KPI’s 
Many of us have heard the term KPI before but what does it really mean and how can it help us in our Boot Camp or Personal Training business?
Key performance indicators are figures that are used to measure the progress that your business has made in the implementation of its main objectives. By setting targets at the beginning of each month, tracking your progress and cross-referencing your progress with your targets to determine the % of your target hit, you can keep your business accountable to tracking your business.
KPI’s are the most important pieces of information in our business to help us determine what our strengths and weaknesses are and what aspects of the business we need to improve on.
So what are the most powerful KPI’s in your Boot Camp or Personal Training business to improve your results and help increase your income?
Leads:
Most people say the most important thing in a PT business is clients because without clients we don’t have a business, but before a client is a client they are a prospect or a lead. So it makes sense that generating leads seems to be the main focus in building a successful PT Business.
Your actual KPI here is total leads so once you have implemented up to 5 specific strategies for generating leads (here are some of mine – lead boxes, Facebook, website, business directories and allied health professionals), you can set a target for how many leads you wish to generate, say 40 for the month then track your progress and let’s say you generate 20 leads for the month your % would be 50% of your target. The goal is to obviously reach minimum 100% of your target.
If you don’t reach your target you have enough information to review your performance to calculate where you went wrong and how you can improve and vice versa. Perhaps the strategies you are using aren’t effective, or perhaps one of those areas is not working in particular.
Conversion Rate:
Here you have two main conversion rates; leads into complimentary sessions, and complimentary sessions into paying clients. The most important conversion rate is comp sessions into paying clients because this will give us sufficient information regarding the effectiveness of our sales systems and areas we need to improve on in the delivery component.
Example if you deliver 5 comp sessions for the week and you pick up 2 of them as clients your conversion rate is 40% a reasonable conversion rate is 70% + in which you would normally aim for.
Retention Rate:
You may be able to attain plenty of leads and be a gun at sales but if your retention rate is low you will spend most your time selling and perhaps find yourself with a high turnover. Imagine how much easier it would be to grow your business if you had a great retention rate. How do we determine our retention rate?
It’s simple if you have 20 clients at the beginning of the month, at the end of the month you calculate how many of those 20 clients you still have, example 15 which means your retention rate for the month is 75% a great retention rate to aim for is at least 90% anything under 70% you may find yourself losing clients pretty much weekly which I’m sure you will agree can be very frustrating.
If your retention rate is low perhaps launch a retention program where you use wow factors like social events, newsletters, special offers, free gifts, cranking Facebook page, group training, a buddy system and more.
Clients:
This is fairly obvious but how many trainers just go through the motions of business instead of setting a goal for the month say 4 new clients, implement specific strategies for gaining them, tracking their progress then determine your % of your target reached?
By going through this process you will have more awareness, control and power in your business giving you clarity and allowing you to relax about the upcoming weeks.
So there you have a fairly simple look at some of the most powerful KPIs in your business, it may not be as exciting as generating leads, websites, sales and delivering PT but it is definitely a necessity in growing a successful PT business to over 6 figures.
Do you set monthly targets for your Boot Camp or PT Business?
Scott Williams
Co – Creator of Boot Camp Basics
www.bootcampbasics.com.au
dTags: Boot Camp, bootcamp, bootcamp basics, bootcamp business, bootcamp marketing, key performance indicators, personal trainer, personal training
