In this episode we discuss why a collaborative mindset actually makes you more competitive in the market than a competitive mindset. Tune in as Ross Campbell, Founder and CEO of FIT Summit, explains the benefits and strategies of collaboration across the fitness and health industry.
What You'll Learn from this Episode:
- Why collaboration is so essential for your business to stay competitive
- Why extreme competitiveness harms businesses and inhibits innovation
- How to benefit from collaborations and create trust
Here's the Complete List of Tips:
1. Cooperation over Competition (4:52)
One of the reasons Fitness Career Mastery was founded is to shift the perspective in the fitness industry from competition to collaboration. In that same spirit, our guest Ross Campbell created a platform for collaboration called FIT Summit: A health, fitness and wellness network promoting business development across Asia. In order to create the impact you want on other people and their wellbeing you should collaborate with others. Collaboration provides a deep well of knowledge that you should tap into in order to optimize your business – that's what makes you fit to compete in the market.
2. Benefits of collaboration (12:00)
Every single part of your business can benefit from cooperation: Customer service delivery, knowledge and innovation, technology adoption, execution of classes, design, marketing &training techniques and so on. You can learn a lot from other studios or trainers or by taking classes (both in your own field and different modalities). This can be done like a market research but also through collaboration like hybrid classes, joint marketing campaigns, specific community events or even out of the box collaborations with healthcare businesses and professionals (e.g. offering chiropractic services and sport massages on location).
3. In a nutshell (16:30)
Collaboration does not only set you apart from the competition, it also leads to higher quality of classes and studios in every aspect of the fitness experience. In order to get the best out of your business and your customers you should try to collaborate as best you can.
4. How to build trust (21:50)
Trust is an essential prerequisite for collaboration. To get their clients’ trust, business owners need to be realistic about what they’re selling. They have to deliver every time and they have to be there for the client in every way possible to gain their loyalty. In order to create trust with other businesses you should reach out and share information that you probably wouldn’t otherwise – whether that means sharing tips or opening up about things you are struggling with.You might be surprised by how much other businesses can relate to you and share similar successes or struggles.
5. Know your WHY (22:45)
As fitness professionals, we’re here to improve other people’s lives and for that, we have to have a vision. Collaboration leads to innovation. Know your why, and know your business partners why.
6. Market trends in the fitness industry (in Asia) (25:40)
The fitness market in Asia is very diverse. There is a very high degree of innovation in the fitness boutique sector and classes: Especially so called hybrid classes that combine elements from two or more different modalities are a strong and ongoing trend. We can also see an increase of franchises in the region, as well as the rise of the independent personal trainer.
Other References in This Episode:
Spin Towel & use promo code "BARRY" or for studio owners, mention FCM!