How Healthy is Your Studio? These 5 MINDBODY Reports will Tell You
Posted on April 23 2019
Most yoga and fitness studios in the US run on MINDBODY. In fact, over 50,000 of you have chosen this platform to run your business on. But do you really know its power? I've often thought that many of us thought we needed a good solid Toyota, but we purchased a Ferrari. It is so powerful. Sure it has it's shortfalls, but under the hood you can find out so much about your business. Most of us need a Driver's Ed course on MBO each year. Do you know your limitations in the software? What information would you like to know, but don't know how to get it? Have you spent time diving into the reports each month to really understand your business? MBO has the capability to give your business a check-up each month. So how healthy is your studio? These 5 reports will tell you. (*And what to do with them!)
Sales by Category Report
- What it does: Give a big picture look at how much money is coming in on a monthly basis. Which revenue category is performing well? Where are you spending most of your time, and does that actually turn into dollars? Or are you wasting time? (ahem, workshops, ahem). You can also compare each month to the prior month, or year.
- The story it tells: It will let you know if your income is greater than your expenses and will prompt you to revisit your budget each month to ensure that you are managing expenses.This report also gives you a clear picture of where to invest time.
- What it shows: Shows where your new clients are coming from
- The story it tells you: Referral sources are a good indicator of where you should focus marketing efforts and how effective marketing dollars and campaigns are. Remember to update them when you run ads, digital campaigns or mail flyers!
- What it does: Shows how many new clients are walking in your door each month.
- The story it tells: Proves if you should spend more time, money and energy on marketing your studio. (TIP: most studios fall WAY short on marketing efforts- keep a healthy monthly marketing budget in your overall budget every year).
New Client Conversion: First Visit/Sales By Service
- What they do: Show you how many people are actually choosing to stay at your studio month to month. When they try you, do they make a second purchase?
- What story they tell you: These reports give you a clear picture of quality in your studio and if you are creating an exceptional experience. It will force you to ask the tough questions. Are you invested in your sales process? Do you have the right staff communicating with clients? (TIP: You have to tag and move clients from report to report to get accurate data here)
Membership Conversion: First Visit/Autopay Summary
- What they do: Let you know how many clients choose to convert to monthly autopay
- What story they tell you: How well your staff is selling your membership and how effective your pricing is. (TIP: You have to tag and move clients from report to report to get accurate data here)
These 5 reports will give you a roadmap for action. Running these monthly (over a period of 6 months) will give you an idea of how healthy your business is and what steps you can take to dramatically increase profitability. . You have to understand the story in order to understand the numbers. When you understand the numbers, you can craft a new, improved version of your story! If you are interested in how to run each report and how to create a monthly process around KPI’s, book your free consultation with us!