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Are You Truly Surviving? How to Measure Success in the COVID Era

Are You Truly Surviving? How to Measure Success in the COVID Era

Were you measuring the success of your business pre-COVID; if not, how do you even begin now? If you were, has it changed? We'll let you in on the secret of the 3 most telling metrics for understanding and ensuring your business’s health.

About this EVENT

In this Live Presentation, our data partners at iKizmet dove into the 4 most important metrics to help you determine if your business is on the right track and to keep it on the path of success!  As the data analytics guru of the fitness world, iKizmet will guide you into focusing on the right numbers for the past, present, and future!  

If you’re feeling like so much of running your business right now feels left up to chance, you can rely on your data to tell you the facts. iKizmet will show you how to remove the guesswork so you can make smart, data-driven decisions for your business both in the present and in the future. 

Replay this Live Class to answer questions such as:

  • Is measuring your performance based on attendance still relevant? 
  • How do you determine and predict popular class times in an unpredictable world? 
  • What is more important, client acquisition or retention?
  • How do you track conversions?

Links to Additional Resources

Notes

The questions you ask yourself may have changed, but how you look at data is the same.

4 Key Metrics that Drive Performance:

  1. Visits
  2. Capacity & Utilization
  3. Retention
  4. Acquisition

 

VISTIS: How Many People are you Seeing per Day?

Understanding your attendance numbers (especially pre-COVID) is vital
to:

  • 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

  1. To get this manually, you will need to pull Attendance reports from you CRM. (In some cases this may be your roster.)
  2. You now need to determine who is new and who is coming regularly based on frequency of attendance. 
    1. If you have more new clients coming to class, you should focus on Retention.
    2. 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?

Key Considerations:

  • 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.

Notes

The questions you ask yourself may have changed, but how you look at data is the same.

4 Key Metrics that Drive Performance:

  1. Visits
  2. Capacity & Utilization
  3. Retention
  4. Acquisition

 

VISTIS: How Many People are you Seeing per Day?

Understanding your attendance numbers (especially pre-COVID) is vital
to:

  • 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

  1. To get this manually, you will need to pull Attendance reports from you CRM. (In some cases this may be your roster.)
  2. You now need to determine who is new and who is coming regularly based on frequency of attendance. 
    1. If you have more new clients coming to class, you should focus on Retention.
    2. 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?

Key Considerations:

  • 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.
Looking at revenue is important but the things that drive revenue are even more important. Revenue is a lagging indicator of how your business is really doing.

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