Cheers to a Profitable New Year: Kick Back, Crunch Data, and Elevate Your Studio in 2024!

The end of the year—the perfect time to reflect, unwind, and pop a bottle (or kombucha if that's more your vibe) as we bid farewell to the old and get ready to welcome the new. But wait, don't kick back too soon because in between those sips, there's some serious business to attend to. The kind that will set your studio up for success in the coming year. 

So where do you start, what do you analyze, and what do you prioritize in 2024? Here are four of my go-to strategies that will make a difference as a studio owner this new year.

1. Sip, sip, hooray! Recognition is personal power 

First things first, let's raise a glass to your hard work and achievements this year. As an entrepreneur, you know how precious downtime is, so when you find it, make it count. In a journal, laptop, or iPhone notes screen, write down three things you’re proud of accomplishing this year. Really do it and do it with intention. Look at the words on paper (or on a screen) and let it soak in. You did something no one else could have done. Your team, clients, and partners all had a better year because of what you created. Take a moment to appreciate your dedication to well-rounded wellness because your mission to make self-care continually accessible is what will propel you into a new year. 

2. Data delights: Understanding what drives your studio forward

Now, it's time to dive into the data and closely examine what's been happening in your studio. Pop into Walla’s Class Analysis Report and see which classes, days, or teachers were most profitable for you this year. Which classes are consistently packed? What's been your golden ticket to profit? Which ones could use a little boost? Answering these questions is the key to a successful scheduling strategy. 

Now open Walla’s Intro Offer Report, get real-time insight into conversion rates, and check out how your new clients have been converting to their next plan in 2023. What’s most popular? Which plans could you eliminate to simplify the choice? By analyzing this data, you can create promotions and marketing that will boost profitability and resonate with all the new year newbies. 

Lastly, take a look at Walla’s Plan Retention report. Dial down to your subscription plans and assess the trends. Are you seeing most of your churn in a particular month? Consider what type of communication or nurturing you could do before that point to increase lifetime value.  

These three reports will give you an informed, consolidated view of what can help move the needle in the new year, especially when keeping new long-term clients. 

3. Bread and butter classes: Amplify your studio money-makers 

Identify your "bread and butter" classes—those that have been the backbone of your studio's success. The classes that are consistently full and waitlisted, and the ones that are the superstars of your schedule. Consider what's made them so popular and think about ways to enhance them further. How about add-on services like personal assessments, deeper training, or even nutritional programs to pair with your core offering? These are the classes you don't want to mess with too much. Keep them as solid foundations. See if you can add capacity or more time slots. Getting inventive and including additional self-care in your core classes differentiate your studio and excite your clients. 

4. Room to experiment: Think outside the box (or studio four walls)

Next up, pinpoint the areas where you have room to experiment. To test. To iterate your offerings. As an entrepreneur, this might come naturally as you understand the power of innovation. Now, it’s time to prioritize it! Maybe introduce a new class type or shake up the schedule. But be sure to keep your clients’ core challenges or problems in mind as you experiment. You are a part of their lives and wellness routine for a reason! Whenever you test an experiment, be sure to leverage your app announcements and push notifications so your most engaged clients can see what’s happening. In your marketing, “sell the vacation, not the flight over.” In other words,  paint the picture of the outcome for your clients, not the hard road to get there. You’ll have to give them a compelling reason to try something new. 

5. Prepare to measure again: Stay close to the numbers 

Once you establish your new versions of pricing, plans and/or schedules, decide on a date in advance to take stock. Give yourself a few months and then dive back into the data to see what’s worked, what needs further refinement, and what you can do away with. 

By doing this planning and analysis now, you'll set the stage for a thriving new year. With the right tools and passion for wellness, you're all set to make informed decisions and create a fitness haven that continues to flourish.

So, as you sip your kombucha or wine and dive into the numbers, remember that you're not just a fitness studio owner but a wellness wizard, a data sorcerer, and a health champion. Cheers to a prosperous new year filled with fitness, flexibility, and a few well-deserved sips along the way!