In this post, Jodi Rumack explains the 3 most important numbers that every fitness business owner MUST know if you want to build a successful business.
Here's why you should listen to Jodi:
Step 1: Understanding the Big 3
Any successful business owner needs to know their numbers. These markers will help you assess what is working well in your business and where there are opportunities for improvement.
Without knowing the numbers and understanding the effect they are having on your business and how to improve, owners are often focusing on the wrong area of the business, costing them time and money. As small business owners, we just can’t have that! So, we’re breaking it all down here so that you can make MORE money in LESS time and grow your biz!
Before we can figure out where to put our focus, we need to first understand exactly what each of the 3 numbers mean. Let’s dig in!
Number ONE: Booking rate
The number of people you book (confirmed day and time) for a consultation compared to the number of people you spoke to in any given time frame. For example, you talked to 10 people on the gym floor throughout the day and booked 6 of them for a consultation with you. Your book rate is 6/10, 60%.
Number TWO: Show Rate
Out of the 6 people you booked for a consultation, how many of them showed up to the appointment? Let’s say 3 showed up. Your show rate is 3/6, 50%.
Number THREE: Close Rate
You’ve had the opportunity to do a full consultation with 3 people, and 1 of them buys personal training. Your close rate is 1/3, 33%.
Step 2: Understand Where to Focus
One of the most common things I see when fitpros aren’t signing up enough clients is that they automatically default to thinking they don’t have enough LEADS.
What I’ve found is that more often than not they aren’t getting enough of the leads they DO have through the door to complete a consult, and/or they aren’t closing the leads when they do complete the consult.
Let me show you what I mean:
As you can see, there is opportunity to generate greater revenue by improving in each area. The truth is that increasing your closing rate will give you the greatest return because not only will it help you generate more revenue, but it will allow you to do it in less time because you will have to complete fewer consultations to gain the same number of clients. WIN!
Having said that. Improving your closing rate can take a little longer than improving your book and show rates. So, while you work on improving the close, you can still improve your overall results by working on your book & show rates to see quick results.
The question now is, how do you work on improving your book, show and close rates?
Step 3: Tips for Improving your Book, Show and Closing Rates
Improve Your Booking Rates
1. Be sure to ask your prospects about their goals BEFORE you try to book anything.
2. When you go to set up a time to meet with them, instead of asking them what works for them, leaving things too open, do this:
Ask what works best for them; Morning, Afternoon or Evening, then, offer 2 times that you have available at that time of the day within the next 2 (3) days, MAX!
Have them pick the time that works best for them. It’s a lot tougher to choose “any time” than it is to choose between 2 slots. Help them commit.
Improve Your Show Rates
1. Book the appointment within 48hrs. There is a drastic decrease in the likelihood of them showing up for every day after that. If the appointment is booked 4 or more days away, the chances of them showing up are slim to none.
2. Make a confirmation call the day before the appointment. When you’re on the call, confirm their goals (this shows you were listening and that you care), and find out if there’s anything else you should know. Tell them what they can expect in the consultation, including the chance to discuss the best way for you to work together going forward (i.e. options for buying sessions).
3. Stand up when you make the call. This will help with your confidence, and voice quality. Get excited! Make sure they know that you can’t wait to help them!
Improve Your Close Rates
Don’t make this complicated. If you give them your recommendations and the amount of the investment and they say no in some way, refer back to their goals and the reasons WHY they want to achieve them. Saying yes is an emotional decision, not a logical one. Tap back into what is motivating them. Playing with their kids? A better sex life? Being able to carry their groceries?
Look them in the eye with confidence. Don’t fidget. Tell them the truth about what it’s going to take to achieve their goals, and problem solve with them to find a solution that works for you both.
Once you’ve presented the price to them, if they object in any way (things like, too expensive, time, have to think about it, etc…) follow these 4 steps:
4 Steps to Closing the Sale
Step #1 – Go back to their Goals – Review their specific goals including the reason WHY they want to achieve them. Remind them why they came to this appointment in the first place. ASK FOR THE SALE.
Step #2 - Qualify - Ensure you understand their objection completely, and that it is the ONLY thing getting in their way. If there is more than 1 objection, you will need to handle each separately. (ie. Money AND Time).
Step #3 - Quantify (problem solve)- offer solutions to the objections. May provide payment options. Larger Down payment (could reduce # months or frequency). Figure out what might work for them, then ASK FOR THE SALE.
Step #4 - Triple F (Feel, Felt, Found**) - Empathize. Let them know you understand what they are going through, that you’ve had other clients who have felt the same way, but found that it was worth the investment. Then, ASK FOR THE SALE.
ASK FOR THE SALE - Examples:
For my complete 7-Step System to Selling Personal Training Memberships, DOWNLOAD (www.jodirumack.com/resources) the booking confirming scripts & the sales consultation template designed to help you problem-solve and close the sale.
By Jodi Rumack
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