Could you be sitting on an untapped goldmine without even knowing it? What if we told you that your greatest growth tool has been right under your nose all along? Data! This avalanche of information can be used to transform your business and all at the click of a button through your management platform (assuming you use one of course). Periodically checking your reports will give you instant access to real-time data and analytics. But why is data so important and how can it help to grow your business?
Data can improve decision making
Data-driven decisions are the best kind of decision. Using data to drive your business decisions will automatically make them more accurate and successful. Without accessing or effectively analyzing your data, it’s challenging to make informed decisions. Data analysis can help you to answer big questions about your business such as what member demographic do you serve or how frequently are members attending classes? Basing your business decisions on facts and figures means that not only are business operations and management aims measurable, but your goals and aims are influenced by meaningful metrics. The great thing is that you don’t need to be a data wizard to get the most out of your data. Simply open one of your many Arbox reports, and we’ll do the rest! For example, if you want to know about active member statistics, Arbox provides a nifty summary bar with an overview of the number of members, the gender split and the average age. This gem can influence your sales and marketing agenda as well as class scheduling.
Data can help to boost member retention and engagement
In order to retain members, you need to understand your audience. Data analytics help you get to know your target audience, which in turn, improves the way in which you strategize sales and retention initiatives. Using Arbox reports enables you to analyze the customer journey, their behavior and their spending habits to find trends that help you better understand customer value and future trends. Accessing these reports means you can get clued up on expiring memberships and punch cards, booking cancellations, inactive members and much more so you engage with those members who need that extra support and encouragement. A recent study by the Retention Guru – Dr Paul Bedford, found that the risk of membership cancellation was reduced by 25% if clients attended once per week. Use your “inactive members” report to identify those members and get staff to reach out about the services on offer.
Using data can give you a competitive edge
Having faced untold challenges in recent times, those within the fitness industry are fighting to reinvent themselves and stay relevant. How do businesses make themselves stand out from competitors? Schedule new and dynamic classes, provide exceptional customer care? All this and more! But without analyzing industry trends, customer behavior and business statistics, you’ll be feeling around in the dark. Some businesses are still stuck in the data dark ages; using manually updated spreadsheets. By investing in a business management platform like Arbox, you are able to use BI and data to give your business that competitive edge. The Arbox dashboard highlights essential real-time sales and membership data, so you won’t miss a single lead or sale. Maximizing the use of the platform’s features means you’ll always be ahead of the curve and way in front of the competition.
Deliver the best customer experience
Using data to better understand how customers behave and feel is an important way to connect with them and win their loyalty. Do your research! Use your Arbox reports to find out which clients are booking classes but not attending them. What are the reasons for their cancellation or change of heart? Consider whether you are offering the right classes at the right times. Which coaches are teaching the least attended classes? Use Arbox marketing features on your platform to reach out to members to suggest suitable classes from your schedule.
If your data shows your space is busiest between 07.30 – 10.00 and then again between 16.00 – 20.00 with the majority of members attending classes during these periods consider running more than one class during your busiest hours, e.g. a HiiT class alongside a yoga class. If you have additional outdoor space, perhaps offer another outdoor class like a running club or jump rope skill session. Sunset yoga is also a great option if the weather permits it. This gives your members more class options, will increase lesson attendance and re-engage members through flexible lesson options.
If more women are canceling than men, you need to consider why! Select appropriate members and hold a focus group to better understand why women cancel more than men. If they are canceling because of family reasons/ responsibilities, consider creating classes during the quieter hours to cater for kids after school in tandem with an adult session. This may mean that mum (or dad) now has a way to attend class, make sure their child is looked after, and encourage their child to be active.
Data enables you to work on your business rather than in your business. Whether focused on core, growth or retention, your Arbox data ensures endless opportunities for development and optimization.