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?
Let’s start with 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?
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.
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!