Episode 71: How to Differentiate your Business - Multi-Modality vs Single Modality
Episode description
What We Cover In This Episode:
- What “modalities” mean in terms of the fitness business model [2:45]
- The key differences between single modality and multi-modality [3:56]
- Which type of business model is the most profitable, based on where the market is heading right now [4:35]
- What to consider when trying to decide on which modality is best for your business [5:11]
- Examples where a single modality or multi-modality could detract from a business [9:46]
Quotes:
“We’ve seen such a shift in our industry with what consumers want, but also what business owners really need to be looking at.” [Cherise, 2:49]
“10 years ago the industry was such a different place. You could open a single modality business and people were rushing through your doors because it was new. The uniqueness of a single modality [business] is the expertise.” [Cherise, 4:42]
“You’ve got to do some market research. You do not need to fear your competitors, but you do need to know what they’re doing.” [Cherise, 6:19]
“You’ve got to really figure out what you are good at. I say this because sometimes we get swayed by what people want, versus what we should be doing.” [Cherise, 7:31]
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