Laura Munkholm:
Alright. We are live. Hello. Hello, everyone. And welcome to our Wallow webinar series. Thank you for all of you who are on time. Even some of you are way early in here today, so we appreciate you being here. Um, we have a really exciting event today and I'm I'm really, um, anxious to dive into the content. But I wanna go through a couple of quick housekeeping things before we get started. Um, for those of you who are new to our platform on our website watching webinars, don't worry if you happen to need to leave for something at the studio or something happens. This will be sent to you as a recording afterwards, Um, and you will have a unique link for you. So it'll actually show you where you were when you left. Um, but hopefully you guys can be here live for the whole time because this really will be an engaging conversation. Um, and on that note, our webinar series is designed to give you something that you can do today to take action in your business that can make a difference in your business. So talk to us. Like, ask questions. We have a little q and a box on the far right of your screen. So once you pop questions in there, I will be monitoring that while Lauren is chatting through some of her content and guidance today. Um, we'll do our best to answer everything live on the call. Uh, but if there is anything that either we need follow-up on or we just don't have time to get to, we'll certainly make sure you have an answer by the end of the day today. Um, but these events work the best when there is engagement on both sides. So please don't be shy. There are no stupid questions. I mean, especially when it comes to data in studios and KPIs. I think a lot of us have gotten guidance from different sources and been told different things are important. Those answers aren't wrong. This is just one lens to look through that we see as important right now. So please, please, please don't be shy. Ask away. Um, I think lastly, I yeah. Really that's that's it from a high level perspective. Um, If you wouldn't mind, please pop into the chat right now and introduce yourselves. Just say, you know, your name, name of your studio, and where you're coming from, if you don't mind. And that way you guys, hopefully you're starting to see some of the same people from time to time whether it's in these webinars, our product webinars or in the Facebook group. But I love helping you guys all connect to each other. So let's just, um, introduce ourselves in there and we'll get going. Okay. Awesome. Hey, guys. Hi, Debbie. Hi, Shelly. Okay. So today is all about KPIs. For those of you that had never heard that term before, a KPI is a key performance indicator and it's something we look to in boutique fitness and studio management to help make decisions in our business, which is why I brought on Lauren today. Lauren is one of the founders and principals at ActiveCore Consulting. And we wanted to really take a step back and look at, you know, traditionally all of the KPI studios have been monitoring and if there is a fresh take we need in today's boutique fitness landscape. And she has a tremendous amount of experience working with individual studios, large franchise brands, big, some of the biggest brands in the boutique fitness space. And so, um, and with a finance background, um, I thought it would be helpful to bring her on. So without further ado, Lauren, I'd love to turn it over to you and let you introduce yourself and tell us more about why you're here.

Lauren Schoenfeld:
Yeah. Absolutely. I'm gonna attempt to share first to make sure we get that out of the way.

Laura Munkholm:
Okay. Awesome. I I always tell people that come on to present on on these webinars since SQL, our platform is different than Zoom. It's always a little bit of a a tech risk at first, but I think you nailed it. We can see.

Lauren Schoenfeld:
Okay. Beautiful. Okay. So, uh, we're talking today a fresh take on Studio KPIs, the best numbers to keep your eyes on. Um, I'm Lauren Schoenfeld, the founder of ActiveCore Consulting, um, and I'm so happy to be here. Before I started this business four years ago, um, I spent a decade plus leading the finance and growth strategies at Equinox, WeWork, and PwC. Um, and then the COVID happened, and I got bored in my apartment in New York City. So, I decided to, uh, be part of the problem to or sorry part of the solution to help the fitness industry. And so, I took all the learnings that I had from my corporate background. Um, when I was at Equinox, I grew the business from '85 to 105 locations. I was part of the team that expanded international markets, grew nine new business ventures, most notably the Equinox Hotel project by Equinox, a precision run treadmill studio, the Equinox Plots digital platform with the SoulCycle bike, and, uh, the Equinox Explorer luxury retreats. I kinda took a step back and asked myself, like, what do I what do all these growth strategies have in common? And I realized most small business owners might not know or understand some of these. And so I really wanted to kind of do my own thing and give back to the community that has given me so much. I was born I feel like I was born an athlete and like been in the fitness space all along. So being able to combine my finance background with my passion for fitness, um, is really where I founded this company and, um, have like grown to love helping the boutique fitness industry. Four years later, we've impacted over 30 clients with our one on one fractional CFO, sales and operational coaching. And in the past year alone, three of our clients opened new studios with single month profitability in month two, which is insanely awesome.

