Client Acquisition: Are there holes in your bucket?

Our topic today is the sinking ship dilemma, or the sunk cost dilemma. To compensate for the holes in the bucket, do we add more water? In other words, I'm referring to your client acquisition process. And also in saying that, what we're missing out on and I will define this in just a second.

People always ask me how to get more leads. It has become an obsession for them. They think that will increase growth. In order to truly measure growth, we must look at whether the number of extra clients that we're getting is greater than the number of clients that we're losing. Because when we lose a client, we have to recruit to replace that client and we're actually breaking even with a number of clients. So we're not actually growing. We're staying the same. Unless of course, you've suddenl

There's another metric (a third metric) that we can put in (a fourth metric) if you are recruiting clients and minimizing the number of clients that drop off or no longer train with you. The lever is increasing the average spend on each client who is training with you. So that's another way that we can increase our growth. And this might be a great option if you are limited with the number of people that you can train in your studio. Because there's always going to be a level to which you are re

Now, let's talk about retention. So retention of clients, when I'm talking about personal trainers or semi private sessions, retention is where 80% of your clients one year after they join and start training with you, are still training with you. So if 80% of your clients or more are continuing to train with you after one year of your services, you are doing great and you don't have a retention issue. If this number is much less, you might need to look at employing some of the strategies which I

Then we are also making the acquisition of more clients and more leads more and more expensive, because we're getting rid of our sort of immediate circles that we can easily recruit from that may have heard about you from someone from a recommendation or heard good things. And then as you get through that immediate kind of inner to slash outer circle. When you get past that you're now looking at getting clients through Facebook advertising, through putting out brochures and that sort of thing. T

There's a number of ways that you can do this, which I detail in the course but that's a benchmark for you. If you are not looking at your client retention strategies and showing people a level of value that far surpasses what they believe that they are paying for the service. So what I mean by that is, in the value equation if people believe they are getting the same amount of service that they are paying for… They'll be relatively okay, but they're not going to shout out loud about your servic