Wodify is a leading all-in-one fitness management software, trusted by 5,000 of the world’s top businesses. With one of the largest & most accurate datasets in the industry, we decided to create this blog series in order to share specific metrics that are proven to drive results, insights from the most successful gyms, and how Wodify customers can track their progress.
If you talk to any gym owner about the key metrics in their business, retention is sure to come up. To illustrate the impact of retention, consider this scenario presented by Chris Cooper at Two Brain Business - “If you’ve got 150 clients… Paying you 150 bucks a month, and you can improve their retention by three months, your net owner benefit goes up by $40,000 a year”
But what should you actually be measuring when it comes to retention and where should you focus your efforts in order to improve your retention rate?
We dug into the numbers and found one area in particular that significantly impacts the retention rates across all gyms. That is, clients making it to the 90 day mark after joining. We found that:
45% of new clients will cancel within their first 90 days
Of the clients that make it past 90 days, 53% will remain for a year or more
To summarize, if you can create a client experience that keeps them engaged and coming back during their first 90 days, they will be more likely to remain a client and positively impact your retention.
In order to track this, we built an Insights dashboard to show you at-a-glance how your business is performing. With Wodify Insights, you can compare your 90 day client retention to the industry standard and see how that rate has changed over time - giving you visibility into what’s working for your business and what’s not.
We asked some of the industry leaders and gyms around the world with the highest 90 day retention rate for tips that you can apply to your business.
This is why documented systems and procedures are so important. Do your coaches have guidelines and systems in place to deliver a quality experience on a consistent basis? Or does the quality of your classes fluctuate significantly based on who is coaching?
At NCFIT, all of our coaches run their class based on the same sheet of music. We write out detailed session plans that outline stimulus, warm-ups, teaching focus, and a minute by minute timeline so that our classes are always top notch.
That is how we know we are renewing our athletes’ membership every single time they walk into class.”
Download The NCFIT 10 now and start providing a consistent, top tier experience for your clients.
Here is a free DIY guide to creating a client journey.
We hope you found these insights & advice useful for your business! Keep an eye out for more posts in this series as we continue to explore the data in Wodify.
If you are a Wodify customer, you can learn more about all of our Business Health Insights.
If you aren’t using Wodify yet, you can book a free consultation here.