Behind the Numbers: How Using Data Can Increase Your Revenue
Wodify is a leading all-in-one Customer Retention Platform, trusted by 5,000 of the world’s top businesses. With one of the largest & most accurate datasets in the industry, we created this blog series to share industry metrics that are proven to drive results, insights from the most successful gyms, and how Wodify customers can track their progress.
At Wodify, we’re passionate about the power of data, and we’re here to help you harness its potential! Our powerful Custom Reporting tool allows you to delve deep into your business’s financial and operational data. As a business owner, you have the ability to craft custom-made reports and dashboards without any statistical knowledge!
This invaluable feature has been a part of Wodify since February 2022, and now, with over a year’s worth of insights, let’s explore how Custom Reporting is driving business growth like never before.
In this Behind the Numbers, we’ll dive into how using custom reporting can increase client retention and revenue for your business!
The Data Uncovered
Most Popular Datasets
We give you access to 28 key report tables in Wodify, covering areas like memberships, finances, and performance. Pick and choose the data you want to feature on your custom dashboard. Want a starting point? We’ll highlight the most sought-after tables that gym owners find valuable.
Let’s talk numbers! We compared the performance of gyms using Custom Reporting to those that aren’t. The difference is striking:
It’s clear that gyms using Custom Reporting perform better financially in comparison to non-users. But how well are these gyms performing, in comparison to themselves? We found that gyms saw a 16.3% increase in monthly transactions after using Custom Reporting
You may be thinking that this must only be a tool for large businesses- but the data will prove you wrong! We found that businesses of all sizes benefited from using Custom Reporting:
Another fun find— creating more reports provides you with the necessary data and insights to have a major impact on your business! We found that:
- Making just one report led to a 16.3% increase.
- Over ten reports? That’s a 20.2% boost.
- And with more than twenty reports, you’re looking at a 21.5% jump!
So, don’t hold back when exploring the possibilities of reports that suit your gym’s unique needs.
The Impact on a Fitness Business Owner’s Bottom Line + Tips
- Embrace Your Business’ Data: Start diving into your data! Creating custom reports helps you keep a close eye on your finances, and our data shows that it can lead to a significant increase in monthly transactions. Don’t be afraid to dive in and create reports tailored to your gym’s unique needs and goals, no matter your size!
- Create Multiple Reports: Don’t stop at just one report. Our findings reveal that the more reports you create, the greater the positive impact on your gym’s financial performance. Consider creating reports that track different aspects of your business, from membership trends to client behavior. These insights can guide your decision-making and help you make informed choices to drive growth.
- Prioritize Data-Driven Decisions: Use your data to make data-driven decisions that can boost your gym’s success. Analyze trends, identify areas of improvement, and tailor your strategies accordingly. For example, if you notice a spike in demand for certain classes, adjust your schedule to meet that demand and maximize your revenue.
- Regularly Review and Adjust: Building on the insights from your reports, make it a habit to regularly review your data. Monitor your gym’s financial performance, membership trends, and client behavior on an ongoing basis. Being proactive and agile in response to changing trends can keep your gym thriving and ahead of the curve.
- Invest in Client Retention: Our data indicates that gyms using Custom Reporting tend to have higher client retention rates. Use trends in your data to identify opportunities to retain your existing members. Consider implementing loyalty programs, personalized training plans, or special promotions to keep clients engaged and satisfied.
Custom Reporting offers Wodify-powered businesses the ability to create reports to meet their needs beyond generic reporting. Our data tools will allow you to feel confident in your data and business trends. Embracing your data, creating multiple reports, prioritizing data-driven decisions, and regularly reviewing is the key to increasing revenue and client retention.
Are you ready to take advantage of your data’s powerful capabilities? Book a free consultation here.
Want to keep learning? Check out our other Behind The Numbers posts: