The 80/20 Rule in Business
PFP Magazine April 2013
By Tammy Polenz
As a fitness professional, you may already know the 80/20 rule when it comes to nutrition. But do you know this rule as it is applied to business? It is said that 80 percent of your revenues come from about 20 percent of your clientele. This is especially true for trainers and personal training or boutique facilities only offering group glasses. Think about this f a moment, most of your money comes from a select few.
How can you use the 80/20 rule to increase your revenues? Find out what services and classes those customers like best about what you have to offer and create specialty classes just for them. When a member or client comes to you with a class suggestion, perk up your ears and listen. They are telling you exactly what they want, which means that when you offer it you will immediately have people waiting to buy.
Specialty classes are the best way to keep your customers happy and coming back for more.
They are not for everyone, just those looking for something really different. Add a twist to the old or mix and match your current programs to create the newest, hottest have-to-participate-in group classes that everyone is talking about. For instance, you may have heard of combination classes involving ab labs and power yoga, TRX and spinning, or strength and plyometric boot camps. These old faithfuls were combined to create new and improved versions. Sometimes just renaming a class by giving it a catchy new title can entice newcomers to join.
Check out your local events calendar, where there are always fun fitness events and fundraiser around town like tower climbs, urban obstacle courses, walks, bike-a-thons and triathlons that may inspire a new class. Create a special class to help people prepare for such events. One reason to do this is because an unprepared participant can become an injured participant. Another reason is that you can help people do better than their current best by training them for the event. In the end it's a win-win and financial payoff for your business.
When you take a minute to contemplate the 80/20 concept you will probably agree that there are those clients that buy with little to no effort on your part. The best part is they keep coming back for more. Why? Because they believe in you, and as a result, trust your products and services. Take advantage of the opportunity!
About the Author
Tammy Polenz, CPT, has been actively involved in the fitness industry since 1991 as a personal trainer, club manager, corporate wellness consultant, and gym owner and designer. She is the author of Think Fit 2 Be Fit, founder of Vedas Fitness in Cleveland, and has been featured in numerous fitness magazines and media.
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