7 Business Metrics Every Boutique Fitness Studio Owner Should Know
Owning and operating a thriving boutique fitness business requires the ability to make sound decisions within a competitive and fast-moving industry. Every business decision impacts your members, your team, and your time—so it’s critical that your decisions and strategies be well-informed.
Data-driven decision-making removes the tendency to rely on hunches or guesstimates and instead puts data at the center of processes, and strategies. Here are 7 business metrics that every boutique fitness studio owner should know to increase profitability and improve your chances of owning and operating a successful business.
Number of New Leads
A New Lead is any person that creates a profile in your booking management system (ie. Mindbody). It’s best to group new leads in cohorts based on their profile creation date.
Number of Trials Purchased
This metric counts the number of New Leads that purchased a trial within a given time period (ex. within the last 30 days), including free trials.
Number of Trials with at Least One Class Attended
This metric counts the number of New Leads that have attended at least one class within a given time period (ex. within the last 30 days).
Number of New Members
This metric counts the number of New Leads that convert to an Autopay or recurring membership option within a given time period (ex. within the last 30 days).
Active Autopays or Active Recurring Memberships
In Mindbody or your booking management system, this metric represents the number of clients with an Autopay Status of Active.
Average Autopay or Recurring Membership Rate
The sum of all charge amounts for active Autopay or recurring memberships, divided by the total number of Active Autopay or Active Recurring Memberships.
Canceled Autopays or Canceled Recurring Memberships
The number of Active Autopay clients or Active Recurring Memberships with a last scheduled autopay or renewal date within the next 30 days.
Having a pulse on all of these numbers is a great starting point for more sound, data-driven decision-making, but what’s even more important is how these numbers relate to each other. Here are 3 bonus conversion metrics to keep a close eye on as well.
Lead to Trial
The number of New Leads that purchased a trial within a given time period (ex. within the last 30 days) divided by the total number of New Leads that have a profile creation date within the same time period.
Trial to Attended
The number of New Leads with at least one class attended within a given time period (ex. within the last 30 days) divided by the total number of New Leads that purchased a trial within the same time period.
Attended to Member
The number of New Leads that purchased an Autopay or recurring membership option within a given time period (ex. within the last 30 days) divided by the total number of New Leads with at least one class attended within the same time period.
Weekly tracking of these 7 business metrics is critical, and our Pipeline Solutions TeamView dashboards make the process super easy for studio owners. Your studio data is updated daily so that the metrics that matter are always at your fingertips, allowing you to more easily identify trends and track improvements. Without tracking these metrics, your studio will never reach its full potential.
If you’re unsure of how to improve your metrics, schedule a call with one of our growth specialists and we’ll help to identify the maybe not so obvious things that are quietly dragging down the health and performance of your studio.
