Strategy

Numbers 101: Simple reports that show you everything

Numbers give you data. Data you need to learn, discover opportunities and understand your business better.

Spring Three - fitness business marketing and strategy



And, if you can consistently track your numbers you will get a strong sense for what is improving and what isn’t. Counting, measuring and tracking is yet another system that enables success in your studio business - and we love systems!



So what should you be looking at? Well, how about we take a step-by-step look at the reports that will tell you just what worked and what didn’t last year… ready?

Awesome.

Let’s start with sales.

Sales

This is your top line big number! But while total sales is great, we want to find out what service or product was your best seller or biggest revenue generator.

In MindBodyOnline, start by running your Sales By Category report for 2018 (also check ”compare to previous Year box” in section 1)

Hit Go and you’ll find your total revenue for both services and products.


You can sort the totals in descending order by clicking over the top line of the services section.


What do you find?

What were your top 3 revenue generators?

How about your bottom 3?

Any surprises?

Now let’s look at how that changed vs last year. 


The far right column show a percentage change - a positive % change means you have made more $$ this year than last year.


If you are not seeing a positive number - it’s time for more investigating. Did you have big changes this year to location, schedule, teacher changes etc? Was that on purpose… or not? If not, it could be time to review your retention strategies and sales procedures.


Ok, now that we’ve seen the big picture it’s time to dive in deeper.


There are so many different area’s of your business to explore but let’s look at your biggest seller in terms of pricing option… i.e. what were your clients buying to access your services?


Revenue by pricing option

Go to your Sales by Service report, set the dates to last year and click go. (Again you can sort the columns in descending order to make it easier)

This report shows how much of each package you sold last year - both in the dollar amount and in the quantity.


Obviously your larger packages will show a large dollar amount so the quantity of each package sold is also important to look at here. 


It’s always interesting to see what was the most popular pricing option… and then ask some questions:

Is that pricing option best for your business?

Or, would you rather your clients purchased something different?

Do you need to make changes to how you sell your services?

If you ran any price promotions through the year you will see that here too - did you run more or less promotions than you expected. Were they successful for your business as well as your clients?


Ok - great stuff. Let’s keep going.


Next, let’s look at your retention numbers. We know that a loyal client base means more stable and sustainable revenue numbers. But let’s see what the data tells us about how good your studio is at keeping clients from one year to the next… 


You can track your long term retention by seeing how many people visited your studio in 2017 and then again in 2018.


Retention (Year Over Year)

In Mindbody - go to your sales by service report and set the dates to 2018 - click on tag new. make a note of the number (A)


Then change your dates to 2017. Check tagged clients only. Click on Tag new. Make a note of the number (B)

Divide B by A and multiply by 100 to see what your year over year retention number is.

You are aiming for 50% YoY retention for a class based business or 80% for session based businesses. Typically the number is actually much lower - if you have a lot of out of town visitors or you run a lot of workshops you will need to take into account these one-time visits.


Now for my favorite report of all - Attendance Analysis! I love this report because it tells you more about your client behavior and gives so much more insight into what is and isn’t being purchased, how often they attend and which classes they come to. But let’s just look at how often your clients are visiting your studio business.


Attendance Analysis

In Attendance Analysis, take a look at your total visits in the past year by setting the dates to 2018 and then under section 3 run the analysis by client in Detail. Hit go… Scroll down and give yourself a high five! This is the total number of paid visits.

Then scroll back up… as you go… see how many 1’s there are in the far right column?.. this is all the people who only came into your studio one time. We’ll come back to that in a bit.


Hit Tag New - this is how many clients visited your studio in 2018 - nice work! (make a little note of this number)


Let’s see how many people came in more than 10 times… since they are the people who are (or became) your more loyal clients.


Scroll to the top and in Section , add 10 into the box “Show clients with [] or more visits.” Hit Tag New.


What’s the difference?

This is a super simple way to see how much opportunity there is to retain visitors to your studio.

Are you letting your clients know how often they should be coming?

Does your sales process seamlessly guide your clients from one step to the next from intro offer into a long term package or membership?



These numbers give you insight and show you where there is opportunity to improve for 2019… there is much more digging that can be done but this will give you a great head start in figuring out where to focus and set some goals for the year ahead.


