Episode 280: Your Studio’s Blind Spots: What You’re Ignoring That’s Costing You

What We Cover In This Episode:

• What you can do to maximize profit through regular, not once-a-year, audits of your numbers [3:33]

• How to stop membership leaks and strategies for handling expired cards and follow-ups [4:49]

• Ways to reduce overall studio expenses by focusing on your software and payment fees [11:20]

• Why your pricing matters and what you can do to avoid undervaluing memberships [13:28]

• How to free up your time using delegation and simple loyalty programs [23:31] 
  
  

Quotes:

“If you’re doing big audits or a big analysis once a year, sometimes it’s already too late. So, really focus on monthly and quarterly improvements and audits and don’t just focus on once a year, because who knows if you’ll be around by that time next year.” [Nick, 3:31] 

“At some point, you have to build a process and trust them to be capable people. If they are not capable people maybe either you have to spend more time on development and training, or maybe they're just not the right fit.” [16:57]

“I think there is such an obsession with new leads, but how many people are coming through the door that you are not converting and are people cancelling their memberships after 6 months, 12 months, things like that.” [19:00]

LINKS: 

Episode 229: Unlocking Studio Financial Prosperity: Terri Fry on Perkville, Profit, and Paying It Forward

The Value of Keeping the Right Customers (Harvard Business Review) 

The State of Health Club Industry Retention Strategies (IHRSA)

Customer Retention and Business Profitability (Bain & Company)

PayWorks & Payably 

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