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!






Ready for January?

It’s no surprise that January is a busy time for fitness studios and gyms!

New memberships peak at the beginning of the year and having a solid January promotion or challenge in place is absolutely critical to bringing new clients into your business.

 

Talk about your challenge or promotion NOW!

Are you advertising your January promotion or challenge yet? If you have something to promote in the New Year, start talking about upcoming promotional events or challenges ASAP!  Starting early helps to raise awareness and create buzz around your promotion. It really helps to create momentum for your promotion among your most loyal studio clients. And, it can also give you more time to reach potential new clients who may looking to kickstart their healthy habits in the New Year.

 

How can you build momentum for your New Year Offer? By giving lots of inspiration and motivation! Use all of your marketing channels to inspire and motivate not only potentially new clients but current and old clients as well.  Offer valuable tips and information through blog posts, social media posts and newsletters. This information will inspire clients to get off the couch and signed up for your event! Yay! Your inspiration will make people feel good and encourage potential new clients to check out what you offer at your studio.

 

Follow Your Sales Process

Like any business owner, you should have a sales process in place for bringing new clients into your studio.  Make sure that all of your preparations before the promotion or challenge are in place so that you can handle clients efficiently once it begins. This is things like holding a staff training, writing out FAQ’s about your promo and making sure your marketing materials (flyers and posters) are all visible and relevant!

Connect with all your potential clients through emails, newsletters and other marketing avenues. Doing this helps you to build a relationship with them, which is the first step to helping them become clients.

 

Your marketing should also demonstrate ALL THE VALUE of the products and services you offer. Show potential clients how you can help them solve one or more of the problems that they have with the use of some amazing testimonials or by telling your clients how they can get the best results from your services.

 

Address any questions or concerns potential clients have about signing up. Ideally do this BEFORE they even ask! How? Take note of the most common questions so that you are prepared to handle them when they come up again in the future. Once you’ve handled those last questions, it’s time to close the deal and get those new clients signed up and into your studio!

  

Know What Your Clients Want to Purchase

Do you know which of the services and products you currently offer are most popular with current clients? If so, chances are that potential clients will also be looking for the same thing. Know exactly what those services are and be ready to make recommendations. Make it simple for new clients to get signed up for the classes and services that are right for them.

 

Don’t Forget Current and Former Clients!

While it’s important to market to bring new clients into your studio, it is just as important to continue offering high quality classes, services and products to your current clients as well! And don’t forget to also reach out to former clients who may not currently be coming to your studio.  This can be a great opportunity to win back those clients and make them active clients again.

                                                                                                           

It’s important to get prepared for your January promotions early so that you can be ready (and waiting) for January sales.

Early preparation is the key to bringing in the new clients you want for your studio!

Good luck!

 


2018 trends and most read articles!

Best of 2018 | Spring Three marketing for fitness studios


At the end of the year I always like to look back and see what topics and questions I got asked most from all the business owners I spoke with... and I thought you might like to know more about this too!

So what's come up?

Well, this year, we have been way more focused on sales and pricing. Is this to do with increased competition? I think yes... is that a bad thing? NO! Most of the conversations I've had involved raising prices and implementing a sales process - both are good for your biz!

Other trends I have seen this year is a lot more attention on video, social media and outbound marketing. Hurrah! It's super important to be proactive about this 🙂

But, the biggest challenge for everyone? Keeping clients over the long term. 

Retention is the foundation of your business - but not always the easiest part. It’s something you have to work on every single day - servicing your clients and adapting to their needs to keep them engaged!

What helps is a community of fellow business owners. So, if you have a business question or are looking for some extra business tips - get on over to the private Growing A Studio Business Facebook Group!


Or...  check out the most popular articles from 2018:

5 Reasons Why Studios Lose Clients

3 Reasons Why Your Client List Isn't Growing

Let's Review Your Pricing

Why Branding Really Matters For Your Studio Business

How Often Should You Email Your Clients?


I hope you find something useful here and if you have a burning business question, just hit reply and ask away.

With warmest wishes, 

Seran


5 Mistakes Fitness Studios Make When It Comes To Business Planning

Where is your business growth going to come from next year?


Where are you going to focus your energy, time and resources next year to make sure your revenue goes up year over year?

Where are you going to invest to ensure next year is better than this year?

Let’s say you could wave a magic wand and just like that you were in your world 12 months forward. What would be different? What would be the same?

How would like look 2 years from now?

Sometimes we get stuck in the past hanging on to things, or doing things that no longer serve us. 

What will you let go of next year to allow space for growth?

These are all questions to contemplate as we come to the end of the year. And, if you’re anything like me you haven’t had a ton of time to think through the answers, but you may also be excited to explore what the future holds!

There is something really exciting about starting over with a fresh sheet of paper and some fresh ideas.

Not sure where to start?

Thats ok. I’ve got a tool to help.

Use my PATH TO SUCCESS worksheet as your step-by-step guide to plan your next best year.



But, before you start, there are somethings to keep in mind:


  1. You’ll need space to think and be creative. Remove all distractions and be in an environment where you are comfortable and can focus.

  2. Take time to do this. Read through the guide and you’ll see it’s something that you’ll want to spend more than 20 minutes on! Consider blocking out a morning in your calendar to work on this.

  3. It can be helpful to talk through your ideas and opportunities with someone who knows your business and who can really inspire your thoughts.

  4. Be ready to make a commitment to your business. This could be a financial goal or a project that finally get completed

  5. It’s not about doing more but about doing more of what works. Look at your business objectively - what isn’t working and what is? Where will your revenue come from?


Over the past few years as a business consultant to fitness and wellness studios I’ve helped so many to think bigger and beyond the status quo. Over that time, I’ve also seen what has not worked quite so well. Here are the top mistakes I’ve seen:

Getting stuck on small tasks

It can be so easy to “just do it yourself” and not take the time to train and delegate to others. This will hurt you in the long run in so many ways. If you aren’t the one who is leading and strategizing over your next steps because you are also micromanaging schedules then you’ll find yourself on the road to no-where. Outsource, delegate or automate everything you can to free up your time for creativity and developing growth opportunities.

Promoting what you think your clients might like vs promoting what you want your client to buy. 

You might think your clients want a discount on a 5 pack of classes or privates but is that what you want your clients to purchase? Is it better for you if your clients purchase a membership or a bigger commitment pack? Yes? Then promote that instead!

Not allocating time to working on new projects or ideas

New projects need attention to be successful. Something as simple as blocking out time in your calendar each week really, truly can make all the difference. So, if you are thinking about creating a workshop series, changing your pricing or investing more time in marketing then you’ll need to dedicate time to working on this and put it in your calendar!

Sticking to what is comfortable - because that is how “it has always been done”

Doing things a little differently or testing new ways of doing things can be exactly what sets you apart from your competition. If you keep doing the same thing over and over again you will see the same outcome. Be bold when it comes to trying new things in your business, that could be a new class, price point, system, sales process or even the hours you work! Remember, businesses evolve and change with time. It’s normal and part of the journey!

Thinking too small!

Thriving studios don’t get that way overnight. Someone had a vision that felt big and bold and had the dedication to take action toward reaching that vision. If you want to double the size of your business. - great!! Let’s make that happen! Things will need to change, you will need to do things differently, but that is how you grow. Don’t hold back on your dreams, This is your opportunity to make your business work for you!



So… what are waiting for, it’s time to build your vision for the new year!

Get your hands on the planing tool that I’ve used with tons of clients just like you to strategize over the growth of their business. I use it in my business too! 

>>> Click here to access the FREE planning guide! <<<







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?