Running a business is all about intelligence. You can have the slickest branding, top therapists or instructors, coolest space, and most competitive prices but if you can’t measure the success of your activities, how can you plan for growth? Being able to make decisions based on actionable insight is vital for both the long-term survival and growth of your business..
As part of your business plan, you will have forecast year-on-year growth. Whilst Covid-19 may have put a question-mark over your growth in 2020, there has never been a more important time to take a deep dive into your business data. If you aren’t currently measuring client retention, staff productivity, income, acquisition source and conversion points then how can you identify shortfalls and opportunities?
We know the metrics that are important to a physiotherapy clinic may not be important to a Pilates studio, that’s why with TM3s powerful reporting suite you have the ability to use existing reports or request bespoke reports tailored to what matters to you. Let’s have a look at some of the most popular metrics to track with TM3 and our integrations.
1. Client Tracking Report
Getting an overview client activity and statistics is key for identifying those who are in a booking cycle versus those who are coming to the end of their journey.
If you are able to identify those who are coming to the end of their journey early enough, it will allow you to re-target them with marketing content. Alternatively, why not provide your front desk with the report each week and have them upsell ahead of their last appointment.
The client tracking report shows the appointment status, charge associated, booking type and whether the client has a future booking or not.
2. Appointment Analysis
Do you know what your most popular services or classes are each week? Is it the same each week or does it change depending on season? Are you missing a trick by not upselling alternative services in the summer?
By running the appointment analysis report, you’ll get insight into all bookings in your selected date range that will allow you to identify any gaps in your offering. This report can also be used as a great tool to show ‘projected incoming’ for upcoming bookings.
3. Charge Analysis
Given the current economic climate, there won’t be much room for underperformance in any industry. It is vital that everyone at your clinic, studio or gym pulls their weight.
Do you know how much money each member of staff has generated this month? What about how much each account is worth or how much commission each member has earned?
The charge analysis report shows all charges raised within your date range, allowing you to break it down by account to see a realistic value of work completed that day/week/month. This report can be grouped by member of staff to give the commission total alongside the overall total per person. Allowing you to manage staff performance in a time efficient way.
4. Staff Availability
Analysing staff availability and diary utilisation can be used for a variety of things. Whilst it is important to get an overview and breakdown of availability vs hours worked, the report is also a great tool to catch workload issues early.
Burnout is a real issue in many industries, so if one of your members of staff has an unrealistic workload, it can be transferred over to another therapist or instructor to balance things out.
The report will also show how much of the diary is being utilised by each person based on the following calculation: 100 / (Total Working Hours - (Meetings + Holiday)) * (Appointments + Classes + DNA). Allowing you to plan activities for those who aren’t as busy in the coming weeks.
5. Income Analysis
One of the most important things in any business, regardless of industry is income. Without knowing how much you have coming in, you’ll be unable to plan for any sort of future.
With the Income Analysis report on TM3, all payments for appointments, sessions, classes and physical stock are added and can be filtered by date range.
This report is commonly used for an end of day reconciliation and is useful to identify payment trends. If more of your customers are paying online or by Connect, you may be able to sunset your card terminal and save on the additional line rental.
6. Booking Conversions
Most therapy, wellness and fitness businesses have multipronged approach to their marketing. A presence across multiple channels is imperative for growth and allows you to acquire clients from social media, organic search, paid search, and email marketing.
Whilst a balanced marketing mix is great for digital visibility, do you know how many of those clicks actually converted into a secured booking? Or how much revenue you make from each source?
TM3 Connect allows you to integrate your Google Tag Manager account to track conversions by source within Google Analytics. This integration gives you the insight needed to allocate budget and resource to the channels delivering most conversions or give you the data needed to run A/B tests on the channels underperforming.
If you would like to know more about reporting on TM3 and how it could benefit your clinic or studio, click here to get in touch with our sales team to arrange a demo today.