Episode #422: Boosting Business Growth and Retention | Insights from Taylor Watkins of Digital Revenue Systems - a podcast by Pete Moore

Live from the floor of the March 2023 IHRSA Trade Show in San Diego, host Pete Moore welcomes Taylor Watkins, founder of Digital Revenue Systems. They discuss topics such as ancillary revenue via in-club ads, using local businesses to create an ad network, concerns around in-club advertising, and more. Digital Revenue Systems tailor their programs accordingly based on a club's goals and preferences, whether it be advertising, communication improvement, or employee engagement. 

They emphasize promoting the club's services and encouraging early sign-ups for things like camps and events. They also suggest the unique idea of a rewards network created by the operator to incentivize members. They also discuss obtaining local sponsorships, leveraging internal relationships, and gathering information about members' workplaces for effective hyper-local advertising. 

Taylor states, "One of the biggest concerns we always get right when we start talking about this to club owners is, 'Oh man, I really don't want advertising here.' I usually ask after that how many TV's they have. And they'll say around 15-20. I'll then ask, 'Well what is it showing?' The answer of course is something like ESPN or HDTV . . . which they're just not getting paid on . . . We've found that every club, even though they think they're the same, they're different, they all have their little nuances and we want to tailor our programs to them accordingly."

Some key moments: 

[00:02:41] Signage companies takeover, revenue sharing, size concerns.

[00:03:44] Advertising concerns addressed, tailored strategies for success.

[00:13:02] Leveraging internal relationships for local sponsorships.

[00:13:53] New partnership with DRS, community involvement.

[00:19:23] Mistakes are opportunities, focus on clients.

[00:22:02] Grow industry, benefit members, build businesses.

A few key takeaways: 

1. The importance of localization and member base. Taylor emphasizes the significance of having a localized member base for health clubs. By understanding the local community and its preferences, clubs can better tailor their programs and offerings to increase retention rates and grow market share.
2. Leveraging advertising opportunities. Watkins opines on the potential for health clubs to monetize their existing digital displays and TVs by partnering with advertisers. By strategically incorporating advertisements, clubs can promote their services and generate additional revenue.
3. Creating a local rewards network. Watkins proposes the idea of a rewards network within health clubs, where members receive benefits as part of their membership. This system would not only incentivize members to stay engaged, but also create opportunities for local advertising and partnerships.
4. Gathering member information for effective local advertising. It's important to know where members work and understand their motivations. By leveraging internal relationships and sponsor databases, clubs can gather valuable information to create personalized and targeted local advertising campaigns.

Click here to download transcript. 

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