The questions you ask yourself may have changed, but how you look at data is the same.
4 Key Metrics that Drive Performance:
- Capacity & Utilization
VISTIS: How Many People are you Seeing per Day?
Understanding your attendance numbers (especially pre-COVID) is vital
- Projecting your attendance at a reduced capacity,
- Determining profitability, and
- Providing the right level of support to your members and clients who are paying a premium.
**Remember not to set your live stream classes with unreachable capacities. Yes, the capacity may actually be limitless but this will not give you accurate utilization numbers**
CAPACITY & UTILIZATION: What are my Most Popular Days and Times?
Determining a profitable schedule is more vital than ever.
- You’re likely running at a reduced capacity than you were pre-COVID.
- Your hourly staff costs and overhead expenses may still be the same as pre-COVID.
- Changes you should take into consideration:
- Increased staff time used for cleaning;
- Increased staff time used for check-ins and setup;
- Increased costs for cleaning and safety protocols; and
- Costs of paying your teachers are the same.
**75% utilization is a good benchmark to work towards. When you are hitting an average of 75% utilization across all classes is when you can think about adding more classes to your schedule**
ACQUISITION OR RETENTION?: Start by Understanding Who is Coming to Class
- To get this manually, you will need to pull Attendance reports from you CRM. (In some cases this may be your roster.)
- You now need to determine who is new and who is coming regularly based on frequency of attendance.
- If you have more new clients coming to class, you should focus on Retention.
- If you have more existing clients coming to class, you should focus on Acquisition.
ACQUISITION: How Many of your Leads are Coming in AND Converting?
- Do you have a successful Intro Offer to drive in new clients?
- Can you easily understand where you are converting leads in the sales process?
- Make sure your front desk staff have a sales process in place to contact these leads.
RETENTION: How are you doing at Retaining your Existing Customers?
- Understand State and County Guidelines for Capacity.
- Are you currently only able to focus on existing customers based on a reduced capacity?
- Can you serve your current members & clients at a reduced capacity?
- If you are struggling to serve your current clientele, you may consider not running new client intro offers or specials.