Mini Events for Referrals Ep 12

Summary Notes


In the latest Gym Secrets podcast, host Alex, accompanied by his silent co-host, a small dog named Charlie Charles, delves into the strategy of hosting exclusive, referral-based events for gym clients to boost business ROI. Alex emphasizes the importance of creating events that offer scarcity and status, such as a spa day for top clients, to incentivize referrals and enhance client loyalty. He highlights the compounding benefits of referrals, including increased lifetime value of clients and a higher likelihood of referred clients being less price-sensitive and more willing to ascend through the value ladder. Alex also recommends using direct mail for a personal touch in event invitations and suggests documenting these events to showcase the special treatment of top clients, thereby encouraging others to aspire to that status.

Summary Notes

Introduction to Gym Secrets Podcast and Hosts

  • Alex introduces the Gym Secrets podcast and mentions the time of recording.
  • Co-host Charlie Charles, a small dog, is introduced as a silent, spiritual presence.

Hello, everyone, and welcome to the Gym Secrets podcast. This is Alex and I am going to be your host on this beautiful Friday morning, which may not be the time that this has even been released, but it's Friday morning for me. So anyways, I'm here with my co host, Charlie Charles. He's a tiny, like, six pound dog and doesn't speak, but he is always felt spiritually.

The quote is Alex's introduction to the podcast, setting a casual and friendly tone, and also humorously introducing his co-host, a dog named Charlie Charles.

The Importance of ROI in Business Practices

  • Alex emphasizes the importance of return on investment (ROI) in business decisions.
  • He expresses skepticism towards branding and culture building unless they have measurable ROI.
  • Alex prioritizes business activities that have a clear and measurable financial benefit.

I don't believe in branding, which you probably heard in one of my other podcasts. And people are like, build a culture. I want to build a culture if that's going to make me ROI that I can measure. If it doesn't, then I don't want to do it.

This quote highlights Alex's business philosophy that every action should have a measurable return on investment, and he is not interested in business practices like branding and culture building unless they can prove financial value.

Event Planning for Gym Clients

  • Alex discusses the strategy for running successful events in the gym industry.
  • He suggests making events exclusive and referral-based to increase client value.
  • Events should provide attendees with a sense of significance and status.
  • The goal of the events is to generate revenue and attract more clients.

Okay, so there are a lot of ways to do events, by the way. So I'll probably talk about this more, but here's how I like to do them. If you are going to do an event for gym clients, then you're going to want to do it and not make it for everyone.

The quote introduces the topic of event planning, emphasizing the need for exclusivity and targeting in order to maximize the financial return and client acquisition for gym-related events.

Client Engagement and Rewards Strategy

  • Discusses the concept of creating exclusive events for clients as a way to incentivize behavior.
  • Tiered events create a sense of scarcity and status, encouraging clients to aim for higher tiers.
  • Tiers are based on spending, referrals, and overall customer behavior.
  • Small events can create a sense of exclusivity and prompt clients to ask why they weren't invited.
  • Encourages clients to refer new people to gain access to exclusive events.
  • Referrals can increase the lifetime value of the referring client.

"Okay, so let's say you do a spa day with ten of your clients, right? Or if you want it to be bigger, then you can have it be a bigger event. Now, the thing is, if you do a really big event, then what you want to do is make it tiered."

This quote outlines the initial idea of creating an exclusive event, such as a spa day, for clients and suggests making it tiered to cater to different levels of client engagement.

"Tier two is people who are good customers. And maybe you've referred one person and just like pay on time and are generally friendly, and then you have the rest of your email list or active clients who aren't as good of clients, blah, blah, blah, blah, blah."

The speaker, Alex, is detailing the criteria for the second tier of clients, noting that good customers who have made referrals and are friendly would be included in this group.

"To get into that one, you just got to refer some people, and now all of a sudden you created scarcity and status all tied into one."

Alex explains that by requiring referrals to gain access to exclusive events, businesses create a sense of scarcity and status that clients desire, effectively using this as a motivational tool.

Importance of Referrals in Business

  • Referrals are considered valuable for several reasons, including increasing client retention and lifetime value.
  • Getting a client to refer early on can lead to a higher likelihood of them remaining loyal to the business.
  • Referrals act as a free method for acquiring new sign-ups or clients.

"Referrals are amazing for a couple of reasons, actually, for a ton of reasons. First thing, the faster you can get someone to refer, the more likely that that person who referred is going to stay."

Charlie Charles highlights the importance of referrals, stating that they not only help in acquiring new clients but also in retaining the existing ones who make the referrals.

"So it increases the lifetime value just by the act of referring."

This quote by Charlie Charles emphasizes that the simple act of a client referring someone else can increase the client's lifetime value to the business, showcasing the power of referral programs.

Importance of Referrals in Business Growth

  • Referrals lead to clients who stay longer and are more likely to refer others, creating a compounding effect.
  • Referred clients are less price resistant, allowing for premium charges.
  • These clients ascend faster through the business's value ladder.
  • Referred clients are also more likely to refer new clients, continuing the referral chain.

And now they stay longer, they're more likely to refer again, so it compounds.

This quote emphasizes the compounding nature of referrals, where referred clients not only stay longer but also become a source of additional referrals.

The people that they referred have the benefit of one being less price resistant, so you can charge premiums.

This quote highlights the financial advantage of referrals, as referred clients are less likely to be deterred by higher prices, allowing the business to charge more.

