As a fitness business owner, it is overwhelming to set goals for the upcoming year. Each year we come out with the Wodify Year in Review, which gives you a deeper understanding of your business specifically. This year, we wanted to offer you a way to benchmark your fitness business against the industry by compiling all crucial data points in one place.
The 2024 Fitness Business Benchmarking Report is a comprehensive analysis derived from extensive data analysis from thousands of fitness businesses that use Wodify. Our insights provide a panoramic view of industry trends, offering key metrics and benchmarks crucial for informed decision-making and strategizing within the fitness industry.
Over the past 12 months, we meticulously gathered data from approximately 5,000 businesses encompassing a staggering 880,000 clients, 360,000 leads, and an impressive 35 million attendances!
In order to make all of this data more digestible and more specific to your business, we broke each data point down into categories.
To kick us off, one of the data points fitness business owners are most eager about is how long it will take them to build up their membership numbers. While this often depends on how established the community is when they began using Wodify, here are the data points we pulled for 50, 100, 150, and 200 members respectively:
Attendance is the #1 indicator of client retention. In fact, we have an AI Retention Tool, called Retain which predicts how likely a client is to stay a member of your facility based on attendance data. The data below shows the average monthly attendance per client, based on industry data.
Retention is crucial for building a sustainable and profitable business. It is quite literally why we created Wodify, the industry-leading Customer Retention Platform, to help business owners utilize technology to retain their clients easily and build successful fitness businesses.
The data below represents the average month-to-month retention rate of clients who have memberships for the next month. Wodify businesses have, on average, a 6% higher retention rate than the industry average.
The number of leads generated per month is a key indicator of business success. The more leads, the more conversion potential. The data below shows the average number of leads generated per month per active client.
Let’s break this down for a minute. Why are we giving you the average number of leads per active client? A business that has 500 members is likely to have more resources to acquire leads, so it would be inaccurate to compare a business of 500 members to a business of 50 members. Therefore, we broke down this data into an average number of leads per active client, so you can actively benchmark your business based on your number of members. To find the average number of new leads per month for your business size, multiply the total number of active clients at your gym by the provided average leads per client.
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The lead conversion rate is calculated by dividing the total number of leads that became active members in a year by the total number of leads generated in that same period. This rate provides a clear metric for understanding how effectively potential leads are being converted into active members!
Do free trials actually work? Let’s see what the data reveals. The data below represents the percentage of leads that converted to being an active member after completing a free trial or drop-in class.
Curious how much revenue the average business generates per member each month? The data below offers insights into just that.
How much revenue can you expect to make per client across their entire time they are a member of your fitness business?
Length of engagement measures how long clients remain active at their gym or studio. As the number of lost clients decreases, the length of engagement increases.
Wodify powered businesses have double the length of engagement compared to the industry average.
A larger category than most, we detail the average monthly revenue that fitness businesses generate, broken down by each type of service they offer. Note that these “services” are based on broader categories of services and may differ across types of businesses.
The ideal number of classes held per month differs per business based on staffing capabilities and membership numbers. The data below shows the average number of classes held per month.
The metric we focus on here is the average number of clients attending each class, categorized by the type of fitness business.
The data below shows the average number of clients per staff member.
The data below shows the industry average number of classes per instructor. By comparing the number of classes your instructors currently teach at your facility with the industry average, you can assess whether your instructors might be underutilized or overextended, as well as guide your decisions on staffing levels.
We hope you found this Fitness Business Benchmarking Report helpful. Please come back and reference these statistics at any time as they are here to help you set realistic goals for your fitness business.
If you want to talk more in-depth with a member of the Wodify team to see how you can utilize our Customer Retention Platform to increase your revenue and member engagement, book a demo here.
Wishing you the best of luck in 2024!
