In Episode 61 we discuss a topic that is extremely important and will greatly determine your success in the fitness industry. It’s called product development. Without a good understanding of this, you’re going to have a very difficult time doing anything else that you’ve learned how to master on this podcast. How to market yourself, how to make sales, how to deliver an excellent experience, definitely how to scale and grow, and even down to how to build your physical studio location. Your product is the experience that you offer, and perfecting it is a bit more involved than you might realize…
What You’ll Learn from this Episode:
• The most common pitfalls fitness professionals face with product development
• The right mindset you should adopt towards your offering
• Tips and suggestions on how to initially create your product, develop it, and maintain it over time
Here’s the Complete List of Tips:
These tips help take you through a mindset shift that allows you to continually think about the development of your product.
- 4:20- What is product development? Your product is your workout or your experience. It’s not often thought of as a product because it’s intangible. But it has to be well thought out, developed, tested, and continually innovated just like a physical product.
- 7:30- We need to start thinking about ourselves as entrepreneurs. There’s two parts. We forget that fitness professionals trainers are creatives. They’re teachers, or they usually have a background in the arts or in performing their music. They’re not business people that didn’t go to business school. We need to start thinking of ourselves as entrepreneurs.And then on the other side, for studio owners, gym owners, they fall into two categories. They’re either fitness professionals, so they’ve learned the ropes through experience but they’re not business people. Or they are business people with backgrounds in finance, in law, in marketing, in design. They’re forgetting that about the whole creative side and the experiential side. So we need to find a way for these two sides to come together.
- 9:30- Think of your product development in fitness in the same way you think about a physical product. If you want to open a shoe store but have never made a shoe before, and you go through the process of finding a beautiful location, spending money on the design and buildout, create the perfect logo, and open your doors, you forgot one thing- what kind of shoes are you selling? You need to think about what kind of shoes they are, who they’re designed for, are they of high quality, will people want to buy them in the future? Your studio or gym is the shoe store, and your shoes are the class experience.
- 13:21- In fitness, your product and sales team are one. If you have a shoe store, you have a sales team on the floor, and an awesome product- your shoes. In fitness, they are one. Your sales person is your instructor, and your product is the workout. The two come together and have to be developed and innovated together.
- 16:00- Shay shares some real life examples.
- 26:00- If you already have a product, some signs you need to spend more time, energy, and money on product development.
- Number One: You’re experiencing slow growth or no growth at all.
- Number Two: You see your top members/ clients not coming back.
- Number Three: You find yourself competing with companies you’ve never heard of.
- Number Four: You’re under increasing pressure to lower your prices.
- Number Five: You’re experiencing high turnover of your instructor team
- Number Six: Customers are asking for product changes that you can’t or don’t even want to deliver
- 38:30- If you don’t have a product, some tips on how you can develop an awesome one.
- Number One: Generate ideas- daydream, journal, physically move through it.
- Number Two: Socialize your ideas- go to your colleagues, your peers, maybe some existing clients that you’ve had previously or that you’re working with independently, and just start asking questions. Hey, I’m thinking about designing a class like this. Would you take it? Are you interested?
- Number Three: Take a look at your resources and your most valuable resources are time and money. How much time do you have? When are you looking to launch?
- Number Four: Call an expert or a consultant if you need to!
- Number Five: What’s your timeline like? What do you need? How much is it going to cost? Figure it out, and then work backwards from that point.
Other References in This Episode:
Episode 25: How to Create Your Own Class with Shay Kostabi
Episode 4: How to Develop a “Persona” with Shay Kostabi