Think you need more clients to grow your fitness or wellness business? Maybe. But before you spend more money on marketing, lead generation or advertising, you need to determine where your greatest revenue opportunity actually is.
In this episode of Wellness Means Business, Casey Conrad shares a simple but powerful business-growth framework she learned more than 30 years ago from marketing legend Jay Abraham: there are only three ways to increase revenue in any business; get more customers, get customers to make bigger purchases, or get customers to buy more frequently.
For fitness and wellness entrepreneurs, the biggest opportunity isn't always generating more leads or acquiring new clients. Revenue may already be hiding inside your existing customer base, former-customer database, pricing, packages, upgrades, retention strategy or customer journey.
Casey explains why blindly spending money to attract new customers can actually magnify an existing problem, and why tracking the right key performance indicators (KPIs) can help you identify where your business is really losing revenue.
In this episode, you'll learn:
- The three ways to increase revenue in any business
- Why getting more clients may not be your biggest growth opportunity
- How small improvements in customer count, average purchase and purchase frequency can compound into significant revenue growth
- Why your existing customer and prospect database may be one of your most valuable business assets
- How pricing, packages, upsells, cross-sells and recurring revenue can increase customer value
- Why lead generation won't solve a broken customer journey
- How show rates, sales conversion and customer retention affect profitability
- Which KPIs fitness and wellness business owners should start paying attention to
- How to identify the number you should be trying to improve before choosing another marketing tactic
Before you launch another ad campaign, add another wellness service or modality, or chase the latest marketing strategy, take a closer look at the numbers already inside your business.
The problem you think you have may not be the problem you actually have.
Your Action Step
Ask yourself:
- Do I truly need more customers, or could I generate meaningful growth from the customers and opportunities I already have?
- If I do need more customers, where could my customer journey improve, from inquiry to booking, showing and buying?
- After someone buys, what happens next? Do they buy more, stay longer, repurchase and refer others?
- Am I tracking the KPIs that tell me where my greatest revenue opportunity actually is?
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www.CaseyConrad.com/WellnessMeansBusiness
Coming Next
Even when the numbers tell you that you really do need more customers, you're still not ready to simply spend money on advertising.
In the next episode, we'll examine the customer journey and show you how to find the places where leads and prospects are falling through the cracks before they ever become paying clients.