Laura Munkholm:
That's so cool. So cool. Yeah.

Lauren Schoenfeld:
So if

Laura Munkholm:
anybody on this call is thinking about expanding locations or is maybe opening a new studio, they know what they're doing. Yeah.

Lauren Schoenfeld:
Yes. And my favorite favorite time is to work with the studio owner before they make that decision to open up their location so I can help them through, uh, the SBA loan process, getting the lease release reviewed, and getting your financial projections in line, making sure we're making good decisions to set your business up for success. Um, so at ActiveCore Consulting, we believe that the core of your business is your financial health. So just like your body's core is more than just a six pack abs, it's your body's powerhouse, the foundation for all of your movement. We believe your business's finances is your powerhouse to profitability. So it's the foundation to sustain your mission and vision. Alright. Diving into the nitty gritty of what we're here to talk about today. Um, in the chat or you raise a hand if we can all see each other, how many, um, of you have a weekly KPI tracking process in place? And for those of you who don't, no shame. I totally get it. I hear from a lot of owners that it feels like a task that we just check off the box or ends up being just a ton of numbers on a spreadsheet and we're not exactly sure what to do with the information. Does that sound familiar? Yeah. I I agree. Uh, so the KPI tracker will just be a bunch of numbers that are overwhelming and meaningless unless you know these two things. What KPI goals do I need to implement to move us in the direction of growth and profitability? If we're just putting numbers on a spreadsheet without a goal, it does just become kind of meaningless. And the second portion, which I think is the most important, how can I make changes in my business based on these data and trends to implement to make sure I'm hitting the goals? And we'll go over that second portion, um, at the end of our presentation today. So I think and we believe that there are three main buckets of KPI goals that we want to focus on, and they really follow your customer journey and your marketing funnel through the top of the funnel, through your sales, and through class performance, which is a good indicator of retention. And so I'm gonna review the KPIs under each bucket, and then Laura is going to, um, show us how to run each of these KPIs in Wallace so you know how to run them. And then at the end, we'll go through a couple examples and take you through, um, how to analyze these trends. So we'll have a weekly tab and a monthly tab in the tracker. And then as a bonus at the end, I'm gonna send you all the KPI tracker that we're gonna review so you can start implementing this, um, on Monday in your business. So weekly metrics set the tone for what needs to be focused on for the week. Uh, this should be completed by your studio manager who is held responsible for these KPIs through their quarterly bonus structure. We compare the weekly KPIs to what our goal is for the month, and that goal is tied to your financial projections to keep your business on track. We have coined this process metric Monday because it's a great thing to do first thing Monday morning and set yourself up set yourself up for the week, know how the week prior did, where are you tracking against your goals, so where your focus is for the next week. Monthly metrics are analyzed on the first of each month for the month prior. So we can understand where in the sales process needs more support. We can analyze where is the gap. Is it in your lead to first timer conversion? Is it in your intro offer, uh, conversion or your conversion from intro to membership sold? And then one caveat for this presentation just so we're all speaking the same terms. While all of our paying customers are super important, when we are talking about members today we're talking about, uh, the reoccurring membership model. So we'll talk about reoccurring memberships which is reoccurring money you're going to get every single month. And then we'll talk about class packs, which are your traditional five, you know, 20 packs. Uh, we believe that reoccurring memberships are the money maker and gold standard to help you create financial freedom. And what do all of our successful clients have in common? The reincurring membership model supports all of the cash flow needs for the studio and all the other, uh, sales and instantly revenue streams are just bonus money, I e profit.