Most of all though, looking at these reports on a regular basis will show you where your hard work is paying off and give you reason to celebrate your amazing business accomplishments!


Well done!






Secrets to a stress-free holiday season

And so it begins…. the festive season is coming our way fast and with it, a great opportunity for small businesses to shine!

The Secrets To A Stress Free Holiday Season

Yes - really! 🌟

You might feel like this time of year is tough to manage because of late cancels, increased travel and frankly, because you are probably quite ready some time off yourself!!

But, if you can plan early - you can get ahead of the game, stop being reactive to the challenges of the season and actually turn it around to make it work for you!


Address schedules

It’s possible that your teachers and your clients will be traveling during the holidays. Probably pretty likely actually. Start early and be proactive about finding out how you can manage teaching schedules. Communicate changes in class schedules early and consider adding in extra sessions or classes before or after your clients travel to even out the potential loss of revenue (and progress for your client)?

Promotions

The goal for all your promotions at this time of year is retention, retention, retention. Your focus is on keeping your clients beyond the end of the year (in the new year your focus shifts toward those new clients!). So, what can you do to keep them coming back in the new year? How about an early sign up for a challenge or a bootcamp or special workshop event in January... perhaps 20 classes in 30 days? Or a 1 month unlimited special offer starting Jan1?

Show appreciation

This is the time of year to give thanks to your team and loyal clients. Whether this is a gift, a hand-written note, a holiday card or a text! Invite your clients and teachers to share their appreciation of each other too. Actively cultivating gratitude will help reduce stress and strengthen the bonds of friendship and community inside your studio.

Gifts cards

Help your clients take the stress out of their holiday shopping - and boost your business too! Gift cards can be a great revenue generator for your business (suggest your clients give the gift of wellness to their favorite friends!) or offer special bundles of classes and merchandise - such a neat way to help out your clients while getting your studio name out to friends of your clients!

Marketing Campaigns

Put in the effort to “seasonally brand” your business and you will be connecting with your clients and their friends. Dress up for Halloween and put an Elf on the shelf and your business will come alive oline! Don’t forget to show up on social media consistently - you don’t want to let the world forget about you. That extra nudge to make it into the studio will help your clients stay on track!

Throw a party!

Holding a staff party or even a holiday party for staff and clients is a great way to show everyone a good time. It could be themed, filled with games or a simple open house event in the studio. You decide!

Carve out some me time

Just like summer, December and January are unpredictable months. As a business owner, be conscious of your energy levels especially if you have big plans for the upcoming year (and I know many of you do). Be sure to build in time for yourself to rest and energize when your schedule allows. This is crucial to your ability to manage your team, your clients and your business!


What else do you do at this time of year to make sure you end the year strong and filled with gratitude?

One Easy Way To Grow Your Biz!

As a studio owner, your email list is one of the most powerful tools you have at your fingertips - literally! 

It's a direct line to the attention of your past, current and potential clients.

Spring Three Email Templates

But from conversations I've had with studio owners and managers, I know that the fear of being overly intrusive is very very real.

But I'm here to tell you that you shouldn't be quite so worried about showing up in the inboxes of your clients.

Here's why:

70% of ALL businesses send a follow-up email to new clients

20% of those send a second follow-up email

You still have a one-in-five chance of getting a response from the second follow-up and a 25% chance of hearing back from any other follow up emails you send.

Yeah - pretty interesting numbers right?!

So what does this mean for you? 

If you want your business to make the most of that email list you have built over the years, you have to use it!

Giving clients the opportunity to engage with your studio is part of properly representing your business

Now for some more data.

30-50% or more of new clients won’t come back to visit your business within the first year. Ever.

That’s a lot of missed opportunities!

Imagine if you could re-engage them? Imagine what that would do to your revenue? Imagine if you had never lost them to begin with?

Deciding how and when to send those follow up emails can be tricky. Especially if marketing isn't really your jam.

So it’s natural (and easy) to do nothing in order to avoid coming off as pushy or annoying.

I get it. Finding the right balance is tough.

Here's the key - it's all about having a system. And you, as the business owner, get to design a system that works for you.

That system could look like a welcome email to a new client before they arrive with details of what they should expect.

It could be a follow up email after their first session to see how it went.

And, it could be a couple more emails to that new client to make sure they are enjoying their experience and offering a little more guidance on how to get the best out of their time in your studio.

