Here at Glofox, we recommend analysing these key metrics to determine how well your studio is performing (alongside the usual revenue and sales of course).
By keeping track of these metrics each month, you’ll be able to identify tonnes of opportunities to take advantage of, all helping you to take your yoga studio’s performance to the next level.
1. New Membership Sign Ups
It’s simple, to grow your business, you need to consistently grow new membership sign ups each week, month and year. Without insight into your new membership signups or class package sales, it can be difficult to track your studio’s progress.
You should be able to answer these questions off the tip of your tongue: How many new membership signups do you receive on average each month? Is it more than the number of clients who do not renew their membership each month?
Take Action:
Set a new membership signup goal for the month and monitor performance on a weekly basis so that you can take action in real time.
Keep growing your pipeline of leads by ensuring your marketing activities reach the right audience and spread the right message. You should also ensure that potential clients can submit questions and queries via your website or social media channels.
2. Class Bookings
When you break down your bookings on a class by class basis, you can see exactly which classes are driving your studio’s revenue and which classes may need reevaluation. With this information, you can make informed decisions that help you increase your studio’s revenue each day, week and month.
Take Action:
From your business data, gather information on your most and least popular classes over the past week and month. If there are particular classes that consistently have lower bookings, take the time to analyse contributing factors, for example:
Is this class on a day and at a time that suits my target audience? If you’re targeting busy working mothers, are you catering to days and times that work best for these clients? Can your clients easily book and pay for the class at a time convenient for them? Do you promote these classes via your website, social channels and mobile app, if you have one?
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Discover more 3. Attendances
By gathering attendance data, you can glean real insight on how your classes and courses are performing overall and also, how your schedule reasonates with your clients.
With this metric, you’ll get answers to key questions such as: How many clients visit my studio each month? How many of these visits are first time visits? Are these numbers increasing or decreasing each month?
Take Action:
Your could increase the number of first time visits each month by implementing a ‘One Class Free trial’ option to gain traction. Alternatively, you could implement a ‘book a buddy’ option for clients or test out alternative class days and times that may suit new and current clients better.
If ‘no shows’ are sky rocketing, it could be an indication that your clients lead busy lifestyles ad are simply forgetting about their class booking. Do you send your clients insprirational notifications to keep them coming back?
4. Revenue by Teacher
Do you know which teachers are driving your studio’s revenue through the roof? Are there particular teachers who consistently drive lower revenue than the rest of the team? If so, it’s time to take action based on the information you’ve collected.
Take Action:
Are there teachers in your practice who could benefit from additional training or development workshops? Do one or more of your teachers need to reevaluate their teaching style?
Encourage your teachers to research the development options available to them. For example, Yoga Alliance Professionals offers comprehensive workshops to help yoga teachers continually improve upon themselves.
5. Revenue by Item
If you sell products at your studio, are you analysing sales trends and revenue generated per item on a regular basis? These metrics will help you to anticipate demand for your products and identify trends and opportunities.
Take Action:
From your records, are there particular products that consistently sell out each month or at a certain time of the year? Is there an opportunity to sell more of this product or genre of product?
Are there particular products that don’t sell out at particular times of the year? Should stock of this product be reduced at this time? Ask yourself, are clients aware that you are even selling these products? Could you generate demand for these product through marketing activities? Should discounts be applied to products that aren’t selling or is a price reevaluation required?
