Create A Marketing Plan for Your Fitness Business

Step 2. Who’s your customer? Target market?

We want to look at three variables Market Attractiveness, Demographic Environment, and Economic Environment

1. Market and Industry Attractiveness – The fitness market is very attractive. There are many markets inside the fitness industry, some are; weight loss, online training, sports training, and nutrition plans. The largest and being marketed for weight loss because roughly 70% of Americans are overweight or obese. Social media has created a platform for trainers to show off their product to thousands, this has expanded the industry. It allows for people to constantly sell themselves and gain new clients. That means people are shopping and don’t even know it, they come across something they like and buy it. The major downfall of the fitness industry is it is watered down with products that appeal and don’t deliver.

2.The Demographic Environment - Most of the people seeking personal training are middle and upper income individuals that are overweight or obese female between the ages of 25 to 55. Males fall into this category as well but typically don’t seek out training until they are a little older between ages 35 to 55. Online training is becoming more popular mostly attracting women between the ages of 35 and up for weight loss and younger males for weight lifting programs. Sports training target market is 12 to 18 year old (middle and high school athletes) male or female that wants to improve in their sport. I will target competitive parents of middle and upper income households that want their children to advance in their sport.

3. The Economic Environment – Most clients view personal training as a luxury and not preventative medicine. (Although that is starting to change.) The global economy and personal economic status effects personal training in a big way. If the economy is down, overall people will not purchase as much training. The same way they will cut back on vacations. Personal training attracts people in middle and upper income households. It seems through my experience when the economy is down the middle class clients have to cut back on training sessions. A large portion of your customer base will be middle class, so it is important to be flexible and that way you can retain those clients.

Fill in your data to match your clientele.

1. Market and Industry Attractiveness-

2. The Demographic Environment-

3. The Economic Environment-

Step 2. Who’s your customer? Target market?

We want to look at three variables Market Attractiveness, Demographic Environment, and Economic Environment

1. Market and Industry Attractiveness – The fitness market is very attractive. There are many markets inside the fitness industry, some are; weight loss, online training, sports training, and nutrition plans. The largest and being marketed for weight loss because roughly 70% of Americans are overweight or obese. Social media has created a platform for trainers to show off their product to thousands, this has expanded the industry. It allows for people to constantly sell themselves and gain new clients. That means people are shopping and don’t even know it, they come across something they like and buy it. The major downfall of the fitness industry is it is watered down with products that appeal and don’t deliver.

2.The Demographic Environment - Most of the people seeking personal training are middle and upper income individuals that are overweight or obese female between the ages of 25 to 55. Males fall into this category as well but typically don’t seek out training until they are a little older between ages 35 to 55. Online training is becoming more popular mostly attracting women between the ages of 35 and up for weight loss and younger males for weight lifting programs. Sports training target market is 12 to 18 year old (middle and high school athletes) male or female that wants to improve in their sport. I will target competitive parents of middle and upper income households that want their children to advance in their sport.

3. The Economic Environment – Most clients view personal training as a luxury and not preventative medicine. (Although that is starting to change.) The global economy and personal economic status effects personal training in a big way. If the economy is down, overall people will not purchase as much training. The same way they will cut back on vacations. Personal training attracts people in middle and upper income households. It seems through my experience when the economy is down the middle class clients have to cut back on training sessions. A large portion of your customer base will be middle class, so it is important to be flexible and that way you can retain those clients.

Fill in your data to match your clientele.

1. Market and Industry Attractiveness-

2. The Demographic Environment-

3. The Economic Environment-

Threats

· Athletes that exercise and have an Instagram page and try to sell personal training. There aren’t many barriers to prevent this from happening. There is very low capital requirements to start a training company. The government doesn’t have any standards that need to be followed.

· There is always a new company posting ads to social media advertising their new gimmick. Non-qualified trainers drawing people in based on good looks and a smile. Athletes that take performance enhancing drugs to sell their product and usually get a big following regardless of their knowledge in Exercise Science.

· Threat of substitutes the threat is very high.

· Fad diets are another gimmick that sucks people in by promising quick results. These substitutes don’t last long and often frustrate the client into coming back and purchasing more training. Sometimes they can drive the client away all together.

Opportunities

· Relationships with other businesses allow sharing and cost splits of local ads and direct mailers.

· Strong current social media following.

· Knowledge of social media marketing and reading analytics.

· Relationships with local colleges allow for strong networking and internship opportunities.

Strengths

· Highly credentialed trainers that carry a degree in the field of exercise science.

· The knowledge of the area and the personal connections are an advantage.

· Past clients returning to personal train.

· Knowledge of the most current technical trends, including smart phones, heart rate monitors, and assessment software.

Weaknesses

· Buyers will tend to substitute trainers from time to time. If the trainer has good customer service the client usually stays. There are many products like “fat-burners” on the market that people fall prey to.

· Low economic resources.

· Strong presents of competitor businesses.

· It is hard to keep up with the evolving technology in the fitness industry.

Financial objectives

· Achieve a profit by end of year 2

· Reach an average of 15% return on investment within 4 years of operating

· Average 30% return on investment by year 7 and look into franchise possibilities

Marketing objectives

· The use of family branding will cover different packages in the personal training online training and sports performance lines, by leading with the company name.

· Paring that with brand extension and using the company name to be a vehicle so the different lines will be associated with the company. This will be key when promoting via local advertisement, website, or social media.

· Get the public will know that the company Hiit Fitness offers more than one personal training (main product class) product in different areas of personal training, online training, or sports training. This will also reduce confusion when marketing multiple products at once.

· Use analytics to measure an increase in views and clicks. The goal is to increase visibility by a consistent 50% within 6 months.

· By the second year of operation have a professionally built website linked to all social media platforms

Pricing objectives

· My pricing objective is without a doubt maintain quality or service differentiation.

· I will maintain a higher price to cover advertising costs and maintain prestige.

· Use credentials and education to charge a premium.

· Trainers will also have monthly and yearly quotas to hit as incentives.

· Never reduce price when negotiating with costumers.

Use the information gathered in this section and piece it into your plan.

1. What are they buying?

2. How will you package your product?

3. Discuss any discounts or allowances you intend to implement in the early stages of your plan implementation.

4. Describe your method of pricing using competition-oriented methods and/or customer-oriented methods. In real life you should know your costs in order to make a decision about moving forward with the plan, but customers are responsive to perceived value and competitive input, not cost. They do not know about or care about your cost basis.

5. Define your pricing objective using the "Strategic pricing Objectives" for guidance.

6. Briefly discuss packaging if appropriate.

7. Discuss in some detail the top two or three branding strategies you are going to use among those described in the "Branding Decisions" section.

These questions will develop the direction you want to head with your marketing. Answer the questions as they apply to you.

1.Make and explain your advertising decisions using the example. Your choices must be reasonable. For example, a local food delivery business cannot afford a network 6 pm news show ad and a nutritional advice website cannot expect to show up in Google results above the Mayo Clinic.

2.Develop and explain your creative strategy for ads.

4.Make and explain your sales promotion decisions. This will be a critical area for those of you marketing local businesses and/or new products/services.

3.Make and explain personal selling decisions if applicable.

Good luck with your business adventures! Stay focused!

Use social media wisely!