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April showers not only brought May flowers to kick off a new month…they also brought a number of new updates to the Upper Hand app. Here’s an inside look at what’s new, and a sneak peak at what’s coming soon!
Last week, we introduced our newest feature, Membership Analytics, giving you deeper insights into your recurring revenue and membership performance.
We hope you’ve had a chance to poke around and get to know your new Membership Analytics dashboard, but if not – check out our feature guide to learn the basics.
In this week’s Huddle, we outline a few tips, tricks and important things to note about your Membership Analytics dashboard. Let’s jump right in:
During the COVID-19 pandemic, many sports and fitness businesses saw membership cancellations and suspensions. If you’re in that boat, you are not alone. With Membership Analytics, we give you the tools to re-engage those past members and welcome them back to your business. Here’s how:
Our Monthly Recurring Revenue graph is a great tool for not only having clear visibility into the revenue you have received for a specific month, but also what that recurring revenue will look like in the months ahead. Our predictive revenue graph will help you visualize the future of your recurring revenue if you did NOTHING differently – no new members, no suspensions or cancellations, etc.
Why is this important? If you’ve been looking to physically expand your facility and/or open a second facility, this data can be extremely useful in outlining both what you CAN afford and any changes you may need to make to your memberships in order to afford those expansions. For example, you may choose to implement a price increase.
Note: If you decide to put a price increase into effect, the result of the increase will show in the “Expansions/Contractions” row in the Membership Analytics data table.
Turning new members into loyal, repeat clients is the key to good MRR health. There are plenty of things businesses can do in order to retain their new members, but the one I’d like to highlight is communication. Having a constant stream of communication with your members fosters a community and allows your members to feel valued, ultimately resulting in their retention.
In a previous Huddle article, I mentioned that gyms lose 50% of their new members in the first six months. In those six months, clients are forming their opinion of your brand and/or offerings – more importantly deciding whether or not they want to stay a member. So what can you, as a business owner, do to retain those new members? We outline an example, utilizing Membership Analytics for an email campaign, below:
As your new members settle into their routine, they will gain a better understanding of your business, brand, and offerings. This is a great opportunity to reach out and ensure they are having a positive experience.
A good practice is to pull a list of your new members at the end of each month.
Now that you have a list of last month’s new members and their contact information, you are able to reach out to them! This communication can be as simple as thanking them for being a member, or asking for feedback on the perks of offerings included in their membership, or sending them a coupon code for additional discounts! These customer satisfaction touch points can be used to better understand their experiences and uncover opportunities to improve. By monitoring customer satisfaction, you are able to pick up on small issues that may have been overlooked and make improvements that increase satisfaction and reduce churn.
For more on client retention, check out our Huddle article outlining 9 Free Survey Templates.
For detailed information on Membership Analytics, check out our feature write up.
Ready to get started? Log in to your Upper Hand account. Not an Upper Hand customer? Schedule a call with a member of our team, and see a personalized walk-through of our membership management software!
April showers not only brought May flowers to kick off a new month…they also brought a number of new updates to the Upper Hand app. Here’s an inside look at what’s new, and a sneak peak at what’s coming soon!
You told us that it would be helpful to manage your memberships in one place, especially when offering different membership levels or payment cadences. You also shared that it can be hard for clients to compare different membership benefits – whether because they’re overwhelmed by so many options or are struggling to see which benefits are the best fit for their needs.
Say hello to all-new Tiered Memberships!