No matter what the business is, niche marketing makes attracting new clients at higher prices/fees/rates much simpler.
Several months ago a personal trainer asked me how to grow his business. I suggested marketing training and private gym use for women only, an under-served market in Northern Virginia. A few trainers do it, almost all market it poorly.
It wasn’t an original idea. One of my frequently-used small business growth suggestions is to restrict your market to increase your profits, shrink client acquisition costs, and increase client lifetime value; but, in this case, I swiped the idea from Curves and from my wife’s experience trying to find a “women-only” personal trainer.
This post from Michelle Miller about Curves founder Gary Heavin winning “Entrepreneur of the Year” from Ernst & Young is well worth a read. Here is a short except:
Starting with a $10,000 investment and a single gym in 1995, Heavin now lays claim to what is (according to the Guinness Book of World Records) the fastest-growing franchise in history. Today, there are more than 8,000 Curves facilities in 25 countries, accounting for more than 80% of the women’s fitness market.
From Day One, Heavin’s mission was simple and has never wavered: just get women to step inside a gym.
In promoting fitness and wellness, Heavin saw that women often feel uncomfortable exercising in the presence of men. He also noticed that women’s social tendencies, even while exercising, are to talk and benefit from each other’s company – leading to the circular layout of his small gyms so ladies can chat while exercising. Heavin recognized early on that women are time-challenged, so he devised a workout that lasts a mere 30 minutes.
Tipped off by Dane at the Business Opportunities Weblog.