One of the biggest challenges for yoga studio owners and operators is maintaining high customer retention rates. This is especially true in today’s world due to the volume of competition in the industry.
There are many possible reasons for why you may experience low or unstable retention rates. One of the main reasons is that when a business is successful, they begin to believe that their success is derived only from their own efforts, decisions, and original ideas. This is a precursor to failure, as the true backbone to your business is your customers.
It can be very difficult to notice changes in your attitude towards your customers as you grow, but today I will share with you the business philosophy that I employ to ensure my business’ success.
“Always listen to your customers, value their opinions, and respect their needs.”
This is not a hard rule to follow and is well worth the effort. All you need to do is take the time to listen to what your customers have to say. If your customers aren’t providing you with feedback, actively reach out and ask them what they need and what they would like to see changed.
Not only does following this philosophy allow your business to adapt to your customers’ ever changing needs and keep up with the advances of your competition, but it also helps to establish an emotional connection between your customers and your business. When you go out of your way for a customer, be it adding a new class, changing an existing service, or just taking the time to listen, you are letting them know that they are valued. Needless to say, if you can ensure that your customers feel valued, they will be much more likely to come back.
Listening to what your customers have to say is just one side of this philosophy, it is important to know when you should be acting like a customer yourself. Over the course of your studio’s lifespan, you will end up working with a lot of third party businesses that will think they know what’s right for your business. It is important to work with people that also follow this philosophy. For example, when you look for a business management software provider, you should make sure that they are willing to listen to you, support you with new features, and do whatever it takes to accommodate your needs, just like you should be tailoring your studio to suit the needs of your customers.
To conclude, not only should you be actively listening to your customers, valuing their opinions, and respecting their needs, you should also focus on working with businesses that will value your position as a customer in the same manner. Never forget that your business would not exist if it were not for your customers.
Len Fridman is the co-founder and CEO of WellnessLiving. For more information visit https://wellnessliving.com/yoga or call 1-888-668-7728.