Measuring Success During – and After – COVID-19
COVID-19 has brought many challenges to personal lives and businesses. Things are improving, but they are definitely different now. What should you expect and how do you know if your business is truly surviving? What does success look like today – and do the same pre-COVID metrics apply now?
We dove into four of the most important metrics that studio owners should really pay attention to. It’s a big, but important topic. We’ll start at the beginning …
1. Acquisition and the Lead-to-Purchase Cycle
It goes without saying that clients are one of the most important parts of your business model; simply: you do not have a business without them. Where do YOUR clients come from and how do you bring them into your studio? This question is very important when determining how to bring in future clients and run successful acquisition campaigns. There are multiple ways to track client acquisition as you'll soon discover. Additionally, you'll want to monitor the lead-to-purchase journey. The good news is you're likely tracking parts or all of this process already. Having a handle on your sales funnel and cycle helps you identify issues in your sales process and allows you to more easily determine solutions. If one part of your funnel is not performing well, you can zero in and develop new processes for your staff.
2. Client Retention
With everything else that you are focusing on in your business during this time, are your retention efforts falling by the wayside? Don’t let it happen! It can cost up to three times as much to acquire a new client as to retain them. That means you have to stay in touch, whether through social media or in-person, you have to build that rapport. And to take it a step further, you have to track everything. That’s the only way you’ll know where you stand and improve your results.
3. Class Capacity and Class Utilization
Class scheduling and class capacity got a little trickier with COVID. You might be facing restrictions on sizes, but at the same time, members might be able to take advantage of new or unexpected time slots. And then there are hybrid and virtual classes - where do they fit in and what’s best? See how you can create a profitable class schedule and optimize your class utilization.
4. Visits: Who and How Often?
Great fitness is about habits, and those habits of your members and customers have a direct impact on your business. If you don’t know who previously came to your studio and how often, it will be difficult to predict who will come later. That makes all of your other decisions such as class utilization, schedules, and determining your profitability next to impossible. See how determining who is coming to your studio helps project attendance, determine profitability, and provide the right level of support to your clients.
Better Data, Better Results
While it is cliche to say, these are unprecedented times and each decision you make affects your business. Overall, it's more important than ever to use data to support your decision-making. While "going with your gut" is important as a business owner, the uncertainty of the current economic climate is not the time to make decisions without support.
Using data has never been more important to ensure that your business is profitable and healthy. Get data-driven in your business and make smart decisions. Set up a demo with iKizmet to learn more!