Laura Munkholm:
That's a really great way to frame it. I think when when you talk about setting goals, right, like all of these metrics are really meaningless unless you're working towards a goal, right, or understanding how to how to grade them towards your goal. That goal specifically is huge, letting your reoccurring revenue cover your studio expenses so everything else is profit.

Lauren Schoenfeld:
Yeah.

Laura Munkholm:
Um, so if that's where you start, that's where you start. I love it.

Lauren Schoenfeld:
Yeah. Yeah. And that's and when we build models for clients, that's what we're, uh, leaning towards. Okay. So the first bucket is our sales funnel. Um, so top of funnel, we wanna know how many leads are coming into your business. And because you guys use Walla, you are so incredibly lucky because it's super seamlessly in the system, and you don't have to go hunting all the other places to find it. So this is, like, one of my favorite things that Walla has, um, that other don't do as as well. Um, so how many potential customers are showing interest in your studio? This is important to know where your leads are coming from to further target marketing efforts, um, where you'll get the best ROI. Uh, the next two in this bucket are your first timers and intro offers. We're gonna look at this on a weekly and a monthly basis. Uh, these are number of customers who have taken their first class experience and the number of customers who are on intro offers. So it's important to know what offer or plan these customers have used to come in for their first time experience so you know what kind of communication is next. In an ideal world, they're on a first time with that intro offer plan, but sometimes that just doesn't happen because you might have guest passes. They might accidentally have bought in a drop in. You might have an event in the studio and that's how you are bringing new leads in, or there could be something else. So we need to look at both of these separately so we can understand what first timers have come in that are not on intro offers and what's the best communication for them to have to get them on an intro offer. Um, so that concludes the first segment of these. So I'm gonna try and stop sharing so Laura can dive in.

Laura Munkholm:
Okay. Awesome. Yeah. You did. Okay. Great. Okay. So this is for those of you that come to our webinar series every month, this is a little bit different because it's gonna be more interactive with how to use Wuala. And I will take over from here and start sharing my screen so we can look at the actual dashboard. Um, okay. I believe everybody can see my screen now. Yes. Okay. Awesome. So first things first, when you're doing this on a weekly basis, some of these are super easy because we actually show you right at the bottom in your performance. Like, if you make Monday your metrics Monday, I wanna, you know, look back at my previous seven days and see how many new clients I have. That's right here. You don't have to run any reports. We've just got it right here. Um, and same thing if they're if you're looking at members today on a monthly basis, you don't have to go anywhere. You can just see that right here. So versus thirty days ago, you can see what your number is. So don't forget about this little performance tab at the bottom of your dashboard because this is especially if you make this a habit and you have a metrics Monday or a financial Fridays or whatever you decide it is, you can then, you know, just pop in and consistently see the that data and whether it's growing or shrinking. Um, but first things first with new clients. So we do have, uh, a first purchase report. So this is gonna show you everybody. Like, if I wanna look over, um, the last month, I can see everybody with the first purchase and I can see also here, which I think is really helpful to see, um, what that first purchase was. So you can see, like she said, if it was a drop in, if it was a the month unlimited, if it was um, something else, if they they were a guest. But you can also see on here the people who haven't come in. Right? So if you have people who kind of ghosted you, right, like they purchased your first visit, they're or I'm sorry. They purchased your intro offer but never came in. You can just check that box and you'll see those folks. Um, now the timing is really impeccable for this webinar because we did just release our new sales tracker within the marketing suite yesterday. So now you will also have a really thorough lead source report where you can see, um, how many leads have come in and what percentage of them have converted. So we can talk about that a little bit, the conversions a little bit later. But this will be people who, um, you know, came into your system, whether it was through a lead form, through Google, through Meta, through, um, manual ways, like being added or they created a profile. And you'll be able to see what percentage of them have converted and where they came in from. So you can see all of that data here. So, um, this is going to start becoming very robust as you guys, uh, add leads and kind of have more coming in from your advertising or your lead forms on your website. But just for those of you who do have the marketing suite, this is live as of yesterday. For those of you who are interested in having lead tracking in a clean way, you'll be able to do it, um, through the marketing suite. So feel free to reach out to us if you're interested. Um, okay. So let's see. Did I cover the the, uh, did you want to see intro offers here too or am I are we waiting on that one?

