Supplement retail shops: coffin or cash machine?
It's been a rough year for brick and mortar supplement retailers. The number of stores shutting down keeps getting higher, yet people are still buying supplements in droves from online shops like Bodybuilding.com and Amazon. What is going on? I think it has everything to do with this: Brick-and-mortar supplement retail shops are often not set up in a way to attract new visitors and force buyers back to the shop. This slow decline leads to owner burnout resulting in the shop becoming a coffin rather than a cash machine! In this blog post, I'm going to tell you how your brick-and-mortar store can...
Attract new visitors
Collect customer marketing opt-ins
Impress the socks-off each customer
Ensure their return
And maximize the collected revenue
Attracting visitors is all about the “offer” you put out in the world and their visibility of that offer. Your best tools for sharing your “offers” are promotional events, fitness challenges, SMS marketing and paid Social Ads.
What is a “carrot” you can use to turn heads with? What is something you know people want? Is there a free or nearly free version you can offer them to trigger a visit to your store? Rule of thumb: people really only care about 3 things. Resources (money), mating (who they will sleep with) and entertainment (not being board). If you can offer something low cost or free that offers some solution to one of those, your offer will resonate. Examples for each would be...
“Resources” could be a cash prize to a fitness challenge
“Mating” could be a supplement stack and meal plan to reach their fitness goal, which in-turn will get them more attention from possible mates.
“Entertainment” could be the fun they’ll have reviewing their InBody data on a FitManager SmartMirror in your shop.
Collecting marketing opt-ins is as simple as offering something of value for an email address to everyone that walks into the shop. One of the most effective trades you can make is an Inbody weigh-in for that opt-in. This is a high value item and they are more then happy to give you marketing info for this. Not only will it get you marketing info, it’s a perfect lead into discussing their current fitness level.
Impress their socks off. Showing the customer their anatomical metrics and developing a goal from that data is your best bet. You are showing them science and attaching it to an emotional trigger. That right there is the perfect tee up for a strong sale. But before you knock it out of the park with a perfect stack to match their goal... make sure you have a plan to bring em back.
Ensure their return. That goal you set with them... that’s a great way to make sure they come back. They need to know if their progressing or digressing from that goal and the best way to do that is to get back on the scale. Remind them to come back in a week or two to see how their doing. Schedule an sms to go out in 30 days. Fitmanager does this for you automatically but it can also be done with a reminder on your phone. Another amazing way to get them back not once, but eight times.... fitness challenges! Offer to register them into your challenge that is coming up. This will require them to come and check in every couple weeks turning your shop into a revolving door of fitness minded buyers. Fitness challenges can be a lot of work if you are not automating them using FitManager and InBody. So turn up the challenges and get ahold of us. Check out our Fitness Challenge check list to make sure you're ready.
https://fitmanagerlm.onepager.app/step-by-step-guide-to-using-fitness-challenges-to-skyrocket-revenue-in-your-supplement-store-287302941897916940
And finally, maximizing the revenue. Supplements are no longer enough to get you to your revenue goals and it’s also not enough to get your customer to their fitness goal. You need to get them into a subscription plan where you can bill them every month. Meal plans are great for this and FitManager makes it easy. You should have enough recurring revenue to pay your rent. Period.
You need this customer flow like this locked in and on autopilot. This flow described above needs to be in place and running while you are out building other cash flow opportunities. Call us for help and let’s turn that coffin into a cash machine.