Sales metrics are an essential component to running a successful fitness studio. After all, sales can be quantified and measured over a period of time. It can be used as a benchmark and tracked to determine performance. You can use these metrics to create goals and then work to reach those goals. If a goal isn't met, you can work to identify any issues. When creating and evaluating sales metrics, here are some important points to consider:
Clients Per Staff
One great feature to have access to is a report to quickly identify the clients of each staff member. This can tell you a couple of things. First, you can see how well the trainers are performing, and who may need some additional support to build their client base. This report is also useful for personal training management. If you have a PT Manager role, they can utilize this report for training and development of their team members as well.
All Leads
Printing a report with all your leads and their primary information can be a simple and direct way to distribute leads to your sales team for follow-up calls. Having them all visible on paper is a great way to ensure no lead is left behind. This report can also be used to gain more insight into the demographics of your leads in order to improve your targeting in the future.
Intro Offer Conversions
When it comes to analyzing your sales methods, this report is critical. You can identify which introductory offers are converting at the highest rate. Having this insight can help you plan for upcoming promotions. For example, maybe an ease-of-entry offer like $1 enrollment worked best but did not provide the cash intake you had hoped. This information can help you determine the length of time to offer such promotions in the future so that you can reach both cash and EFT goals.
Days to Sign Up
In this report, you will get to see exactly how many days it took a lead to convert to an active client or member. Using this valuable metric, you can evaluate your club’s sales performance. Not only will this allow you to find training opportunities for your sales team, but you can also identify promotions that converted the quickest. Since it is a well-known concept that aged leads become increasingly less likely to convert, this report can be key to your sales success.
Lead Sources
Without knowing the source of your leads, how will you know the best way to spend advertising dollars? Having a user-friendly report of all your lead sources will tell you exactly that. While digital marketing is easier to tag and categorize, it is also important to train your staff to ask leads for their source for call-ins or walk-ins. “How did you hear about us?” can be the best question to make sure your team uses every time. This will ensure the most accurate results on the report for your feedback.
Average Transaction Per Client
This report gives you knowledge of what your members and clients are spending with you. It factors in their total spend, then breaks it down to an average per transaction. This can be a great tracking tool for the success of your business. If you notice your average transaction has declined, this can have a serious impact on your bottom line. It is important to monitor this number and quickly identify a reason and solution is this does occur.
Client on Memberships
You can access this helpful report to see which personal training clients have active memberships. Since many health clubs and studios have policies in place where their personal training clients are required to also have memberships, this can be used as a check and balance to confirm they do. Few exceptions should be made to any policy put in place to prevent customer service issues, so it is important to get them set up on memberships if that is your policy.
Client Not on Membership Report
In the opposite report of clients on memberships, you can run this report to pull a list of exactly which clients do not have memberships. If you require all clients to maintain memberships, you can easily utilize those that do not and set them up. Since the client and trainer often have the best relationship, ask your trainer to discuss the matter with the client.
Membership Details
This detailed membership list includes all active, pending, suspending, canceled, complete and scheduled memberships. It covers all possible membership statuses, which can be beneficial to see in one report. This shows you the ratio of active to canceled memberships. If memberships are pending or suspending, you can have this information handy to look into each one and determine how to get them back to the active status. If you have many canceled members, you can also use this report as a means to reach out to them to invite them back! How can OneFitStop help your boutique fitness studio? Request a Demo to learn more.
Net Revenue Details
The success of a business revolves around its profits. Keeping a close eye on your net revenue is one of the quickest ways to get your business in the black. A neat feature of this report is the ability to see what you are netting per each transaction. This welcomed tool allows you to see which type of transaction lead to the most profits, so you can focus in on those with your team.
Memberships Expiring
What’s not to love about renewals? An already happy and loyal member recommits to you for a certain amount of time, with a relatively simple sales process. While many offer automatic renewals and eliminate the need for this step, this is not always an option. Some states do not permit automatic renewals, and some members paid in full for a year in lieu of a monthly commitment. Regardless of the situation, having a report of upcoming memberships set to expire provides a way to not miss any renewal!
Projected Revenue
Having the ability to plan for upcoming revenue can help you map out your future business goals. There is a multitude of reasons to know what to expect for your projected revenue. Perhaps you want to spend on a new piece of equipment and need to see which is the best month to account for the extra expense, or maybe you want to see if you are on track for quarterly or yearly revenue goals.
