even BIGGER MISTAKE that you are making right now is.............slowing your marketing efforts. You may have invested in your marketing during the holiday season to spark interest in your products and services and now that the new year has started, you have stopped. Keep in mind that yo will have greater financial resources to have a greater impact. But also remember that you must make those dollars count! As an FMG member it is critical that you remember you basic marketing tactics in order to generate profits forever.

"If it doesn't make dollars, it doesn't make sense!"