ROI...LTV...WTH?!

“ROI, LTV, WTH?!,” co-hosted by Loyalsnap and GymFit Financial, dives into key financial metrics that are critical for fitness studio owners to monitor. Presented by Erica Day from GymFit Financial and Michelle Steber from Loyalsnap, the webinar offers a practical guide to understanding key performance indicators (KPIs) like return on investment (ROI) and lifetime value (LTV). It emphasizes how tracking and improving these metrics can help studios grow, retain members, and become permanently profitable. Using simple, actionable strategies, attendees are empowered to better manage their business's financial health.

Highlights Include:

• Understanding ROI and LTV:  

  • Explanation of ROI (Return on Investment) and how to calculate it based on advertising spend and member conversions.  

  • Insights into maximizing LTV (Lifetime Value) by focusing on long-term member retention strategies.  

• Tracking Profit Per Class:  

  • A detailed guide on calculating profit per class, highlighting the importance of tracking income, coach costs, and other overhead expenses for each individual class.

  • Suggestions for adjusting class schedules based on profitability data rather than member requests alone.

• Importance of Lagging vs. Leading Indicators:  

  • Differentiation between lagging indicators (e.g., profit and cash flow) and leading indicators (e.g., member retention, referral rates) and their significance in predicting business health.  

  • Tools for tracking and improving attendance, engagement, and referrals, ensuring proactive responses to potential issues.

• Automation and Client Communication:  

  • Leveraging Loyalsnap’s automated communication tools to engage clients at key points in their journey, from first visit to milestone achievements.

  • Importance of personalized touchpoints, including follow-up calls, texts, and emails, to retain members and improve satisfaction.

• Practical Profit-First Strategies:  

  • Introduction to the profit-first system: allocating a percentage of each sale into a dedicated profit account to ensure profitability.  

  • Tips on implementing small, incremental savings goals to create long-term financial stability.

• Maximizing Referrals:  

  • Best practices for encouraging and tracking member referrals, the least expensive and most effective lead source for gyms.

  • Ideas for referral incentives, including contests, discounts, and social media shout-outs to increase engagement.

Ready to take control of your studio’s financial future? Watch the webinar on demand to learn how to track the right metrics, increase profitability, and build a loyal client base. Access the recording here and start implementing these powerful strategies today!