Last night I was watching Gordon Ramsey’s TV show, ‘Kitchen Nightmares’.
I love this show; there are so many business lessons to be learned.
And… It’s super inspirational to watch how quickly a business can be turned around with the right business and marketing savvy.
Ramsey always begins the show by taking a walk round the local neighborhood to check out what the competition are doing.
He wants to know what they’re are offering, whether he can offer the same thing but do it better… or, fill a need that’s not currently being served.
Sam Walton, the founder of Walmart was famous for saying he’d spend more time in his competitors stores studying what they were doing than he did in his own.
Anyways… this neatly ties into an email I received this week from email subscriber Nick Davies with an interesting case study.
His local gym in Belgium of 35 years recently went out of business.
What did they do wrong?
They failed to understand their market.
Positioned close to a busy railway station that connects to the City center… yet they didn’t open till 8am.
Situated in a very affluent area with big houses, bored housewives and disposable incomes… yet they didn’t offer personal training.
Based in a popular shopping centre… yet no joint ventures or special promotions with other stores.
Had the owners walked round the local neighborhood they would have seen a highly successful personal trainer running boot camps just a few blocks walk away.
Had they looked online they would have seen how outdated their website was and how ‘90’s’ their fitness classes were.
They identified their target market 30-years ago, but failed adapt.
They got left behind.
They became irrelevant.
Had they taken a leaf out of Madonna ‘s book they would have re-invented themselves… over and over.
Times change, trends change… and as personal trainers… we must all change.
Stay connected to what your market wants and you’ll stay one step ahead of your competition.
Till next time