Introduction
A competitor analysis was conducted for a fitness training studio who conducted personal training and programs for over 40-year-olds.
Challenge
The challenge was that they:
- did not know what their competitors were doing,
- wanted to know everything about their competitors
- wanted to understand the total experience a customer would have when they went to their competitors’ studios to get a fitness and health assessment done
- wanted to have knowledge of what was being offered, service given and the price.
This was to see if this fitness studio was in the ballpark with their competitors or not.
Solution
6 fitness studios were identified and evaluated. Complete assessments were done based on this fitness studio’s services/requirements, processes, and prices.
Benefit
This fitness studio rated :
- 100% in both the fitness and health assessments, indicating that they were the best in both against their competitors.
- Customer service was also 100% and was generally excellent between all studios with a couple starting from 80% and the rest achieving 100%
- All six studios fell below the 60% mark in two of the categories that were evaluated – closing and after service – with two falling into the 57% mark and the other four being below 50%. These two categories were about inviting to join and a follow up with a further invitation. This would have potentially meant loss of sales.
Overall, it was a fantastic outcome for this fitness studio to realize that they were extremely well placed above their competitors.
Results
The insight into their competitors offerings helped them identify a gap in their business. The gap was in the Outdoor Training markets. They then introduced 3 programs after receiving this analysis. All sessions sold out and they now continue to offer this in their suite of offerings.
This identification and implementation of a new service meant an increase in revenue of 30%.