“If you can’t measure it, you can’t manage it.” ? ?
This quote by Peter Drucker is one of my favorites. Measurable data points are imperative to your sales and marketing teams’ success.
Here are the top 5 key KPI’s your health club should be tracking within HubSpot, Salesforce, or a similar business intelligence tool.
1. Number of Leads Generated: how many qualified leads are being generated through your marketing channels? Track your sources via a customizable dashboard and pull a monthly report to see which channels are generating the most traffic and which need to be reevaluated.
2. Lead Speed: how fast is your sales team making contact with high quality leads? Measure the time from your prospect’s submission and first contact by a sales rep. Web leads during business hours should be answered in less than 5 minutes. Is your slow response time costing you serious membership revenue?
Happy Stat: InsideSales.com shows that 35–50% of sales go to the vendor that responds first.
Sad Stat: 55% of companies take 5+ days to respond to leads.
Is your competition running away with your money?
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3. Conversion Rate to Membership: how many of your leads are converting to new members? This stat can be calculated by dividing your gross new members / number of leads x 100.
For conversion rate tracking you want the total number of qualified leads generated (see KPI #1) to memberships sold. I typically don’t recommend the standard “Average Website Conversion Rate” (all traffic/amount of sales closed) for the fitness industry because there is so much member traffic to a typical gym website (group exercise schedule, etc.) that the metrics are not typically accurate or actionable.
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4. Number of Sales Activities on a Single Record: is your sales process providing one or two touches when a lead comes in? That won’t cut it—don’t leave money on the table! Set up your sales process to provide at least 5+ sales touches within the first few days of a prospect’s interest submission. Make sure each of these touch points provides value to your prospect.
Stat: Did you know? 80% of sales require 5 follow up calls or emails before closing a sale.
Stat: According to InsideSales.com, 1.3 is the number of call attempts sales reps make, on average, to a new lead before giving up.
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New Member Success Team
5. New Member Onboarding
Wohoo! You closed the deal and the member is wandering around the gym. Was the handoff from your membership team to new member onboarding successful to provide acclimation to the club and personal connection? How many members have been successfully handed off to either an automated workflow to acclimate or to your member success team for onboarding? At twist, we have seen attrition drop from 30% to around 7% with new member onboarding team and automation through Salesforce or HubSpot CRM.
Stat: According to a study done by Precor, “The data shows improvement rates up to 85%” for those clubs that have added new member onboarding to their membership & onboarding process.
Article by: Lindsey Leemis, Director of HubSpot Training at Twist