KPI Reporting in MindBody Online
Most yoga and fitness studios in the US run on MindBody (MBO). In fact, over 42,000 of you have chosen this platform to run your business on. But do you really know its power? 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. Below are 6 reports that will give you a clear picture of how healthy your business really is.
- Revenue Reports
- What they do: Give a big picture look at how much money is coming in on a monthly basis. You can also compare each month to the prior month, or year.
- The story they tell: They 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.
- Referral Sources
- What they do: Show where your new clients are coming from
- The story they tell you: Referral sources are a good indicator of where you should focus marketing efforts and how effective marketing dollars are in certain areas.
- New Client Visits
- What they do: Show you if your marketing efforts have been effective and if you have enough traffic to make your business profitable
- The story they tell you: Dictate if you need to spend more time and energy marketing your studio. Low number of new client visits means you need more time marketing in your community and driving traffic via digital marketing & social media.
- Retention Reports
- What they do: Show you how many people are actually choosing to stay at your studio month to month.
- 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. They also let you see how competitive you are with other studios, and if your intro offer has been effective.
- Membership Conversion Reports
- 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.
Running these reports monthly (over a period of 6 months) will give you an idea of how healthy your business is and what direction the business is moving in. You have to understand the story in order to understand the numbers. 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 me now!