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While we often take the time and effort to budget and strategize for sales success, it is equally important to develop and implement a retention strategy for your business. The following steps are important:
Know your numbers: Understanding what your retention rate is provides a valuable tool in getting a snapshot of the financial health of the business. While there are a number of formulas to calculate this, it can be as simple as calculating the number of members at the start of the month, divided by the number of members left at the end of the month, times 12.
Leverage Technology: Research the most suitable tech products to help systemize the retention process. There are many great products available that can help you identify members “at risk” of dropping out of their membership and who haven’t visited recently. Engaging with these members can often be the difference-maker.
Measure Feedback: As the saying goes, “You can only manage what you can measure.” Understanding how your members are feeling when they are in your facility gives you the opportunity to intervene and make changes if required, before a member chooses to leave.
At the very least, members feel acknowledged and valued when their opinions are heard. One of the best ways to do this is by using the Net Promoter Score as a way to assess your member satisfaction levels. The higher the score, the higher the member satisfaction and engagement levels.
Map the Member Journey: Take the time to understand how your business is experienced from a member’s perspective. Identify up to five critical “touchpoints” where members have the opportunity to engage with your team. Focus your efforts on deliberately enhancing these points for a “wow” experience for your members.
Engage: A retention strategy will only be as successful as the level of engagement you have with your team. Your team culture should be reflective of your goal to provide the best possible experience for your members. After all, retention is everyone’s job.
Kristen Green is the executive general manager at AquaFit in Australia.