Second, they ascend faster through your value ladder.

This quote indicates that referred clients move more quickly through the various levels of products or services offered by the business, which can increase their customer lifetime value.

Third, they, too are more likely to refer someone as well because they came through referral.

This quote points out the self-perpetuating nature of referrals, where new clients obtained through referrals are also likely to refer others.

Leveraging Exclusive Events for Referrals

  • Small, exclusive events for top referrers can be powerful in creating aspiration and exclusivity.
  • These events allow business owners to interact with preferred clients.
  • Publicizing such events can create a sense of curiosity and desire for status among other clients.

Doing tiny little events like this can be so powerful because it creates something to aspire to.

This quote suggests that small events can be effective in making clients aspire to reach a certain status or level of recognition within the business community.

And for you, you can only hang out with the people that you like the most.

This quote highlights the personal benefit for the business owner, who gets to spend time with preferred clients.

You want to publicize it. You want to take pictures of it, and you can call it like client vip retreat and not have marketed it.

This quote advises on the importance of publicizing exclusive events to create buzz and interest among other clients who were not invited.

Oh, yeah, sorry. It was just for the top referrals. If you send someone now they're leaning in and now they're doing something because you just said like, oh yeah, you don't have that status and people are very sensitive to that.

This quote illustrates how creating a sense of exclusivity and status can motivate other clients to engage in referral activities in hopes of gaining access to such events.

Invitations for Big Events

  • For significant events, personalized invitations, especially through direct mail, can enhance the experience and make it more appealing.
  • Using FedEx or handwritten invitations can add a touch of exclusivity and importance.

I highly recommend using direct mail, actual like physical direct mail and like a FedEx, either handwritten or personally signed, at least invitation for those people that you want to come.

This quote recommends using personalized, tangible invitations to make invites to large events feel more special and exclusive, thereby increasing the likelihood of attendance and engagement.

Recap on Generating Referrals

  • To generate referrals, focus on best clients as they are the most likely to refer.
  • Use exclusive events and personalized invitations as strategies to increase referrals.

If you want to get some referrals, not only just from the people who are your best clients, because those are the ones who are most likely to refer any.

This quote summarizes the strategy of targeting the best clients for referrals, as they have a higher propensity to refer new clients to the business.

Exclusive Events for Top Clients

  • Hosting exclusive events (e.g., retreats, spa days) for top clients can enhance customer loyalty.
  • Inviting top clients and allowing them a plus one can expand the client base.
  • High spenders and top referrers often have networks with similar spending habits and influence.
  • Documenting these events with photos and advertising them can attract new clients.
  • Direct mail can be used for personalized invitations to these exclusive events.

And you want to have a small thing, do an exclusive, cool retreat event, spa day, whatever, with your top ten clients or top 15 clients, okay?

This quote emphasizes the idea of creating small, exclusive events for a business's top clients to make them feel valued.

And then take tons of pictures and then advertise it.

The relevance of this quote is to highlight the importance of documenting exclusive events and using the content for promotional purposes.

Send them direct mail to give them the invitation in a cool way to RSVP.

This quote suggests using direct mail for a personal touch when inviting top clients to exclusive events.

And then if you want to bring ten and then tell them to have a plus one, that's a really great way because these are the people who, people who are high spenders are people who value your business the most and are also the people who are more likely to have friends who also would be high spenders.

The quote discusses the strategy of allowing top clients to bring a guest, potentially attracting more high spenders to the business.

And the same thing with people who were top refers. If they're top referrers, they already have a large network and have a lot of influence.

This quote explains that top referrers have significant networks and can influence others, making them valuable for expanding the client base.

So if you had imagined you have your ten top clients and you tell them all to bring someone, now you got ten more clients from an event.

The quote illustrates the potential client growth that can result from top clients bringing a guest to an exclusive event.

Measuring Event ROI

  • The return on investment (ROI) from hosting exclusive events should be calculated.
  • Smaller events can make it easier to track ROI.

Make sure that you have an ROI that's calculated from the event. It's really easy when you do a small one, so that might be a place to start.

This quote stresses the importance of measuring the financial return from hosting an event, noting that it's simpler with smaller events.

Promoting Customer Loyalty and Referrals

  • Treating top customers exceptionally well can encourage loyalty and referrals.
  • Showcasing the treatment of top customers can motivate others in the network to become top clients.

Use micro advance to your advantage, treat your best customers even better and show everyone that's in your network what it looks like to be a best customer in your business and how much great treatment they get.

The quote advises businesses to use the concept of "micro advance" to improve the treatment of their best customers and to demonstrate the benefits of being a top client to others in their network.

Planning for Larger Events

  • Larger events may be discussed in future content.

But if you want to do a big one, then I will cover that in a later podcast.

This quote indicates that the speaker intends to discuss strategies for larger events in an upcoming podcast episode.

Conclusion and Sign-off

  • The podcast concludes with a positive send-off and the anticipation of future discussions.

So I hope you guys have an amazing day. Use micro advance to your advantage, treat your best customers even better and show everyone that's in your network what it looks like to be a best customer in your business and how much great treatment they get.

This quote wraps up the podcast with well-wishes and a summary of the key points discussed, encouraging listeners to apply the strategies mentioned.

And so I, with this beautiful Friday morning Charles, do you have any other words? No. I'm out. Have a great day. Bye. You.

The final quote is a sign-off from the speakers, ending the podcast on a positive and friendly note.

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