Analyze Gym Shark”s Business Model – Business Model Canvas Analysis
The key to the successful relationship between Gymshark and their partners is that they foster long-term relationships.
The do not practice ‘one post, one payment’ model. They work with partners to produce quality written content,
showing them how to rank on search engines such as google and bing.
Remember this,the more money these people make , the harder they will work for your company
Gymshark offer uncapped payment to their partner too , which is a huge attraction for influencer to promote their products. If you are selling a new product , this model will be highly useful to you.
Beside all this Gymshark sends its ambassadors to world tours it organizes, so they can interact face-to-face with their fans. Wearing Gymshark outfits to these events, they do not try to make a hard sell, but rather engage with their followers.
The main activity of gym shark is Specialized in online selling and social media communication . They are highly focused on social media activity . Apart from this , the gym wear that they produce is affordable , fashion and also good looking .
Key resources in a business canvas simple means the most important assets needed to make a business model work.
In gym shark , social media influence plays a vital role in promoting their products .
They fully utilize social media to boost their sales .Social media platform that they use is youtUbe , instagram and also work with popular bloggers.
Apart from this , they also engaged manufacturer from china to bring their cost down . As a noobie business owner , you can go to alibaba.com and purchase directly with the manufacturer from china , you can get minimum MOQ such as 50 -100 . Not all products need to have few thousands MOQ . Have a try with alibaba.com .
Gym Shark”s apparel are very affordable , good looking and also trending design .
Gymshark focused on employing ambassadors who have large social media followers.
The sponsorship about Gymshark is not only about the athlete, it is also about how people can positively influence others . Beside this , the thing that i find it interesting is that gym shark also provide training videos, workout inspirations, and also create a like minded community
Gym shark uses alot of different channel to reach their customers.The main channels that they use are social media platform and also throu bloggers. Apart from these, they also active on setting up pop up store.
Who is gym shark”S target market?
there are 4 targetted customer segments
1) gen-y , which people that born between 1980 and the end of 1994
2) both male and female
3) white collar ,senior/junior executive , junior managerial position
4) lastly of course gym goer .
If you want to set up a new business, putting down who is your targetted custemors is super important.
THE COST STRUCTURE OF GYM SHARK
Operating a business will never be easy. There are alot of different cost involve with gym shark,
such as logistic , warehouse , daily and month operaitons cost . The main will be manufacturing like buying good quality clothes , hiring employee or influencer and also web site .
As a noobie online business owner, if you are using shopify and running a dropshiping
business , than your monthly cost will be less than $50 a month .So your cost structure will be minimum.
Free shopify register here
In year 2017 gym shark earn £41 million in sales . The main revenue from gym shark obviously is from their apparel.
Their apparel has 2 different types ,apparel for women and gym shark sports apparel for general .These are the 2 main revenue streams for gym sharks .
As a summary from Gym Shark Business Model Canvas Analysis :
1) utilize social media to promote your brands
2) be generous on giving out incentives to people that promote your brand such as influencer
3) be patient when you first starting up your business.
I hope this video able to give you abit of idea of you can start your business if you are a noobie , and if you are currently a business owner, i hope this video able to guide you further in boosting up your sales.
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