Often when you think of data insights you think of marketing – how many people visited our website this month? How many new likes did we get on Facebook? How many advertising dollars did we spend and what was the return?
Marketing data is useful for identifying opportunities for growth, but insights gained through business data can be just as meaningful for your bottom line.
Data can be attached to almost anything, so it’s sometimes hard to identify which metrics are most helpful. Use these tips to help you cut through the noise of too much data and gain insight into what you can do right now to improve the health of your business:
Prioritize data that’s relevant and actionable.
It might not matter that on average more people wear blue shirts than red shirts to an 8 a.m. Monday class, but it does matter that 75 percent of people who enroll in that 8 a.m. class renew their memberships. Measuring the right data exposes customer patterns and business opportunities.
You’re probably already tracking the basics like weekly client visits and revenue, but here are some additional things to look for:
- Client’s last visit: Tracking new and lost clients is a business standard. But you can reduce churn by knowing which clients haven’t been to a class in a while and reaching out to encourage them to come back.
- Client No-Shows and Cancellations: If your staff’s payroll is based on class attendance, this information is critical. Tracking no-shows and cancellations not only helps you accurately and efficiently calculate payroll, but also tells you which clients owe late cancellation fees.
- Membership Status: Tracking membership status, and knowing which memberships are about to expire, is one of the best things you can do to improve retention. Make note of whose memberships are almost up and encourage them to renew.
- Unpaid Visits and Failed Transactions: Every once in a while – and sometimes more often than you’d like – a client doesn’t pay for a class that they attended. Knowing who these clients are allows you to reach out in a timely fashion and collect payment before it starts to affect your business.
Data-driven decisions lead to growth and retention.
Each one of the data points listed above provides insight into an action you can take to solve a business problem and grow revenue. Efficient management leads to retention of your current clients, and helps you find time to reach out to potential new ones.
Clear understanding of the health of your business gives you peace of mind, allowing you to focus on sharing your passion with your clients. And isn’t that why you started your business in the first place?
By Front Desk. For more information, visit frontdeskhq.com.
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