3 min readEnhancewell
Let me take you back to March 2020 for a minute. Virtual fitness was having a moment, and high-end exercise brands like Peloton led the "stay safe inside" fitness trend. Money wasn't spent on luxurious vacations. It was spent on the new "it" fitness brand.
Last month, though, Peloton announced it's closing stores, raising prices, and cutting jobs. If the pandemic's most successful virtual fitness brand is floundering, what does that mean for the rest of us? And it's not just the virtual luxury fitness brands struggling— SoulCycle is closing a quarter of its studios. The question on every trainer's mind is, "Did the luxury fitness bubble pop?" And if so, can we reinflate it?
Why are luxury fitness brands struggling?
Just like Ross from Friends, successful entrepreneurs know that the key to success is the art of the pivot. When the pandemic began, everyone was forced indoors, adding to the success of luxury at-home fitness brands.
Now that life is returning to some semblance of normal, people have a choice in their fitness routine. And as inflation rises, they're a lot more cautious about how they're spending their money. While the luxury brands falter, low-end gyms are seeing a renaissance.
How can you take advantage of the trend away from luxury fitness?
Amid economic uncertainty, it's no surprise that Peloton bikes costing more than $1,400 and SoulCycle classes, which cost $960 for a 30-pack, are no longer the "necessity" they once were. And the “you and your tech” trend that once worked is no longer the draw it once was. As luxury fitness focuses on tech and exclusivity, human connection has gone by the wayside.
Staying active should still be a priority regardless of the financial climate. How can gyms heed the example of these high-end brands to guarantee success?
Here are a few ways to increase gym memberships (virtual or in-person):
- Focus on the why - People purchased Pelotons or attended SoulCycle classes because of the high-quality products and exclusivity inherent with the high price tag. Why should they join your gym?
- *Invest in quality trainers - *Many qualified trainers left the profession during the pandemic, leaving gym owners in a tough place. Take the time to invest in trainers who are great at what they do, and consider offering ongoing educational classes to keep them at the top of their game.
- *Adopt a holistic health approach - *We all know that physical health is crucial, but mental well-being is equally important. Consider adding stretching and meditation classes or a mindfulness element to your newsletter for a complete mind-body connection.
*Create community - *By creating community among your gym-goers or virtual members, you'll see increased attendance and more fulfilled students. When Enhancewell Fitness students leave their cameras on during class and engage with others, nine times out of 10, they stick around for several months compared with their no-video counterparts. Don’t lose sight of the people you set out to help when you started your business.
The luxury fitness bubble may have burst, but fitness is here to stay. The question is: will you adjust your strategy to succeed in this new normal?
If you need help making a plan to pivot, the team at Enhancewell Consulting is ready to be your Ross. Get in touch, and we'll help you create a pop-proof plan for your fitness business.