You run a growing studio. Every week new clients walk in the door from a variety of sources and marketing channels. You pour time, money, and energy into each of them–hoping they’ll be members for life. Despite your best efforts, people will cancel and some offers simply won’t convert. Some aren’t the right fit. Some are simply one-time buyers that had no intention of becoming members.
What if you knew the perfect time to check in with your members? What if you knew which offer resulted in the most valuable members?
Fortunately, all this knowledge is available. It’s just hiding inside your data. We unlock all this knowledge by turning your raw data into insightful charts such as our Retention Heatmap, and our Funnel Retention Chart.
Remember, a good customer retention rate–the percent of customers who stay members from one month to the next–is crucial for any small fitness or wellness business looking to grow.
Here are 3 quick ways knowing your data can help you know more about your customers and improve retention.
Know Which Offers Convert Into High-Value Members
Most studios promote a variety of offers over time. But it can be hard to know which offer attracts members and which attracts one-time buyers. Tools like ours can help you sift through the data and find out which offers and cohorts have resulted in the best, most valuable customers.
Once you know this, you can double-down on the offers and advertising that works–and scale back on the ones that don’t.
Our Funnel Retention Map is about comparing your new introductory offers against each other and discover which offer delivers the best customers to your business. Which isn’t always the introductory offer that sells the best or get the most conversion.
This graph will not only tell you how successful you are up front with intro offer sales and conversions, but how much more money these type of customers bring to your business. Sometimes intro offers that sell the most up front, or are the most popular up front are not the best for your business long term. You can see the data behind the numbers, so you can contact the people that haven’t converted.
Know When to Check In
Sometimes, retaining members is as easy as checking in at the right times. In a wellness studio, as in any business, a little personal attention at the right time goes a long way. But when is the right time?
First, check-in with customers who stopped attending frequently. Kate Davies of YO.BK Hot Yoga & Pilates said it best:
“The Heatmap allows us track and call our students who haven’t visited in awhile. As a small business, we know many of our clients. The Heatmap helps us with this personal touch.”
Next, use your retention heatmap to schedule regular check-ins with members at just the right time. Does retention drop sharply after 3 months? Then its probably wise to plan on 60 day check-ins with your members. You’ll be surprised at what a difference it can make.
Put Energy Into Real Members, Not Visitors
Many studios work with ClassPass, and that’s not a bad thing. By connecting thousands of members with thousands of fitness studios, ClassPass is a great way for people to get exposure to new wellness options–from dance to spinning to barre. And you may get some long-term members from ClassPass. But let’s be real–many of them are traveling or simply enjoy the variety ClassPass offers. They’re a lot less likely to become long-term, valuable members than someone who was referred by another member.
If you get a ClassPass client who is just passing through, you don’t want to pour time, money and energy trying to upsell them. With tools like our heatmap, filtering out ClassPass clients is just a click away. You’ll know instantly if there’s a big difference between ClassPass clients and others.
These 3 tips just touch the surface of how knowing your data can help improve retention and grow your studio. If you’d like access to our heatmap and tons of other useful reports, setup a demo with iKizmet today!