The Game with Alex Hormozi Changed The Entire Gym Industry | Ep 359
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Dec 30, 2021 In this discussion, insights reveal how to tackle customer retention challenges in the gym industry. Alex shares his personal journey with Gym Launch and highlights the importance of genuine care for clients. Five key strategies emerge, focusing on accountability, feedback, community events, personalization, and consistency. Additionally, a consultative approach to problem-solving promotes engagement, encouraging gym owners to seek expert advice rather than relying solely on automation. It's a practical guide to transforming business relationships!
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Gym Industry Churn Problem
- Alex Hormozi discusses his background in the gym industry, from owning gyms to developing an acquisition system.
- He noticed a high churn rate despite successful customer acquisition.
Consultative Problem Solving
- Identify top performers within a community to understand their success.
- Gather these experts and analyze their strategies to pinpoint effective solutions.
Churn's Impact on LTV
- Lower churn rates significantly impact customer lifetime value (LTV).
- Gyms with 3% churn had 3x higher LTV than the industry average of 9% churn.
