In this episode of The GSD Show, Mike interviews Austin Foley, of Fit Pro Tracker, on gym stats you should pay attention to as an owner in 2023. Mike explains that Austin is a data guru who can shed some light on the recent trends and statistics in the industry. He emphasizes the importance of understanding the variables affecting the industry to be a successful entrepreneur in the space.
2023 Gym Stats…
Mike and Austin dive into the data, and Austin shares some interesting findings from a 2022 survey done by ATH. The study shows that the average American spends $503 per month on health and fitness, an increase from previous years. The total spend is over $6,000 per year and $368,000 over their lifetime.
Austin breaks down the data further, revealing that 3-4% of Americans spend over $150 per month on supplements alone. Another 11% spend over $100 per month. The average spend on supplements is around $68 per month.
If you’re not selling supplements, you should be! AND there is a difference between offering supplements and selling supplements. Find out more about that here!
In previous episodes we’ve talked about the importance of selling ancillary sales, and Austin now shares the data on why you should be selling them.
The data shows that the supplement industry is seeing an uptick, and Austin advises gym and studio owners to take note of this trend. The industry is constantly changing, and it’s essential to stay informed to stay ahead.
An Industry of Money
In recent times, the fitness industry has seen some impressive statistics that are surprising to even those who are familiar with the industry. With the majority of the statistics geared towards referrals, it is exciting to see the growth in this aspect of the industry. For instance, did you know that the United States has the most fitness centers globally, and the industry is worth around $96 billion worldwide?
The number of fitness centers in the United States is impressive, with over 106,000 centers spread across the country. When you break it down, it equates to around 2,122 centers per state. Interestingly, 39% of Americans are members of a gym, and 41% are looking to lose weight, which is almost double the numbers from a few years ago.
When it comes to membership costs, 15% of gym-goers spend over $100 a month, indicating a preference for the more premium options. However, the focus of the industry seems to have shifted to referrals, with studies showing that referred clients’ lifetime value is 16 times higher than non-referred clients.
Referrals
Building communities within fitness studios is crucial as it encourages referrals, and referrals are more likely to stay longer and spend more money. It is easy to ask for referrals, but many people hesitate to do so. However, it is crucial to make the ask, as referrals have a 30% higher conversion rate, and potential leads are 43% more likely to buy products referred to them by friends.
[WATCH: 4 THINGS YOU NEED TO BE DANGEROUSLY GOOD AT FOR SALES SUCCESS IN YOUR GYM]
In the episode linked above, we dive into the importance of referrals and how you should be asking.
Reviews
Lastly, with 58% of customers seeking reviews before making their purchase decisions, businesses must focus on collecting reviews and making the review process easy for customers. By asking for reviews and sending links, fitness centers can encourage satisfied clients to share their positive experiences, which can lead to more referrals and ultimately grow the business.
In conclusion, you should be staying on top of industry trends and statistics to be a successful entrepreneur in the fitness industry. By understanding the data and using it to inform business decisions, gym and studio owners can take advantage of the latest trends and drive their businesses forward.
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Also, check out Fit Pro Tracker – The #1 Fitness and Billing Management Software
