Why Data Makes Your Business the Best It Can Be...
Having access to the right data - and understanding how to analyse it - will help your business go a long way. Why? Because data helps you solve problems and make better decisions. It helps you to understand your customers.
If you do it often and well, you’ll see results. From improving customer retention and the service you provide, to predicting trends and planning ahead, data has a huge part to play when it comes to running a successful business.
Below you’ll find 7 data points worth looking into (if you haven’t already). We hope that it inspires you to think beyond your current processes and start using your data to your advantage.
Let’s dive in….
Capacity.
When looking at class numbers and trying to suss out what’s most popular, take into account all variables. Is there a popular class type, or is it the day, time, age range, venue? All factors should be considered and if you start analysing across all of these variables, it’ll help you to make the right decision when it comes to expanding your business.
The same applies to low numbers or significant drops - use your data to find out which classes are struggling to determine the reason why and adjust accordingly.
Trials.
Lots of clubs run trials as a way to attract new customers, but are you making the most of them? How well are they converting? Without assessing, you will never know.
Ask yourself: How quickly are you getting back in touch with them after the trial? Does it make a difference if they are free trials or paid?
Asking these questions will ensure that you have the right process in place to maximise trial bookings and ultimately retention. If you don’t know the answers then you might need more visibility.
Waiting lists.
Which classes are full? How long are they waiting? A full overview of this is essential to keep traffic to your classes flowing and making sure no-one gets left behind. If your waiting list is telling you that there is more interest in a certain class, proceed with a sensible solution.
Think about generating a waiting list for a new class by offering a ‘register your note of interest’ to suss out the demand and protect against investing without commitment from customers.
Financials.
You will be watching the money roll in, but are you analysing your finances? What makes you the most money? Could you offer another revenue stream? Where could you increase the price? How are people preferring to pay? Where are your high points and low points?
If you’re asking these questions, you’re putting your business in the best position for further growth.
Registration Questions.
Getting input from your customers is a smart move. Ask the right questions and you’ll benefit greatly from the answers. A popular one is “How did you hear about my club?” but have you taken the time to study the answers? You might find there’s a clear source or a particular source amongst a certain age group that you can invest in.
Make sure you action the answers and start channeling your focus for your club in all the right places. The same applies to any feedback you ask for from customers already attending by survey: Ask and learn.
Inactive Customer Database.
If customers have subscribed to your database but no longer attending a class, be sure to keep them in the loop with special offers, such as camps or workshops. Retention of old customers can be just as important as advertising for new ones.
Customers Journeys.
How your customer navigates your website, your social media platforms, and books your classes are essential to know and there’s a lot to learn from. Start with this: Where are they booking from? Figuring this out with a simple tagging pixel will tell you how many visitors you’re getting vs how many are booking, allowing you to make necessary changes to your website for optimum results.
Know your social channels and track engagement. You’ll know what’s the right type of content to be producing, when’s best to post and become more confident in your approach.
If you don’t have access to these data points, it might be time to start thinking about using a system like ClassForKids. Something that automates all your processes, giving you the overview you need to make smart business decisions.
If you’re curious to find out more about how it can help you grow, get in touch with one of our friendly Businesses Coaches to have a chat. It’s free and there’s no obligations, so what have you got to lose?
