As a boutique studio owner, does your list of to-do’s feel dizzying? Are you accurately understanding membership metrics, streamlining operations, and engaging with clients in real-time?
Being able to prioritize the needs of your business (and yourself) to propel your studio forward and make true progress towards revenue—and your community—comes down to understanding. Understanding what defines your studio. Acknowledging who your clients are and how to keep them. And the hardest one? Accepting help. Because every superhero could use some assistance.
During episode 109. Enhancing Your Studio Toolkit with Laura Munkholm on the Marketing Off the Mat podcast, Laura, President & Co-Founder of Walla, opens up to host Jessica Cross about her journey from running a yoga studio to becoming a FitTech exec—and all the life lessons and experiences in between.
So what has led Laura to merge yoga with business as she continues to build revolutionary studio management software? And what has she learned and added to her toolkit? Here are the top three takeaways from her conversation with Jessica that can help your studio progress and impact your community.
Be confident in your decision making
Ask yourself: What is your studio good at? What are you unique for? Trying to be all things for everyone distracts from the core of your business. It creates subpar experiences and unstable energy that your clients can feel. So be confident in the ways your studio excels. Use tools, like Walla’s reporting dashboards, to measure results and make smarter decisions. And if you need to pivot or try something new? Go for it. See what improves your brand and reinforces your mission (and aligns with your “North Star”). Direction is critical when it comes to confident decision-making—and that means looking at metrics like revenue versus profitability and understanding what generates a better margin for your studio so you can lead with that.
Notice your weaknesses, focus on your strengths (and ask for help)
It’s no secret: Running a fitness business has many moving parts, and it’s easy to find yourself wearing many hats. Finance, marketing, sales. From working on a business plan for opening a third location and updating your website to figuring out the banner design for your summer promotion, it’s important to do a self-inventory and self-reflection on your strengths and weaknesses. Now, this is not the easiest task. It takes vulnerability, courage, and inner acknowledgment to let things go. As studio owners and leaders, becoming an operational bottleneck can become a reality, whether you like it or not, especially regarding overall strategy and daily tasks. If you have an extra budget, allocate it to help—and hire contractors or implement tools complimenting your weaknesses. Not only will you save time and be more productive, but you’ll also be able to focus on what you’re great at, encouraging an atmosphere of growth and success at your studio.
Understand your client journey
When you measure retention and churn, can you look at studio performance and see where your clients land in the funnel? Are your intro offers converting? While Walla enables you to see a snapshot of key metrics, understanding your client journey is a differentiator. Where are their fall-off points—and are you trying to get more people in the studio door versus keeping the clients you already have? By understanding your client's journey, you can make informed decisions regarding engagement and communication. Marketing should always be happening at a consistent speed and spend, but it’s just the beginning.
Marketing feeds sales and retention, so by analyzing your funnel to see what is happening to your clients during their journey, you’ll be more equipped to implement a personalized touch and get a quick visual of who is in the funnel, where they are, and what action you need to take.
Click here to listen to Laura’s episode on the Marketing Off the Mat podcast!