The business of fitness can become complicated if you don’t keep your finger on the building blocks that matter. There is an overwhelming amount of data available to business operators, but we’ve narrowed it down to four key metrics that are essential to your success.
Once you acquire a new client, how good are you at keeping them engaged with your programming & community? Understanding how successful you are at keeping your members devoted month after month is a necessity. Check out this simple equation to help you calculate your Member Retention Rate.
In comparison to your member retention rate, this measurement is more subjective and can feel more personal, but it is equally important. How do you find out what your members think and feel about your space? Here are some suggestions on how to solicit quality of service feedback:
Pro tip: use Google Forms for quick & easy survey creation.
Aside from sending surveys, it’s also critical to build personal relationships with your members, so they feel comfortable coming to you with suggestions and concerns.
You’ve calculated your retention rate and have a great quality of service score, but are your members actually showing up? You may have members who have not been to your gym in a couple of weeks and you’ve been too busy to realize it. That’s where a gym management software system, like Wodify, comes into play. With Wodify, you have the ability to generate many different types of attendance reports and view trends, so you can see if individual clients start showing up to fewer classes, before it’s too late.
At the end of the day, if your business isn’t making money, you can’t stay in business. More important than total revenue is Net Profit. Simply put, Net Profit = Total Revenue - Total Expenses. In order to calculate this accurately for your business, you will likely need to use an accounting software, like QuickBooks, in addition to your gym management software.
If you are using Wodify, you can take advantage of our QuickBooks Online integration to make your accounting fast, reliable, and accurate.
What other metrics are you measuring at your gym to help its success? Be sure to share it on social media and tag us @Wodify!