Market research is a very important component of a marketing strategy and it is an enormous advantage to have over your competitors. Gathering important information about your target market and using it more effectively ensures business growth and prevents wasteful spending.
I can never say enough about market research; it is an essential tool that every health club needs to be conducting. Market research requires being consistent; it is not something you can gather once then put it on the back shelf. Things change within your target market every year. The consumers within your demographics is aging, member’s income is going to fluctuate every year within your market as the economy fluctuates, the buying and spending habits of the consumers will change, your competitors will be more aggressive in capturing consumers, etc. All of these entities are always going to change; everything is evolving whether it’s going forward or backward.
You have to stay on top of your market research; you have to be looking at your competitors from time to time. You can facilitate what we call “shopping your competition” at least once a year to find out what your competitors are doing differently than of what you are doing, what they are doing better than what you are doing, and what they are doing that are less effective than you are doing, etc.
You want to find out what is the economic situation of your immediate market .It is imperative that you study your demographics so you can identify your prospective member’s needs and make sure your new health club product will satisfy those needs. This is what we do at MMC®, when we launch a member acquisition health club marketing campaign for a health club; we always do a competitive overview and an in-depth competitive overview and an in-depth market research of their entire marketable area. This way, we are up to date and have the most current data so when we launch our member acquisition no-risk, self-funding health club marketing campaign for the health club, we are able to eliminate wasteful spending and maximize our return on investment.
Incorporate market research into your health club marketing strategy and you will grow your health club and your health and fitness career.
For more free tips on increasing your health club membership base through health club marketing, health club promotions, professional health club membership sales, and advancing your health and fitness career visit us today @ www.healthclubmarketingmmc.com or call 904-448-5727.