Alloy Personal Training Business Annual vs. Monthly Memberships
As a gym owner, you have to make the decision whether to offer annual or monthly memberships or even both. It is not a straightforward decision since your membership structure affects other functions in the business as well.
Over the years, the fitness industry has changed its approach to memberships largely because how we purchase other services has changed as well. Almost everybody in the world of subscriptions is doing month to month, that consumers have come to expect.
Selling an annual membership doesn't have any tangible benefits over a month to month. Even the retention rates between these two structures are comparable. Additionally, it's much easier to sell monthly memberships over annual memberships, thus simplifying your sales processes.
Tune in to this episode and hear Rick and Matt discuss the differences between annual and monthly memberships for your gym and what we do here at Alloy!
Key Takeaways
- Annual membership agreements vs. month to month agreements (01:28)
- Why consumers have come to expect the month to month memberships (05:41)
- How the retention rates compare between annual and monthly memberships (09:04)
- Why it's much easier to sell month to month memberships (10:01)
- How the monthly memberships remove the extra barriers in the buying cycle (12:06)
- How your membership structure affects your marketing and sales processes (13:55)
Additional Resources:
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