Sales by Service
If you want to see an overview of your sales categorized by each service, this is a great report to review. You can identify which profit centers are performing best, and see the flow of success of different services offered. This is another great report to use for staff training, so your team can have a greater understanding of how important each service is. In some cases, you may have dedicated managers for different departments. If so, you can use this to break down department goals and overall team goals for each supervisor to work on together.
Revenue History
Your accountant will appreciate this handy report! It is important to have the ability to see all revenue in one centralized spot. Being able to filter all revenue by a certain date range can be quite helpful for accounting purposes. You can also benefit from this metric for the training and development of staff. Providing this report as a form of feedback to your manager, for example, can allow you to zero in on some areas of improvement. Perhaps sales drop off altogether on the weekends, a common problem in the fitness industry. Reviewing this data with your manager can get you both brainstorming on ideas to increase weekend activity.
Refund History
Since refunds have to be backed out of revenue for an accurate total, this report can come in handy. If you notice that you are having a significant amount of refunds, this could be indicative of a bigger issue. Perhaps someone on your team is not presenting information clearly or accurately, causing a need to process a refund later. Maybe your sales team is relying on a closing method of convincing people to join with the 3-day cancellation clause. Not only is this a weak method, but it also ends up costing you money in the long run. Your staff is taking the time to process paperwork, not once but twice, when the person signs up and when they cancel within the 3 days. In some cases, you are still billed a small credit card processing fee too, depending on their policies. You can take preventative measures with extensive and ongoing sales training. However, you can also use this report to identify these types of issues.
Month to Month Summary
Month to month memberships can be a controversial topic in the fitness industry. On one end, savvy consumers have gotten away from long term commitments, and month to month memberships can be a necessity to grow your membership base and remain competitive. From another view, you may rely on 12 or 24-month paper in order to feel secure in your upcoming months of billing. Regardless of your vantage point, this report can allow you to see the history of all revenue generated via month to month memberships. Having this tool handy allows you to review the success of month to month memberships, see how long they typically stick around and make important decisions on what types of memberships you will offer in the future.
Discounts
The idea of a discount overjoys most as consumers often hate to pay retail price for anything. Fitness centers often offer first-time visitor incentives, where prospects receive a discount for joining on their first visit. Many clubs also offer discounts for certain promotional periods, such as the last few days of the calendar month. Another form of discounts can be for certain groups or employees of certain companies. For example, you may offer a discount to all local law enforcement or educators. You may also have relationships with nearby large corporations, where you provide anyone who works there with a special discount. The reasons to have discounts are plenty, and this report can help you manage them all.
Promo Code Usage
What promo codes work best? Are there any old promo codes still working that may have slipped through the cracks? This report answers questions and provides insights and direction into how to manage and allocate advertising resources. Remember: referrals can be tracked through promo codes too. And, since referral driven promotion is at an all-time high it is especially important to track new business that you acquire through referrals.
Session Credits Remaining
This report helps you plan for personal training package renewals by displaying the number of credits remaining. Knowing how many sessions remain allows you to better plan. Once your clients have only a couple remaining, you can remind them about renewing. Active trainers can use this report to know exactly when it is time for renewal. It can also alert them of inactive clients that need to use their sessions before they expire.
Revenue Used Report
This report is similar to the session credits remaining. However, instead of credits, it provides the actual amounts of revenue used from training packages. For example, if your client bought a $2,000 personal training package and has used half the sessions, you will see that they still need to redeem the remaining $1,000 worth of sessions. This can be helpful for planning purposes as well.
Expired Session Credits
Setting a policy where sessions expire can be tricky. Some type of expiration must exist, but you want to set realistic expectations too. Also, you want to ensure the clients are aware of their expiration. Remember to give them a courtesy reminder before the expiration date. While unredeemed sessions save payroll money, it can create resentment from the client and/or bad press. However, this can create resentment from the client as well, and possibly bad press. This report gives you access to expired and unused sessions. Create a plan to reach out to clients with expired sessions and make a list. This is a great list to use for outreach. We suggest offering a discount for renewals in order to turn them into active members again. We understand change can be difficult. We built OneFitStop with you in mind as a fitness studio owner and want to help you automate operations, increase revenue, and nurture client relationships. How can OneFitStop help your boutique fitness studio? Request a Demo to learn more.