Play Long Term Games with Long Term People
- Your mindset matters.
- Compounding interest is a force of nature that propels benefit. Almost to the point of guarantee.
- Long term mindset facilitates compounding interest.
- Short term mindset provides short term, but non-compounding growth.
- Humans take time to build trust. Long term relationships foster trust.
- Your success will depend on having a network of people you can trust, and whom trust you.
- In the long run, less great leads you can invest your time into is better for your business that a lot of low quality leads.
1. Your Mindset Matters
To start, let's all come to the understanding that your mindset MATTERS. The way you approach things from a mindset stance will affect everything you do.
This is why your mindset ultimately will lead to the destruction or success of your gym.
This is why we suggest every gym think about and publish their core values. Reflect on them daily and try to make sure your actions as a company reflect what your core values are.
At PushPress one of our Core Values is "Build Real Relationships". Our focus is to help gyms and fitness studios in our sphere of influence grow - regardless if they are a client of ours or not. This long term approach has made us the most trusted gym management software in the space.
2. Value Is Accelerated With Compounding Interest
One of the most glorious forces of nature is compounding interest. Compounding interest is a force of leverage that all smart businesspeople deploy to their advantage as often as possible.
Some refer to this as a "stacking" others a "flywheel", it's often referred to as "scalability".
The bottom line is it allows you to stack the benefit you enjoy from work or resources deployed in the past.
The value creation can easily be explained in one simple exercise. In the following chart we show a savings account paying 10% interest per period on an initial deposit of $100.
PeriodSimple InterestEnding BalanceCompounding InterestEnding Balance0--$100--$1001$10$110$10$1102$10$120$11$1213$10$130$12.10$133.104$10$140$13.31$146.415$10$150$14.64$161.056$10$160$16.11$177.167$10$170$17.71$194.888$10$180$19.49$214.379$10$190$21.44$235.8110$10$200$23.58$259.39
Both accounts paid the same interest rate, but by the end of ten periods, you can see the compounded interest account has 30% more growth than the non-compounded interest account.
At PushPress we spend almost nothing on marketing. We focus on making our clients supremely happy, and they simply tell their friends about us.
3. Focus on Clients, Not Leads
If you focus on your clients, you are creating long term relationships which will result in long term compounding interest for your gym.
If you focus on leads, you are creating short term relationships. Once you get the initial sale, your attention will be back on finding more leads and not developing your relationships with those new clients as they begin their customer journey with you.
Think of your fitness studio as a garden that naturally takes time to mature. If you invest the time and energy into each client, they will begin developing trust in you. Once trust is established, they will begin referring their friends to your gym for you (and you should ask!)
As a culture we hold our Success Team on the pedestal most tech companies hold their Engineering Team. Client success is our paramount goal and our culture reflects that.
4. Less Great Leads > More Bad Leads
Once your mindset is focused on trustworthy long term relationships with your clients, and you begin to see the return of compounding interest - you will quickly realize less great leads is better than more bad leads.
If your members trust you, they'll refer their friends. These leads will be higher quality.
They will become clients at a higher rate and have goodwill and positivity baked into their relationship with you.
They'll enter your gym with more trust and develop a higher level of trust in you quicker.
They will begin referring their friends to you quicker as well.
But only if you invest your attention and time into them, as you did their friends.
Keeping your focus on driving client happiness and success, and not on who the next batch of leads are will achieve this.
While more software companies will take any client for the sake of making a sale, we disqualify about 30% of our leads today. Trying to sell a client into PushPress that isn't a good fit is a massive waste of energy for them and for us.
Start Being A Client Focused Gym or Studio Today!
I personally don't think there is a single gym owner out there who thinks they are not client success driven. Most are to some degree.
I am asking you all get obsessed with it. Your clients and their success should keep you up at night and wake you up early.
Spend some time putting zero attention to getting new leads and designing processses that create client happiness and success.
Once you have those processes in place, you can begin to worry about the top of your sales funnel - and start by asking your happy clients for referrals!
Setting up processes that create client happiness and success is paramount to this process. This can be as simple as monthly 15 minute check ins to set goals and reflect on the past month. Take progress pictures. Track their performance or biometrics. Design systems that allow them to see progress and know that they matter to you!