The Power Shift
Here’s the thing…
Thousands of fitness business owners don’t see it happening.
That’s because it’s gradual… like declining eyesight.
But, there’s a POWER SHIFT happening right now..!
And, the marketing-savvy health and fitness business owners will leverage it to their advantage.
What’s a POWER SHIFT?
A BRIEF HISTORY OF THE EVER-EVOLVING POWER SHIFT
During the 40’s, 50’s and 60’s product manufacturers and service providers had all the POWER.
Why?
Because they had all the information and knowledge about their products… including WHO was buying — and in what quantities!
So, they would walk into a retailer like Target or Walmart and say:
“Listen, we have the latest “widget” and we already know you’ll sell 500 of these “widgets” every single month based on our own market research.”
And, of course, the buyer from Target or Walmart would agree to purchase the recommended widgets in the suggested quantities. After all, the manufacturer had all the market data!
What could go wrong..?
Plenty..!
It almost always turned out the manufacturer had inflated the numbers.
Now the retailer wanted to return the unsold widgets and it became a total “train-wreck” — wasting time, money and resources.
ADVANTAGE RETAILER – POWER SHIFT #1
Finally, in the early ’80’s the retailers got smart and began to deploy their own computer systems.
As a result, they became much more sophisticated in tracking their own information including inventory turns, customer demographics and hundreds of other important data points.
So, now, when it came to purchasing, Target and Walmart had all the POWER!
Why?
Because they had all the actual “real time” data and knowledge about the products they carried… including WHO was buying them and in what quantities!
Plus, they gained a ton of information about their customers’ buying habits.
So, when the manufacturing reps showed-up this time, the RETAILERS did all the talking:
Listen, we already know what our customers want and this is how you should design your widgets – and here’s how many we know we will sell!
This newly gained POWER allowed the retailers to assist in the design of products, gain control of their inventories and predict their revenue like never before.
It also allowed them to execute all kinds of highly targeted sales promotions to specific customer segments based on all the info they had gleaned.
But, then, a funny thing happened….
ADVANTAGE CONSUMER – POWER SHIFT #2
By 2010, Google, Amazon, eBay, Facebook and others were in full stride providing CONSUMERS with… you guessed it… information — which translates into POWER.
So, once again, a new POWER SHIFT was underway – and is still evolving.
Today, if you, as a consumer are interested in a particular product or service, you can shop or “source” it from anywhere in the world via eBay, Amazon, Google, Facebook and literally millions of online stores.
Just last year I bought a pair of skis “online” from a company in Sweden (they were not available in the U.S.) and they arrived in just 4 days!
It’s astonishing!
As a student of business, it’s amazing to have witnessed how the POWER has shifted from the manufacturer to the retailer to the CONSUMER.
HOW THIS POWER SHIFT AFFECTS YOUR BUSINESS…
So, now that CONSUMERS have all the POWER… what does this mean for YOU and your business?
It could mean EVERYTHING…!
Especially if your business is a quality boutique studio with high-ticket offerings.
And, even more important if you operate a hybrid (physical location + online services/products) business model.
Here’s why…
THE EMPOWERED CONSUMER…
Your clients and prospects are now technically 10X more proficient today than they were just 2 years ago.
The pandemic literally forced the entire global population to level-up their tech-smarts!
Perhaps YOU gained some new technology skills, yourself, since you may have had to learn how to live stream, create Zoom Sessions, and a dozen other digital functions in order to service your clients and members.
This being the case… the #1 FACT that ALL business owners should consider is this:
It’s become so easy!
I’ll get more specific about HOW to leverage this opportunity in upcoming posts.
In the meantime, take a good, hard look at your “online presence.”
View it from the perspective of empowered prospects as they gather information about your business – as well as your competitors.
People are visiting your website, social media platforms, review sites, etc., without you even knowing it.
They are kind of “stealth-like” — and forming opinions and making judgements based on what they see and feel…. all online!
That’s the POWER SHIFT!
It’s gaining momentum and evolving every single day!