Data points can be helpful to keep track of attendance trends and class size, as well as measure your yoga studio’s success.
Meredith Conroy, the owner of Bend and Zen Hot Yoga in Louisville, Kentucky, said she uses MINDBODY to keep track of her analytics. But there are specifically two points she looks at: topline revenue and class size.
“Just like all fitness industry businesses … we also have a seasonal element that impacts our business, and we’ve watched it be the same every year,” said Conroy. “Attendance is definitely great in the winter. A lot of folks in the summer take time off. We have a lot of moms that need to be at home with their families. So, we definitely see a reduction in numbers, but at the end of the day, that’s expected. Nothing to be alarmed about.”
Even if your data points fall into a pattern, Conroy said it is important to always keep track of them. “Often people get into owning a studio because they love yoga, which is great, but you also have to keep in mind that in order to provide the service you love, and you know is so beneficial to people’s mind, body and spirit, you’ve got to keep the trains running,” she said.
Conroy also said when owning a studio, you have to have the mindset of being able to pay enough to hire the best instructors, and to keep the facilities clean, updated and fresh. In order to maintain the type of environment you want to create for your clients, you have to pay attention if your business is successful or struggling.
A way Conroy recommends being successful is paying attention to your conversion rates. “Make sure you’re converting your intro offer to memberships; that’s an important thing,” she said. “We have $35 for 35 days, and after that we of course want you to come on and fall in love with yoga and all the benefits you’ve seen it bring to your life and want to make it a permanent thing.”
Bend and Zen also use email automations rating of customers experience to track their success. Conroy said their nine and 10 ratings are above 95%, but there are occasions where someone doesn’t have a pleasant experience. She uses the bad ratings as a chance to follow up and see how she can better her studio.
Her best analytics advice is software investments pay off. Bend and Zen uses MINDBODY’s “business snapshot” which shows analytics and data points from the last year to the current date with a click of a button. Though it’s not perfect, having a detailed, easy-to-use software, makes tracking data easier and more convenient.
But while using data and numbers is important, it’s not everything. “It’s about numbers, but it’s about creating community and family and a place where people can come and sweat on their mat whatever they need to sweat out,” said Conroy. “They can come and know that we’re there for them. That to me is one of the most important things.”