Lauren Schoenfeld:
Oh, yeah. If you can do intro offers now, that would be that would be great.

Laura Munkholm:
Okay. Cool. So in our report center, one thing I just wanna make sure everybody knows because there are a lot of reports, you can favorite reports and then they'll always show up right here in your top left hand corner tab and they'll also be here under favorites. So I definitely have made my intro offer report one of my favorites favorites because this is one I use all the time. Um, you'll choose your plan. If you have multiple intro offers, you can have multiple chosen here. But I'm just going to select one for now. And, um, you choose your time frame. Just for me because I have enough data, I I need more data, I can show the last three months. But you can say the last week, the last month, the last quarter, the last year. Um, and right at the top here, you'll see how many intro offers you sold during that period, how many are still active. So they're not going to show up in your conversions graph. Right? But they're still actively on your intro offer, haven't expired yet, or completed. Um, and then at the bottom, you're going to be able to see your conversion rate. So this is I mean, Lauren's gonna talk about this is a really important metric for you because having an the whole point of having an intro offer is kind of easing people into letting them give your product, your services a try and easing them into a membership. Otherwise it's just giving away cheap services, which is not what we want to do. So this conversion rate is really important here. Okay. I will stop sharing now and let you take back over. Uh, actually, let me just quickly check. Anybody have questions on those reports or anything that you want me to double down on? How does the data get into the lead sources? Okay. Great question. So the lead source report is going to get data in a few different ways. One, it will automatically populate from any lead forms that you have, Wuala lead forms on your website, on landing pages. Um, so those will automatically populate in. Anything coming directly from Google lead forms, Meta Ads lead forms will directly populate in. You don't have to do anything. Um, this webinar is not to train you guys on how to use the lead source report, but you do need to build a journey that has conditions that send people into your lead source report. So essentially, I'll I'll share a video with everybody on here that shows how to add people into your new lead stage. It's really just creating an audience. And that audience are people who had a record created who haven't made a purchase yet and haven't booked a class. So it's really very, very simple. You do it one time and then they'll all funnel in automatically. And you can manually add them, of course, too. But that's hopefully, this won't take much manual work. Okay. Awesome. It's gonna Back to you.

Lauren Schoenfeld:
Her? Yeah. Did we do it? Does it work?

Laura Munkholm:
Yep. You got

Lauren Schoenfeld:
it. Okay. Cool. Um, okay. The next bucket is going to be our sales bucket. So our first one is our new reoccurring membership sold. In my opinion, this is one of the most important metrics in your studio. Everyone in the studio and the business should know this. Your manager, your front desk, your group fitness instructor should always be up to date on what is the mem the new membership goal this month and how are we doing on, like, hitting that goal. It's a true team effort. And I get a lot of questions like, how do we empower and keep the team excited about goals month over month? But it's definitely the culture of the studio, the tone at the top set by, uh, you as the business owner and executable processes and systems that are easy to rinse and repeat. And most importantly, we have to make it fun. Um, another tip I like to talk about when it turns in terms of setting membership goals in each month is we have to be mindful of the peaks and valleys, not only with the seasonality of our studio, but what our team can handle. So we don't wanna overkill our team each month with crazy goals. Keep them realistic, but a slight stretch for motivation. If you have a big push month where you have a high number, uh, high membership goal number, maybe the next month ease off and soften the goal a bit to ensure sustainability. We don't wanna burn out our team. And there's a way that, um, we typically strategically do this. Um, it's a little bit out of the scope of this webinar, but if that's something you wanna talk about, um, later on, if we have time, I can go into that a bit more.

