Understanding and reviewing your finances is an essential step to gaining control over the success of your business. You may be reading this thinking, “I could never run my own business successfully because I’m awful at maths,” or “where and how would I get all the information from?” Luckily, personal trainer software can go a long way in helping you manage this.
There are four sales and marketing statistics you need to know in order to review your success. Once you understand why they are important, personal trainer software can be used to help you run reports and provide the numbers you need.
1. Prospects
These are your leads; potential new clients that have expressed an interest in training with you. It’s really important to capture their information, as they can easily convert to your primary source income as regular paying clients.
Personal trainer software can capture all of this information for you. If they have perhaps started the sign up process but haven’t completed it, the right platform can store their details and automatically add them as a prospect. Equally, you can manually add prospects following an email, phone or social media enquiry.
You can then use your personal trainer software to send out emails, promotions or trial offers to try and get these prospects engaged.
2. Trial Clients
These are the clients who have committed to working with you, but on more of a short-term or temporary basis. Depending on what you are offering, they could attracted to a discounted PT rate, small group training offer or perhaps some online programming. Don’t assume that you have to give a trial period away for free. Place value on the services you are offering and your trial clients will value it more too.
You can use personal trainer software to set up these trial packages or offers for clients to join. You can then use the software to stay in communication with these clients and ensure they’ve got off to a good start in their training with you. If you give your trial clients a good experience during this time, they are more likely to convert to a ‘new client’, which then provides you with a more secure commitment from them. A ‘one-off 2-week trial package’ can therefore become a steady and consistent source of income.
3. New Clients
Now, these are your regularly paying clients; those who have set up a monthly direct debit to pay for their online PT programming and coaching for example. These clients are your ‘primary income source’, which is the bulk of your business. Ideally, the money you receive from this area needs to be enough to cover all of your expenses, and allow you cash left over in the bank.
Seeing as this is your primary source of income, it’s important to keep hold of these clients. However, let’s say you have grown your business and you have 100 PT clients; a mixture of 1-1 clients, small group clients and online clients. How do you stay in regular communication with all of them, and ensure they are all receiving the services they signed up to? How can you ensure that all of your clients are achieving their goals and are therefore happy with your training?
Imagine trying to stay on top of emailing and messaging all your clients, and scheduling in everyone’s sessions – client by client. It would be a tedious and very drawn-out task! Thankfully, personal trainer software can help you stay on top of your communication and services by sending out automated emails and programs (whilst still being personalised).
Membr’s personal trainer software even offers online booking systems and client reminders to track their progress in achieving set goals. It’s a great means of keeping your retention rate high…which leads on to the next point.
4. Retention Rate
This statistic ultimately tells you how stable your PT business is. To run a successful PT business, you need to be gaining more clients each month compared to the number of clients who leave. Many trainers unfortunately fall into the trap of just looking at sales and new uptake each month, rather than working hard to keep the new clients they already have.
To calculate your retention rate, you need to work out the percentage of clients from the previous month who continue on with you this month. Take your previous month’s total clients, minus your previous month’s clients lost, and divide by the previous month’s total clients. A bit of a mouthful I know!
However, personal trainer software can help you by simply pulling off a report with your retention rate already calculated. Because this software can keep track of your client database, you really don’t need to worry about doing all the sums yourself. This makes life so much easier. Obviously, the closer to 100% your retention rate is, the better. If this number starts to drop, you need to act quickly.
Measuring business success with personal trainer software
Running your own business is about more than “having greater flexibility” or “doing what you love.” Your business needs to be successful in order for you have that flexibility and enjoyment, otherwise you’ll find yourself buried under a mountain of stress.
If you’d like to see how personal trainer software can turn your business into a well-oiled machine, why not request a demo from Membr and we’ll show you how it’s done.
