Business Chat: Retention Facts

In recent weeks, I’ve been talking a ton about how to make businesses more durable and self-sufficient. Marketing to get new clients doesn’t always pay off immediately so where else can you focus?

I’ve been talking a lot about retention. Retention is all about keeping clients in your business.

Do you know the average monthly attendance rate for your business? It's a number that is useful to track and easy to find. Just take your total visits per month and divide by the total unique client for the same month. (In MIndBodyOnline, both of these numbers can be found in attendance analysis. Let me know if you want more direction - I have a cheat sheet!).

Any client that comes less than 4x each month is a low-user. While they are certainly getting something out of your sessions, it’s possible they are not getting all of the benefits of a more regular user. The goal is to make your clients more frequent users. 

More visits = more revenue = happy business owner.

How? 

Because we are talking about human behavior here, we have to dig a little deeper to understand what drives retention in your business.

Fact 1: Clients come back when they get results
- How can you help your clients get the results they want?
- How can you make your clients aware of the results they are getting?

Fact 2: People will find excuses ;)
- How can you make it as easy as possible to give access to the results they want?
- Can you be more convenient? More fun? More efficient?
Of course, not everyone can afford to take multiple sessions each week, but perhaps you could offer a more reasonably priced option for them - classes, or duets, or open gym time.
Perhaps you could encourage them to workout outside your studio at home with a plan you have created for them. Listen and observe your clients and try something different...

Fact 3: Help them trust you
- Are you clear about the commitment that is needed to make the progress they want? Is 1 x week enough?
- Can you show them that you care about their progress?
- Can you help them to stay on track by being more supportive?

 
The concern with low-user clients is that they may ultimately cease to visit your studio because they aren’t experiencing the real value of what you offer. Don’t let them go! If you can make your clients sticky, you will increase the retention level within your business. 

If you are a numbers geek too, check out your annual retention. This shows the number of clients who stay in your business from one year to the next. Can be quite interesting! 

I’d love to hear your thoughts on how you handle these challenges. Go to the Facebook group here and let me know!

Finally, if you know you should be watching your numbers but aren’t sure what to look for let’s set up a Power Session, and I will take you through it.