5 Metrics to Monitor for the Health of Your Fitness Studio

Share on facebook
Share on twitter
Share on linkedin
Share on facebook
Share on twitter
Share on linkedin
Reading Time: 3 minutes

When the unexpected happens, you can count on data to tell you the full story. Whether business is booming or busting, there are 5 metrics that fitness studios should be tracking for success and longevity.

Revenue

Revenue is classically important and allows you to sustain your business.  Important numbers to monitor are your Month-to-Date and Year-to-Date revenue. While there may be many societal or even cultural reasons for differences in revenue month to month (summer vacation, winter holidays, etc.), Year-over-Year revenue can provide you with a better baseline for where your business is trending. Knowing a downward trend can help you prepare and create a new plan of action.

Class Utilization

Attendance can be an important indicator of the health of your business. No one wants to teach or attend an empty class. One metric we use is “Class Utilization.” To determine this percentage, you need to divide the total spots available in a class by the number of spots filled. Put simply, class utilization is your portal into understanding your class offerings and whether they work for your client base. Knowing your class utilization calculation can help you determine the average revenue you are making per class. Knowing this information can mean the difference between keeping a class or altering your schedule. It is important to pivot your schedule in real-time when the situation warrants and when your clients’ behaviors shift.

Memberships

Members are the heart and soul of your business. Your monthly memberships are your recurring revenue and this is the amount of money you can count on each month. This money helps you set a baseline to determine your payroll, your overhead costs, and your profit. It is important to have memberships that are valuable for clients and profitable for your business. The metrics that you should monitor with respect to members include your churn rate, your numbers of new and active clients, as well as the number of suspensions or freezes you have. These numbers show you trends in your client base and can alert you to changes for which you should prepare. 

Leads

A great way to look at leads is as potential clients. Unfortunately, there is no one-size-fits-all marketing solution for every studio. This is why testing and tracking your most cost-effective referral sources is so important.  One of the most important metrics in regards to leads is tracking your conversion rate. With regards to this number you should be measuring how many leads are in your funnel and of those leads, how many converted to a client? After all, getting first timers into your studio is only half the battle. Your introductory offer conversion rate can tell you a lot about your business. A lower conversion rate should alert you to take a hard look at your customer experience, your customer service, your teachers/instructors performance, and your memberships and other offerings.

Visits

How often do your members, class-pack clients, and drop-ins come to your studio? These numbers are important for you to determine your pricing, your class offerings, and more. Equally important is having a pulse on your “at-risk members.”  These are your members who have spent money with your business who have not been to your studio in a certain amount of time. Once you identify these at-risk members, your staff should make efforts to reach out to them to remind them of what they love about your studio and incentivize them to come back. Visits are a good indicator of your customers’ preferences and can show you how their behavior is changing over time.  Measuring their behaviors allows you to tailor your schedule to them and better meet their wants and needs.

Who is iKizmet?

We are a data analytics solution software that integrates with your business management platform (ABC Financial, Club Ready, Mariana Tek, MindBody, zingfit). We specialize in the fitness industry, providing industry best-practice metrics to meet the unique demands of fitness businesses and class-based offerings. Data doesn’t have to

SUBSCRIBE TO THE BFS WEEKLY NEWSLETTER

Join your Community of 10K Fitness Business Owners, learning and growing together. 
Tools, tips, and insight, straight to your inbox.  Weekly!

Further Reading

An Empowered 2021

An Empowered 2021

Reading Time: 2 minutes It’s safe to say that most of the world is hoping that 2021 will be an…
5 Tips for Successfully Adding a New Offering to Your Business Model

5 Tips for Successfully Adding a New Offering to Your Business Model

Reading Time: 4 minutes Building a business – or a new revenue stream within an existing business – can be…
5 Tips to Improve Studio Retention (Virtually or In Person)

5 Tips to Improve Studio Retention (Virtually or In Person)

Reading Time: 5 minutes When it comes to retaining clients for your business, it’s critical to consider the balance between…
Pricing Part I: One Way to Determine The Best Pricing For Your Virtual Offerings

Pricing Part I: One Way to Determine The Best Pricing For Your Virtual Offerings

Reading Time: 5 minutes What to charge for your goods and services is a very complicated topic: people get actual…
©Boutique Fitness Solutions 2020

Videos powered by 

Search Topics Here:

Want more in depth guidance from the best in the biz?

Become an INSIDER for classes, Q&As, and Quick Tips from Industry Leaders to help get your business back on track