Part 2 of 4: Measuring Success During COVID
Client Retention in Fitness Businesses
In Part 2, iKizmet dives into Retention -including how to measure client retention as well as tangible steps you can take in your business to increase retention in this challenging economic climate.
You may have heard that the cost to acquire a new client is three times more than the cost of retaining an existing client. In today's economic climate, this statistic rings even more true. Due to federal, state, and local restrictions on class capacity, retaining your current clients is even more vital to your business's health. You may be unable to serve both your current clients and bring in new ones, due to reduced class capacity. But, with everything else that you are focusing on in your business during this time, are your retention efforts falling by the wayside. Read on for some tangible ideas and quick tips to help you jumpstart your retention efforts and keep your clients engaged and coming back for more!
It's no surprise that social media is more than a quick fad -and it's a great tool for you to use in your business! Chances are, your clients fall into the 79% of the U.S. population who have a social media profile. Using your Instagram or Facebook could be a great use of your time -if your clients are on there and if you cultivate your following correctly.
Why social media? For starters, the average daily amount of time spent on the internet by global internet users is 144 minutes (nearly two and a half hours). Plus, you can choose between paid advertising and organic; organic is any activity on social media that is not a paid promotion. If you are short on cash due to the current economic climate, you can focus your efforts on posting frequently and with relevant content. Knowing what is relevant to your clients may take a little research and "trial and error."
- Post frequently, but make the content relevant to your audience. Posting too often or with uninteresting content may fatigue your audience and cause them to interact less with your content.
- Have a newsletter where you post studio news, events, and relevant information? Post that information on your social media accounts as well!
- Run a social media contest that encourages your clients to attend classes, attend virtual classes/events, purchase retail, and tag your profile in their posts! (Think BINGO, week-long or month-long challenges, etc.)
- Use your platform as a way to speak directly to your clients or audience as the studio owner! This gives your business a "face" and helps you interact more personally with your clients -even if you can't do so in-person anymore.
Social distancing is here to stay (for at least a little while), but that doesn't mean you can't still interact with your clients! When you're not using your social media presence, make sure you and your staff are interacting with clients when they're coming to class. Use the time before, during, and after classes to your advantage. Your clients are in front of you, interact with them, engage with them, and get to know them!
Those personal interactions are just one of the reasons that people love boutique fitness. Have your staff and instructors check-in with clients before class and ensure they have everything they need to have a successful experience. During class, ensure your instructors are upbeat, uplifting, or consistent in demeanor with your brand. After class, have your teachers or staff follow up with your clients and ask about their experience. The bottom line: Interact with your clients and take this time to ensure their needs are met and that you are delivering an excellent class experience.
Track, Track, Track!
You're interacting with your clients, sending emails, posting on social media -how do you know if those things are working? For starters, monitor your Client Retention Heat Map in iKizmet. The Retention Heat Map allows you to see how your retention efforts are stacking up, month after month.
For tracking that is more current and actionable, check out the "Memberships" tab where you can see monthly, weekly, and even daily views of the specific breakdowns of your memberships. This allows you to track in real-time and pivot and plan for what your next retention efforts will be.
Build a Great Class Schedule
Another secret to retaining your clients is building a class schedule that they love! This may be trickier due to COVID restrictions, however it could be a key ingredient in your retention efforts. Want more information about class schedules and capacity? Stay tuned for next week's post: Part 3: Class Capacity & Utilization!
Ready to back up your business decisions with data? Set up a demo with iKizmet to learn more!
If you haven't had a chance, grab a copy of our quick guide to Measuring Success in the COVID Era here.