Data is an integral part of running a successful gym. Knowing how your club is performing allows you to determine what areas need work, what areas are doing well, and how you can refine your operations and strategies to reach your business goals.
In fact, data is so important in the fitness industry that Sarah Pellegrino — a host of The Fitness Business podcast — teamed up with Nick Hahn — our VP of Product at ASF and Club OS — to explore the topic further in our webinar series, Talk Data to Me. For the first episode, Sarah and Nick dug into the spicy details of how ASF Dashboards can help club owners harness the power of data to grow their business, broken down into three pillars: revenue, remittance, and membership.
In case you missed their first chat, we’ve put together an overview of the dashboard pillars below and how they impact your club.
Pillar I: Revenue
The first pillar of the ASF Dashboards is revenue. Our dashboards make it easy to see and focus on your club’s gross and net revenue, as well as your various revenue streams. Let’s take a look at some of the most valuable features Nick and Sarah discussed for club owners to take advantage of in the revenue dashboard.
Your KPIs (key performance indicators) are displayed at the top of the revenue dashboard, so you can compare the data to your goals. Easy visibility into these metrics is important for gym owners because they allow you to determine whether your current marketing and operating strategies have you on track to reach revenue and other goals or if you need to reevaluate.
Monthly Revenue Comparisons
In your revenue dashboard, you can also compare current and previous revenue in an easy-to-interpret visual chart. The chart will automatically pull revenue data from the current month you’re looking at, the previous month, and the same month of the previous two years and display it in comparison.
Armed with this data, you’re able to more accurately anticipate the revenue you can expect for the month and determine what you need to do to reach previous benchmarks. For example, if you’re halfway through the month of March but you’re trailing your revenue from this time last year, you may want to run a promotional campaign to give those numbers a boost.
View Add-On Revenue
Another data point you can easily view in your ASF revenue dashboard is your add-on revenue, which is broken down by types of payments to show the effective rates of each distribution. Having a clearer picture of where your biggest revenue and cost streams are helps you better decide which areas are worth the continued investment.
For instance, Nick worked with a customer to review their revenue dashboard and was able to identify a cost-cutting opportunity. He noticed the club had a significant amount of revenue coming in through statement-based billing, which requires a higher processing rate. In this scenario, an effective solution would be to reach out to club members and encourage them to switch to EFT (electronic funds transfer) payment, possibly with a discount incentive.
Pillar II: Remittance
Remittance is an especially important data insight to have for small business owners, such as individual clubs. They say cash is king, after all, right? Well, your remittance dashboard keeps track of where your cash is and when it’s coming into your bank account. You’ll have clear visibility into what revenue still needs to be deposited, helping you ensure you can pay your bills on time.
Pillar III: Membership
The membership dashboards you’ll have access to with ASF will provide some of the most valuable data for your club’s growth. There are several dashboards — Overview, New Memberships, and Churn — that, together, give you a comprehensive overview of your current membership base and trends. You can see everything from active and new memberships to churn and beyond.
In the webinar, Sarah and Nick dug into a few of the most important membership data points for gym owners to track using their ASF Dashboards.
Net New Memberships
Your membership dashboard allows you to view both new and net new memberships. If there is a large discrepancy between how many new members you brought in during a certain month and how many you lost, that’s an insight worth investigating. This is especially relevant now, as the fitness industry is still recovering from the COVID-19 pandemic.
For example, the ASF customer success team worked with one club to get to the bottom of why their net new memberships had been trending downward. They discovered that one of their locations was bringing the number down because of how many frozen memberships they still had.
Considering only about 30% of gym members have returned to their gym since lockdowns, these findings may not be so surprising. But knowing the cause of their net new member decrease allows the club to do something about it, such as run a campaign targeting frozen members that promotes new equipment, classes, and safety protocols.
Having your club’s membership churn data in one concise place helps you drill into the root causes of why your net memberships may not be meeting your expectations. One of the most useful data points in ASF’s membership dashboard is the reason for cancellation. Although collecting this data depends on your team asking lost members for it directly, once you have it, it’s invaluable for reengaging lost members with personalized communications.
Let’s say, for instance, the most common reason members reported cancelling their memberships last year was to cut costs. After running your dashboard to see cancellation by membership tier, you discover that most cancellations that fell under that reason were by premium members. Now that you know why they left, your staff can reach out and discuss other, more cost-friendly membership tiers they may be willing to return for.
ASF can also help you reengage lost members with our Club OS integration. Using your dashboards, you can see which membership demographics are leaving and why. Then, Club OS allows you to create custom emails that can be segmented and targeted to those demographics.
Upselling & Cross-Selling Members
As you look at your new membership dashboard, you can also see how many of those new memberships actually came from existing members who upgraded. Nick has found that, on average, a club will upgrade 5 existing members for every 100 new members they bring in over the course of a month. However, the highest performing customers are upgrading at least 10 members for every 100 monthly.
Evidently, engaging current customers with opportunities to upsell and cross-sell can often be a bigger revenue driver than new member acquisition. In fact, research shows that existing customers are 50% more likely to try new products and spend 31% more when compared to new customers. When you can easily see trends in which member demographics are making which upgrades, you can take greater advantage of those upselling and cross-selling opportunities.
Make Better Business Decisions for Your Club with ASF Dashboards
When you have the analytics and reporting tools you need to make data-based decision for your gym, you can boost member acquisition, retention, engagement, and revenue. ASF Dashboards offer clear summaries of how your club is performing in different areas, consolidated across all sources of data to make your life easier. With our visually pleasing data presentation, you can quickly see in what directions your club is trending and identify the best strategies for reaching your goals.
Book a demo to learn more about ASF Dashboards and our other industry-leading features today!