Something that separates many thriving companies from their competition is the storage and analysis of data about their customers.
Paying attention to the habits of your members and listening to their honest feedback are two of the best ways for gym owners to understand their member experience. In an industry that struggles with low retention, customer satisfaction is critical.
In this article, we will share five of the most important gym reports that owners can collect and analyze to stay on top of their business and maximize member retention.
5 Key Reports to Run Regularly for Gym Business Success
By checking these five simple reports on a weekly basis, you’ll have all the information you need to make essential changes to your business.
1. Run a Data Report
When it comes to gym reports, your data report, which is essentially information about business performance, including outstanding payments, is one of the most important to stay on top of.
Awareness of members who have overdue payments can keep you from missing out on thousands of dollars worth of revenue annually. Although it might not seem like it, members whose payments have been rejected or those who haven’t bothered coming in to pay can easily slip through the cracks.
Every week, you should check who hasn’t paid for their membership and notify those members that they have an outstanding balance.
If your gym system doesn’t automatically revoke their access, find a way to ensure that your members don’t have access to your facility until they’ve paid.
Running this report every week is key since hounding members for overdue payments after too much time has elapsed will make your business look sloppy, and you’ll be less likely to collect successfully.
2. Check on Your Prospects
There will always be potential members that contact you via email or a phone call, visit your facility for a walk-through, or even take advantage of a free training session.
If you didn’t manage to lock them in as a member after their visit, it’s essential to follow up, and running a weekly prospect report can help you do so within an appropriate timeframe.
Within the week, give them a call or email to find out more about why they decided not to join your gym. During this call, you could try to extend a special offer, like a free session with a personal trainer or access to one of your amenities, to anyone who seems unsure about joining.
Sometimes, sweetening the deal will be enough to get a cold prospect to turn warm. Other times, this follow-up will only serve as an opportunity for you to get some constructive criticism about your business.
Either way, this check-in with your prospects can help you attract more members and improve your overall member experience.
3. Follow up with Dormant Members
Members might stop showing up at your gym for a couple of reasons, and regardless of their ‘why,’ you’re at a much higher risk of losing members who have taken a hiatus from their usual gym routine.
If by doing an expiry report you notice that a member isn’t visiting your facility as regularly, taking time to send them an email or have your team reach out to them through a call could make a big difference in keeping them around.
One of the biggest reasons people cancel their gym memberships early is loss of motivation, which can be offset by offering them a session with a personal trainer. Other times, a gentle reminder can also be all people need to get back on track.
Finding new ways to offset low retention rates and keep your members around for the long haul should always be a top priority.
4. Get to Know New Sign-ups
Generally, the trickiest time to keep members around is in the first 100 days, with the highest percentages of cancellations happening in the first three months. After this period, people are generally with you for the long haul, but getting them there can be tough.
If you find that you are struggling with retention, having a more hands-on approach with newer members could make a big difference.
This might look like getting your team to talk to new members—either over the phone or in person at the gym—to figure out their ‘why’ for being there.
With this knowledge, you can set them up with a more personalized training plan or steer them towards extra amenities that might get them more invested in your facility.
By running a report that keeps you in the loop about new sign-ups, you can help give your new members the resources they need to make exercise a lifelong habit.
5. Find Out Their Reason for Canceling
Even when it’s constructive, not many people are interested in hearing criticism about themselves or their business.
But by creating an avenue where you can collect feedback about your business, you make finding out about changes you can make to positively impact both your member experience and revenue possible.
You can collect this feedback by sending a survey to members who recently canceled their memberships and by making it a weekly habit to leaf through and find anything that can be used to improve your business.
Members canceling because of high membership prices could easily be offset by creating special offers for longer membership durations or running monthly specials. Still, you would never know to make these changes unless you ask.
Bottom Line
Finding new ways to organize and analyze customer data is important if you want to implement any of the ideas listed above.
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