Laura Munkholm:
Yeah. Seasonality is really important. I see, you know, oftentimes businesses just have, you know, here are the goals, and it's the same every month. And we just happen to be in an industry where that is not reality. Right? Like, if you have the same membership goals all summer long that you have in January, February, your team's gonna feel like they're failing. So just keep in mind.

Lauren Schoenfeld:
And then also you have to keep in mind, like, what is your local market? So surprisingly, I have some studios where in the summer they do almost better than they do, uh, in the beginning of the year. So we also have to look at seasonality trends for the industry, but then also what is our local market doing and what is our studio doing, which is why these these weekly and monthly KPI trackers are so important because after we get a year's worth of data, we can go back and look at prior years to see when is it slower, when is it busier to make different decisions in our business. Okay. I'm getting ahead of myself. I got excited. Um, the next one, um, is number of membership adjustments, number of cancellations, and number of freezes. So, these are essentially movements within the membership. Right? So, we want to look at the trends to understand what months are more active. Um, if we had a lot of upgrades, for example, that could mean that we have a challenge and people are upgrading to get a higher tier of membership for the challenge. But But then we need to ask ourselves, are they downgrading after the challenge? And how could we help keep them on that higher tier so we can increase our membership revenue? Maybe local competition opened down the street. So we saw a lot of cancellations and freezes or downgrades on our revenue tiers. And I see this so often and I hear studio owners like, oh, a new studio opened down the street and we lost a bunch of members. Our market is just too saturated. The market's cannibalizing itself. And while that's true to a certain extent, I like to think of it as it's an opportunity to look at our retention processes and our client experience and really get curious why are our clients leaving us. Because if we're providing that community, if we're providing an experience through our group fitness classes that keeps them coming back, it doesn't matter what's going on in the local market because they love you so much, they would never dare to leave. Um, another oh, sorry. Do you wanna say something?

Laura Munkholm:
That's a great way to look at it. I mean, when people are happy and they're getting what they were looking for, they don't care about somebody's cheap deal down the street.

Lauren Schoenfeld:
Yeah. I also think people inherently, like, don't love a lot of change. And so if you're getting your, uh, community in a routine with your studio and you're getting them on a schedule, um, I think in people think they like change, but sticking to a schedule and being consistent is what's most impactful. Um, another tip on the cancellation side, if we look at our year over year trends and we can see where cancellations are high, um, or adjustments are high, freezes are high, it's an opportunity for us to look at special programming. Maybe we can enter a challenge. What are some gaps in the studio? Um, and so if our cancellations are going up, it means our attrition is going up. So it's time to look internally at our retention strategies. How is that hospitality experience? How is the class experience? How is the instructor client connection? Are our team members staying motivated, um, with exciting and fresh programming? So all just some questions to keep asking ourselves when we're seeing a lot of shifts in our membership numbers. Alright. The next one is forecasted reoccurring membership revenue. It's a long one. And, uh, our ending member count. So hitting, um, reoccurring revenue is a lifeline to your business like we talked about before. It supports your business's cash flow needs, And we I always like to remind owners that the business's cash flow needs includes your owner pay. So the business needs to be set up in order to be able to pay you, the owner, to make sure you can live your life and support your family and support your dreams. Um, I feel like a lot of times business owners think of themselves last in terms of getting paid. And while I can completely understand the settlement, we also have to make sure the business is paying you so you don't get drained and burnt out. It's I feel like very important, uh, for me and the role that I play to make sure we're setting up your business in that way.

Laura Munkholm:
Which is a great reason to have somebody outside of your business having eyes on the business with you because they will remind you of that and hold you accountable to it.

