Episode #367: Eric Posner, Swerve Fitness, Co-Founder
HALO Talks: Elevating Wellness
English - November 08, 2022 18:35 - 26 minutes - 61.6 MB - ★★★★★ - 18 ratingsInvesting Business Health & Fitness entrepreneur fitness wellness business finance investing Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Swerve Fitness (which initially began as a successful brick and mortar space with three locations) now offers a, "Live streaming, groundbreaking fitness experience to gyms around the world, all built on the power of team sports." Eric Posner and his team have come up with a great "hybrid" that helps facilities fill in studio dead time, doesn't influence their existing staff placements, provides unlimited classes in a boutique experience with some of the best instructors available . . . and on and on. It's a unique twist and it's going very well.
Posner states, "We initially came up with the idea for Swerve, which was the world's first team inspired indoor cycling studio. We pitched our clients on this and they said, 'Look, we love it, but you got to quit your job. You got to put up your own money and then we'll back you.' So that's what we did. We quit our jobs, we put up our life savings and they helped us raise the rest of the money to open up our first location in Flatiron. Fast forward, we had three locations in the city, we had a pop-up out in Montauk and things were going quite well. And then the pandemic hit."
How Posner and his team managed to successfully pivot is a fantastic study in teamwork, belief in the company Mission, and belief in each other. Once they firmed everything up, they approached Crunch for a test--which went great--and they were off. They gameify the classes, do multiple live classes on the hour, do not canibalize the existing cycling instructors at the facilities that pipe in their offerings . . . and multiple other benefits.
This is a substantial cost savings for the gym which has proven to drive more revenue, and it's a win for members because it's all included in their dues. They can take unlimited classes per month if they wanted which gives them a boutique-level/live experience in the club they're already a part of. With a retention rate of 88% and bookings continuing to rise, Posner's team seems to have found the sweet spot in a space that still continues being carved out post-pandemic.