As a dance studio owner, numbers are your business. From class attendance numbers to monthly membership collections, email list growth to new clients, you have numbers flying around just about everywhere you go. It can be easy to get blinded by this overload of information, and difficult to discern how all these different figures work together, and what picture they paint of your business.
The truth is that there are some numbers that deserve more of your focus than others, and when properly reported they can share actionable insights into your operations that may not be readily apparent when simply tracked on a spreadsheet. These figures, referred to as metrics, are what can help you identify trends, find new opportunities, and improve your business’s performance.
3 Metrics to Start Paying Attention To
- Leads to Conversions
When you have advertisements on online platforms like Google, Facebook, Instagram, and the like, the first thing that you want to track is how many leads you gain. Leads are individuals who express interest in your dance studio through an online interaction: a like, a click, or a share are just a few ways these individuals are identified.
You want to assess the total number of leads you acquire within a particular time period, or from a specific advertising campaign, so you know not only how well your current marketing efforts are faring, but also how much each lead is costing you based on the advertising spend you’ve committed.
Next, you want to find the conversion rate of those new leads – or, in simpler terms, how many of your prospects carried on to subscribe to a service or list, request a phone call, or book an appointment. Now, 100 percent of leads will not convert. In fact, a good conversion rate for Google advertisements is just 2.27 percent on average, while a conversion from online searches averages only 4.56 percent. So, if your conversions are above that, you are doing well! If not, it might be time to readjust your strategy.
- Retention Rates
You want long-term members at your dance studio. After all, it is more cost effective to have a long-term member than having to continually pay to acquire more. In the fitness sector, this metric is known as the retention rate benchmark.
It is not just about who is there the longest, though. There are multiple different data points within the retention metric that can give you a more specific view of how and when your clients are interacting with your studio. For example, you should concern yourself with:
- Not only how many members use the gym, but how many also maintain additional services like personal training or a nutritionist. If you have more than 20 percent of your members using these services, it should positively affect retention rates.
- Also, the additional dollar amount spent per visit can have great insights into retention.
- How many members use the studio less than four times per month and how many more than eight times? Obviously you want to decrease the number of individuals visiting the studio less than four times per month, and move them into the group of those who visit the studio eight times or more monthly.
- Performance Tracking and Reviews
When you implement new services or products, do you follow up with a survey or request for reviews to see what members think about it? Do you track the performance of that service or product to see if it is being used enough to justify the cost?
For example, you have implemented a new personal trainer schedule. Which coach is receiving the most requests through your booking program? Which is receiving the least? Should you change the allocation of hours based on this data?
Consider incentivizing members to submit reviews or fill out a survey, so that you can identify why they are booking with one trainer over the other, the classes they find most and least useful, and other critical feedback about your business. This helps you determine if you need to hire additional coaches, add more sessions of a high performing class, or drop an under-attended one, all by the numbers.
(If you’re looking for a great way to incentivize reviews, try our rewards program! It’s easy to reward your members for spreading the word about your business.)
Using the right software solution can help you track these metrics and more. From improving retention and offering online booking to generating reviews, you need a solution that provides you with the most information in the least number of steps.
Explore the options of WellnessLivingdance studio software and see how our visually-designed advanced reporting dashboard helps you gain better insight into your fitness studio. Click here to get your free demo, or give us a shout at 888-668-7728 now.