BUSINESS CHAT: Industry Insight

I just returned from the BOLD conference in San Diego. BOLD is the annual conference held by MindBody (the online scheduling software provider) for fitness and wellness businesses. It’s essentially 2 days of inspiration on how to build your business better.

 

Despite all the fun (and there was plenty!), a TON of learning happened too, and most attendees left with a long list of business to-do’s.

 

I want to share with you some of the biggest take aways (and some REALLY interesting data points!)

 

Industry trends

  • Across all of MindBodyOnline’s client base, the average Year Over Year revenue growth was 5.5%. (How do your numbers compare?)

  • 37% of all bookings happen online. And this is a trend that is increasing.

  • Another trend that is gaining popularity - last minute booking. Increasingly clients are booking on the same day as the class/session they wish to attend. 

  • Also, clients like variation. 30% of consumers go to 3 or more studios on a regular basis. 38% go to 2 studios regularly.

 

Here’s where there is opportunity: 

On average across the fitness industry, only 33% of clients were retained from one year to the next.

Retention is affected by pricing, sales and client relations. 

 

How can you improve retention?

  1. Have a better pricing strategy
  2. Have a sales process that is focused on connecting with new clients and keeping them engaged through the early stage of their journey in your business
  3. Get regular feedback from your clients on what they care about

In all my conversations with business owners over these 2 days, the biggest take-away was that following up with new clients with a system for retention is crucial to healthy growth.

 

If you want more guidance on how to put together a simple sales system that works - let me know - I have some resources that can help.

 

Good luck!