Revealing The Real Millennial Opportunity

The Club Industry Show for 2017 is in the books now. I am back home and more excited and more energized than ever about our industry.

This was an unusual show for me. My leg was still recovering from the motorcycle accident from five weeks earlier. I had to limit my physical activity more than I prefer, but that did not stop me from having a great time meeting people and making new friends.

My notebook from the Show is full of ideas, contacts, interesting tidbits and factoids. I am really glad I have the notebook. Frankly, without it, I would not remember most of it. As one client told me, attending an event like that, “It’s like drinking through a fire hose.”

All events are ultimately about the experience. The people we meet, the memories we create, the promising contacts that may lead to future business, the network we build one person at a time.

In short, you have to be there to fully appreciate the event. Sadly, in today’s world, we are more and more inclined to use technology to stay in the office and attend webinars and other online training events. These are good, but not the same.

Below are my three major takeaways from the Show as I review my notes and look back. I share them with you in hopes that you can use them to your advantage as you build your business.

1. Everyone wants to know what makes the boutique fitness business so successful. Probably 3/4 of the attendance at the Show were representatives from big clubs or fitness chains. They operate very differently from the small, nimble boutique fitness businesses. Research shows that people will pay up to 61% more for boutique fitness programs. Great attention is being given to figuring out why this is true and how bigger operations can capitalize on this revenue stream.

2. Pay attention to the millennials The millennials now have more buying power than any other group, and they are not spending it in traditional ways, buying houses and automobiles. This has the economy in a turmoil. New products and marketing strategies are appearing daily to try to capture this emerging and mysterious market. They are unusual in that they want to invest in experiences more than anything else. New marketing strategies are moving to – “It’s all about the experience.” The hidden opportunity is – this is really what ALL generations really want. Shift your marketing strategies now and focus on “the experience” for all generations.

3. The fitness industry is professionally evolving. This one is a bit more subtle. In most states, almost anyone can become a fitness professional by simply getting an online “certification” and a business card. Behind the scenes, there is a growing movement to regulate the industry. I believe this is a certainty that will occur sooner rather than later and it looks to start on a state level. My recommendation is to stay tuned into pending legislation and, of course, keep your quality certifications current.

Keep up the good work!

Remember, action creates the results you want.

Make it an awesome day!

Ron
Force Multiplier for the Fitness Professional
6-Figure Trainers and Coaches