What You'll Learn Now that you know how you track your business numbers, it's important to learn how to track your business' conversion rate: how many leads you get from what sources and how many of them become clients. It's also essential to know how many clients you are losing and at what stage.
Why is This Important? Your earnings depend on how many paying clients you have in any given month. You need be up-to-date on client numbers to manage cash-flow. Understanding why clients leave will help to create a retention strategy, whilst learning your conversion rate of leads will help with your marketing strategy for new leads.
Business tracking. Ugh. A pretty boring subject for most personal trainers. Especially when it can be tricky to understand exactly what you should be tracking, right?
But here’s the thing, if we want our clients to get results we expect them to track their calorie intake, their weight, sets, reps and times. It’s all par for the course if they want to get results.
Then why is it important for a personal trainer to track their business progress?
Because humans are fickle. We’re very good at seeing what we want to see and not looking at the actual data. It’s just in our nature but our observations are often a far cry from reality.
Here’s an example: Ever gained 5 clients in one week and lost one? Or something similar? You go home and think about why that client left you, right? You feel down that one client wasn’t a good fit and look for reasons why it didn’t work out.
Conveniently forgetting that you must be doing something right if 5 other people signed up to your service.
In the daily rush of operations, it’s all too easy to lose touch with the pulse of your business and know if it’s moving toward your vision or not so we need a systematic way to track the progress of your business and make sure you continue to move towards your business vision.
It’s Easier Than You Think
Have you ever bought a shirt or a top and then seen it everywhere you go? Or perhaps it was a car? In psychology this is known as schema. Do you think the other shirts and cars were there previously? Of course they were. They just weren’t in your conscious awareness yet.
The first main reason business tracking is so powerful is it directs your mind to focus in the right direction of your business.
Secondly it increases awareness. You begin to understand exactly what is happening in your business which in turn gives you more power and control.
Thirdly it tells you a story, a story of whether your business is on track for achieving your business objectives.
If you don’t know where you are going how can you get there, if you are unaware of what is happening in your business how can you be sure you are on track?
But what is the most efficient technique for proficiently monitoring our business and how do we do it? Well the answer it is simple, through statistical analysis or stats.
Stats can be kept in the form of an excel spreadsheet and should include the following:
Leads generated and retention rates
Conversion of leads into comp sessions %
Conversion of comp sessions into clients %
Paid Clients Booked
Paid Clients Cancelled
Paid Clients Showed
Comp Sessions Booked
Comp Sessions Cancelled
Comp Sessions Showed
Free Sessions booked (follow ups and other freebies)
Total New Clients
Total New Sessions
Total Lost Clients
Total Lost Sessions
Total Existing Clients
Total Sessions if everyone booked in
These are just the basics and you can utilise this to monitor whether your business objectives are being achieved.