The gym industry is rapidly growing and the number of gyms are also increasing day by day. Fitness lovers have a wide choice to choose from as per their pocket and travel distance to the gym. Getting new clients is very important for growth and smooth life-cycle of any gym as its source of new funds and also provides a scope of more renewals in coming time. The gym can gather new clients by giving them a good deal or convincing them with expensive machines and professional trainers or good infrastructure.
But, True success rate of any gym can be calculated with renewal rate, the renewal rate has calculated the basis of the total number of clients by total clients who are getting their membership renewed. Clients get their membership renewed only and only if they are satisfied with your services and if they are happy and you give them a good deal, they will get membership renewed in no time.
So, to measure the success of your gym/fitness studio, start monitoring your renewal rate, if your gym is making target profits, but the renewal rate is decreasing, there is something to worry about. Keeping your clients stick to you is very important as it can be your shield in this competitive world and rapidly growing fitness industry.
How you can calculate renewal rate?
You should make your gym smart by using gym management software, there is a wide range of gym software available in the market to choose from. You should start making bills and generate invoices in your club software and that software should have the option for renewal of membership. Ask your club/gym software vendor to give you the option for reports and renewal rates. This is something that can be done very easily with the latest gym software in the market, but if you start doing it manually on paper its going to take lots of your time and effort. Gym/ Club software can help you in a lot of other ways.
There are many other factors that are important for the success of any gym like the number of complaints, improvement in expected results of your clients, controlling expenses and most importantly is the conversion rate of leads/ walk-in into your clients.