How Successful Is Your Business?

Just how successful is your business? Can you list what’s working and where you can improve? Gone are the days where you have to guess at where you’re winning and losing. Now you can easily track your stats to know your business, identify opportunities and plan for long-term success.

If you don’t know your business is doing, how can you strive to do better? Let’s take your virtual classes as an example. COVID-19 made virtual classes mandatory for the fitness industry, making the online space a competitive one. Now that you’re competing in such a crowded space, knowing how you’re performing is crucial.

Are you using KPIs (Key Performance Indicators) to measure your business’ success? This metric assesses your data against your goals to see how you measure up. Now, more than ever, you need to be analyzing performance indicators to set goals and prepare for your future.

Here’s what we mean… If you’re sending out emails to promote your classes, check your open rate. (How many people opened them?) Of those people who opened your message, how many clicked your link (called click-through rate)? How many took the next step and signed up, and of those registrants, how many attendees did you actually get? Tackle this trail in each of your revenue streams to get an accurate picture of your business.

Here’s the rest of the data (KPIs) you need to evaluate to get the goods on your company’s performance:

How many new clients do you get?

How are you attracting leads and are they visiting your business? Through free trials, drop-ins, friend referrals, promos and your online strategy, are you attracting the clientele to make your efforts worthwhile? Determine where you could refine these efforts for a more targeted, efficient approach.

Are new clients becoming members?

Once you get them into your business, are they staying? Take a look at your conversion rates to determine if you’re doing enough to keep them coming back for more.

How often do clients/members visit?

It’s time to look at your traffic – online and in person. Are your clients visiting on a regular basis? Is there an opportunity to get them on a routine so you see a steady income? Are the same people visiting your webpages?—i.e. your website and social media sites. What can you do to up your clicks? Devise a strategy to maximize the traffic you’re seeing for a reliable income you can count on.

How many members renew each year?

Check the data on client retention. Loyalty and long-term business rely on clients coming back year after year. Take a look at where you might be missing the mark when it comes to holding onto your existing business.

How WellnessLiving is there for you

At WellnessLiving, we’re all about the data! We know that success is in the numbers, so we’ve got what you need to do the math on your business. Here are some of the features that’ll get you up to speed on your company’s analytics:

• One-click reports: Easily access your numbers with your custom dashboard and our QUICKSTATS feature. Set the parameters—like weekly, monthly, quarterly, or yearly—to have all the data you need at your fingertips.
• Custom reporting: Get only the stats you need to stay on top of your business—such as your detailed attendance reports—with customizable reporting tailored to suit your needs. Built-in custom reports can be broken down based on client type, client status, visits, locations, appointment analysis, and more.
• Track finances: You can also keep an eye on your sales and all transaction details reports with payment method, returns, wages, tips and taxes. Reports are easily exported into Excel format, making them compatible with most accounting software.
• Save data/keep organized: It’s easy to keep your eye on the prize when your data is tracked and saved for you. Stay organized and have peace of mind when you know we’ve stored and organized your data just for you.
• Isaac: This cutting-edge feature is predictive, helping you get a look ahead to forecast patterns for your business. Our virtual coach will give you details on who is statistically most likely to leave. Adjust your strategy (based on the data) to focus on client retention—winning clients back or avoid losing them altogether.

Now you can take action!

Now you know how to get the numbers you need to take action for your business. The data you gather will help you assign budgets, tailor your marketing, plan your social media strategy, and create a blueprint to maximize retention and revenue. With all the info you’ll have, uncovering opportunities and building on your successes will be a snap!

Wellnessliving’s all-in-one business management software has the tools you need to learn everything about your business. From finding out client patterns like tracking your most popular classes to learning whether your marketing is effective, there’s no data that’ll escape your notice. Find out all the ways we can help make your business a success by booking a free, no-commitment demo with WellnessLiving today!