Here’s a new gym app that charges fees for missed workouts and compensates you for showing up. Do you think you’d be more likely to go? The technology was developed by CEO Yifan Zhang and uses GPS technology to confirm you’re at the gym.
12% of new gym memberships are started in January. Clubs tend to see an increase of 30-50%.
Here’s how It works:
- Sign up
- Set your pact
- Check in at the gym
- You will receive a reward or pay a fine
Zhang’s behavioral economics premise is that the sting of losing money for missing a visit and the promise of collecting money for going is enough to keep you on the treadmill.
- 90% success rate
- Most people begin with $5-10 change
- Funds are auto-deducted or deposited into your checking / savings account.
- Zhang is banking on partnerships with gyms and/or brands looking to integrate their mobile app.
Do you think this system is an effective motivation tool? Would you give it a try? Please drop your thoughts in the comment section below.