Lauren Schoenfeld:
Yes, yes. It's like my favorite milestone when I work with clients is either getting them start to getting paid or be able to increase their pay to the owner pay that they actually need. And one exercise we take owners through is I created what's called an owner pay road map, and it breaks out how much money you need in your life to support your goals, and then we map out how the business is gonna help you achieve that. Um, okay. Got a little sidetracked it again. Um, the forecasted revenue number, we'll look at thirty days ahead to see how much reoccurring revenue you are expected to bring in. And this is just a good barometer so you can keep your eye on with cash flow forecasting. How much cash is coming in the next thirty days? How does that compare with my cash burn rate? Uh, your cash burn rate just means how much cash do we need to support the business to pay for all of the expenses and all of the investments. And I like to look at the forecasted revenue number with member count because, um, there could be variations with membership pricing. So we wanna look at both. Right? So if we are meeting our member count number, but we're not meeting our forecasted reoccurring membership, uh, goal number, some things that could be occurring is, a, the business is still ramping up. We haven't fully flushed out to get to our ending member account number so we can, uh, have a forecasted revenue number that supports all of our cash. And that's okay if that's where you're at, but as long as we're on the path to get there and we're hitting those goals. Um, we also wanna look at the distribution of membership. So a lot of, um, clients that I work with will put them on, like, three about three different membership tiers. So we can do, like, a four times, an eight times, a 12 times, or maybe a four, eight all access. Uh, sidebar, if you have a low utilization studio, so if you're a Pilates studio with, like, ten, twelve, 14 reformers, I don't like to give away an all access because you have limited quantity. So in that case, we'll do something like a four eight twelve, maybe even a 16 depending on your format and how much, um, is the ideal time for your customer to come in. So if we're looking at these distribution of memberships and we're hitting our member count goal, but we're not hitting our reoccurring revenue, I would look at this. Are we selling a lot of four and eight time a month memberships and not selling a lot of twelve and sixteen? And to me, that tells me that there's something there's a gap in the sales process because we're probably selling based on price rather than value because it's easier to sell a lower lower priced membership. But we really have to dig in and be able to communicate the value of our membership and communicate why it's important to come in three or four times a week, pairing that with our, uh, our customer's goals to make sure we're matching them with the correct membership. And if that correct membership is a four or an eight time a month membership, amazing. But this is just a flag to me that we might need some more training on how to sell the value rather than just price selling the lowest tier. Okay. Um, the next one is long term value. This is a monthly metric that we review. Also, something that I'm so excited that Walla has so easily. The report that Laura built just makes it so easy to understand this number. Um, as a finance nerd, like, this is one of my favorite numbers to look at, especially when I have studio owners that want to open additional locations, um, because it really helps us with projection planning. When we need to go get a loan, this is a metric that we can broadcast, um, and help us get a loan. If you're somebody that wants investors at some point in your business journey, investors love this metric. So what is LTV? Um, it helps a company identify how much revenue they can expect to earn from a customer over the life of their relationship with the company. And so the bigger this number, it means the more money we're expected to bring in and it's also a marker of retention. So just for a super simple example, if you have a membership that is a $100 a month and on average, your member stays for thirty six months, your lifetime value of that member is 3,600. Alright. The next, uh, the last one for our sales, um, we spent a lot of time talking about memberships, and now we're gonna flip the script to talk about drop ins and class packs. So I love a member drop in price. So if you have a four, eight, twelve, sixteen type of membership offering, um, and you have somebody on a four or an eight and maybe have extra time in the month and they wanna come in for more classes, I wanna give them a discounted drop in price for that class to encourage them to come in more. And the way that I generally think of this member drop in price, it's about 25 to 30% lower than your actual drop in price that you have listed for nonmembers. And why I like to keep track of, um, this is I wanna know who keeps purchasing these drop ins, and is that an opportunity to upgrade them? And then class pack. I like to have two tiers. So we love a 10 and a 20 pack. Um, when it comes to I see some studios who will do steeper packs like a 40 or a 50. I like to save those for biannual sales, which we do on whatever your anniversary is and your Black Friday sale. Um, it really helps bring in an influx of cash, and it keeps it special. So when you only drop it two times a year in your sales, people are excited about it because it's new and they know they're not gonna see it all the time. So they really wanna buy while it's hot. Um, I get a lot of questions about five packs. I personally don't love a five pack because I like to set my clients up with membership tiers that usually start at a four time a month membership. So if a client what is buying a five pack or wants to buy a five pack, I would either push them into a four time a month membership or have them buy a 10 pack. What we've seen with five packs is it deters people from pushing into the membership model, um, because they just keep buying five packs. But it's actually cheaper for them to go under the four time a month membership, and it gives you reoccurring revenue, which, uh, you know, is my favorite. So that concludes the sales KPIs. So I'm going to stop sharing so Laura can take you through how to see those in Walla.

