The Basic Analytics You Need to Manage Your Gym
As a gym manager or owner, the best part of operating a gym is that they are social places with like-minded people who are looking to be physically active and engaged. Unfortunately, there is another side to running a gym that people don’t like to talk about as much: the actual logistics. Whether large or small, gyms are businesses and require the same level of logistical involvement and attention that similar businesses do. From tracking payroll and overhead expenses to making sure membership sales are coming in on the other side, having insight into how your business is operating is key.
Luckily, there are fitness-specific management solutions (like Paramount Acceptance!) on the market that are built specifically to help gym owners spend less time on these business processes and more time doing what they love. By tracking the following basic analytics, you’ll be able to build a holistic picture of your gym as a viable business to determine whether or not you’re succeeding in the marketplace.
Sales and new member metrics
Just as most businesses rely on new sales, so too do gyms rely on bringing in new members to remain financially viable. By tracking membership sales and metrics, you can see if your gym is actually bringing in new revenue. Additionally, tracking new member metrics such as where these leads came from can help inform your marketing strategy and decision-making.
Member retention rates
While new membership sales are important, retaining your current members is equally if not more critical to running a successful gym. Your current members are your biggest supporters since they obviously made the decision to join your gym, but they can also become your most fervent detractors if they become unhappy with your services. Tracking member retention rates over time helps you see the Lifetime Value of a member (aka how much revenue a single member brings in over time), how long the average person is a member of your gym, and whether or not specific incidents (such as adding a new class or a trainer leaving) impact members leaving.
Modern gyms are becoming highly targeted and personalized to the different workout gear and options members prefer. Tracking the utilization rates of different classes, gear, machines, and even personal training classes allows you to identify which offerings your customers are actually using, which ones they want to see more of, and which ones aren’t being utilized to their full potential. This can help you schedule trainers more effectively, create workouts your members will want to participate in, and save money in the process.
We’ve already established that gyms are businesses, and a business requires some level of financial reporting. From tracking incoming revenue vs. expenses and overhead to keeping tabs on membership dues, financial reporting can help keep your gym above board and ensure that you identify any critical issues in a timely manner. If you do identify any incidents of membership delinquency, having the right data at your fingertips can help mitigate the risk and expedite repayment.
Ready to get started?
The Pulse Gym Dashboard from Paramount gives gym owners and managers access to these analytics and more in a single, easy-to-understand dashboard environment. You can learn more about how tracking key gym metrics can help you run a more streamlined, efficient gym here.