This follow-up method doesn’t just apply to new client.

Heck, no!

Check in with all your clients regularly, after a particularly tough workout or on a special occasion.

Remember that client who came every week for months but you haven’t seen for a while? Or that client who took a vacation… and then never came back. 

And the best part? This can be automated so you don't need to be sitting behind your screen to make this magic happen!

Following up adds real value to your business. As in, boosting-your-bottom-line type value. Be proactive and consistent with your emails. Use them to educate and guide your clients through your business. Above all, make them easy to read and relatable.

Not sure what to write? Get my email templates you can swipe and use in your business today >> CLICK HERE AND GET ACCESS NOW! 

Got Summer Plans?

Hey folks, 

 

Summer is rapidly approaching and I want to have a quick chat with you about how your summer plans and business plans can work together.

 

I am fortunate enough to work with business owners in all stages of life and business. I do this in my comprehensive business training program The Academy, in 1:1 strategy sessions and through my group coaching program, Empowered Branding.

 

A common theme among all these business owners is the challenge of managing changing schedules during the summer months with vacations, family obligations, graduations, visitors from out of town and so on. Not only for yourself, but also your clients.

 

All of this can impact your business.

 

So, how can we best manage this? 

 

First, awareness of the issue means we are already ahead of the game! 

 

But, by planning ahead, you are helping to make sure that your summer ends with you feeling totally content. What does your business look like this summer? Maybe that means slowing down for the summer and taking some time of for yourself or maybe that means growing and expanding your business.

 

How?

 

Start with getting clear on what you want your summer to look like. Work, fun, travel, family time? Or perhaps you have other projects you want to focus on.

 

What do you want it to look like?

 

Let’s get this down on paper. Take out your favorite notebook and start writing.

 

  1. What are your current plans? 
  2. What are your goals?
  3. Three months from now what do you want to have accomplished?

 

Once you have a vision, then you can start to map out the steps you need to take to get there. So list those actionable steps next to your goals. Perhaps number them in order of priority.

 

Perhaps you want to launch a workshop, a new class, focus on personal growth, try a class at another studio, onboard new staff, improve systems and operations, focus on winning back clients who have not been to the studio for a while… 

 

Or, perhaps your goal is to keep things the same and not add a single thing!

 

What ever your goals are - have a plan for getting what you want this summer.

 

A summer filled with intention.

How To Stay On Track Toward Success In Your Boutique Fitness Business

The first question I ask when I meet studio owners is a simple one:  tell me about your business.

The questions that soon follows: 

Where are you heading?

What is your vision?

Where do you want to be in 3 years?

 

Knowing the answer to these types of questions is often the difference between going sideways or moving forward.

 

Here's the thing; we all have a list of ideas for things that could happen. Designing an athleisure clothing line, opening a studio in Bali, becoming an author, doing retreats and building equipment are some I've heard since I started consulting 5 years ago.

And I love every single one of them.

 

Don’t they all sound like AWESOME ideas?

 

And that’s the problem.

 

That’s not a plan.

 

That’s a list of ideas.

 

Don’t get me wrong I love lists… (as in I LOVE LISTS!)

 

… but a list isn’t a vision!

 

You will see a ton of opportunities come your way as you grow your boutique fitness business.

Some may seem like an easy way to make a few quick $$. Some may feel like no-brainers. 

 

But if you are looking to make real money. You need focus. Focus on creating value and not simply getting more income.

 

To grow you have to focus on growth. Build your business like a business. Use tools, systems and plans to get you there.

 

A business that is creating value has a different way of working than a business that exists just so you can pay your bills and take a vacation.

 

A business that creates value can be sold. Your income stream cannot.

 

Be cautious about chasing shiny opportunities with promises of mega payback or an easier life. 

 

It’s not usually easy to build the business of your dreams. But it is (usually) worth it.

 

Stay true to what you do - and do it well. 

 

REALLY well.

 

Focus on the needs of your clients. Build relationships, a network and a community.

 

Talk about what you do often and talk more about your impact. 

 

Do what you are able to be passionate about day after day, week after week, month after month and year after year.

 

Focus on taking that forward with integrity, and long-term recurring value and income will come with it.

 

What is your focus? I'd love to hear (yes - really!) so let me know here