I ended up damaging my finger today so typing is bit of a struggle.
I came across this tweet by Moiz Ali, founder of Native. Moiz is known for building a $100M D2C brand that he sold to P&G under 3 years. His company only employed 7 people at the time of acquisition. On his twitter, he likes to give away ideas that he thinks can grow into multi million dollar businesses. Here’s one of his ideas using one of my favorite game-mechanics.
I don’t know much about gym economics, so I don’t know how well this could work. But I do know that gym memberships are sold way beyond the capacity because most members have a poor record of showing up.
If these economics don’t work, I’m sure that a different variant of this same model will definitely work e.g $45/month fee and $1/day waiver so the gym makes $15 even if a member shows up daily. The idea is in the offering and not the pricing.
You’re rewarding your members for showing up daily which encourages them to show up. The statement that you’re making is that your gym really cares about their health as you’re willing to charge less as long the customers are healthier. The attendance rate would still only slightly improve as most members will continue to have attendance rates as before.
In addition, you’re taking 1 year commitment so you’re still likely to make money of your most regular customers.
I think it’s a great idea. What do you guys think?
As the consumers continue to get forced to see ads on all platforms, they subconsciously or consciously stop seeing them. They learn to spot where the ads are and what the ads are and show no interest in interacting with them.
As early as in my childhood, we would often switch channels as soon as the ads came. In hindsight we couldn’t have seen anything more meaningful in those 5 minutes on a different channel, we just liked avoiding ads.
On Youtube, we’re all hoping to click the skip ad before the button is even there. I have actually spent sometime looking into a way to block YouTube ads or a script that could skip ad before the skip button.
On Facebook, where we spend most of our ad money, the ads that look like ads have constantly been under a decline. Instead the ads that look like native content do not just perform better, but are also rewarded by Facebook by lower advertising costs.
If you advertise on Facebook/Instagram and unable to get results, it’s likely the creatives. The single biggest driver of your results are your creatives and your audiences are showing blindness to the ad-content just as the humans have continued to do ever since the advent of advertising.
If you have not already moved to UGC (user generated content), you immediately should. The reason why the whole world goes bananas about the influencers is because the ads fit in natively. The best part about UGCs is that not only you’re going to make more money with your ads, the creative costs will also go down significantly as you can now shoot your ads with iPhone and a couple of creators.