Laura Munkholm:
Alright. Awesome. Okay. So first off, we are going to be looking at the recurring revenue side of things. So, um, you know, we have two different reports really in Wuala for this. The one I prefer and the one that I really lean on for a lot of the the data that she's talking about is under plans, and it's called the plan gain loss report. The reason I like this is it's not just showing you the totals or the additions. It's also showing you what you've lost. Right? So if I wanna look at this maybe over the last six months, this is going to give you a nice visual of, you know, returning versus new versus canceled. And you can here select by plan. Um, if you're a multilocation business, you can always choose your locations. But you can if all of your plans that are auto renewing are your only ones with member status, you can say only plans with member status. And that will auto select just the plans that are recurring revenue for you. Again, in Walla, whatever you've decided has member status will show up here. Um, like, for example, I have my 10 class and 10 rolling on there. I'm just going to take those off. But if I do otherwise, I have 29 plans in my demo site. Yikes. Hopefully you don't have that many. Please don't. No. But I know I know when you migrate over, sometimes you have to include all of those migration plans that you create. But just so you know, you will be able to see, um, inactive plans in here as well. Okay. So right away, you're gonna get a lot of the answers to these questions. Right? So if I look at June here, I was down just slightly. So I can see that I started the month with a 198 members essentially. I lost seven and I added four. So I actually had a net loss of three plans last month um, versus, you know, January where I had a net gain of six plans. So I think oftentimes, as she was mentioning, setting goals for the team, it may be like, what what is more helpful for the business is setting the net gain goal rather than just, hey, I want to sell 20 memberships because your team can play an active role in helping you not lose people who are considering cancelling. Right? Um, I I actually I belong to a Pilates studio here in town, and I was going to cancel my membership because I hurt my back and I knew I wasn't going to be going for a couple of months. And they actually I mean, it was it's so funny because I do this for a living, but they literally talked me into like, oh, you bought the founders rate. If you cancel now, you'll never get that again. You're gonna be paying $60 more a month for your membership and you do have like an injury freeze available for you for up to two months. So I instead froze my membership. I just restarted yesterday and I was like, oh, that's nice. I'm not paying $60 more where I would have. So it was a staff member who actively walked me through that where otherwise I would have, you know, they could have just said, okay, here you go, canceled. Um, so anyway, I think it's it's helpful to have that net gain, um, goal. Um, so this is where you can see your cancellations, your new. So those metrics she was talking about, how many new, how many canceled. But you can also see when you click into detail here your upgrades and your downgrades. So if you look through all of these, this is something you do the upgrades and downgrades you do have to count manually, um, but you will be able to see those. So anybody you've upgraded into a new plan, great. It'll show it under their returning. Anybody you've downgraded will show as well. So you can see downgrades are orange, upgrades are light blue. Um, okay. Let's now look at the recurring revenue side of things. So if I go to my financials and looking at my recurring plan payments report, this is going to show me for whatever date range I'd like. Um, so I could say next month, for example, or the next thirty days, I can do custom dates. Um, all locations, single location. This is going to show me the total expected sum of payments that I have upcoming during that time. Um, if you do end up doing something like this month, it'll show existing, like, what's paid, what's failed, and also what's upcoming. So July, I can see right here I have 83 that have paid so far, um, 23,000 still upcoming. So like she mentioned, from a cash flow perspective, this is really helpful to know certain weeks, certain dates. If you have big checks that you have to write, this is gonna be great for helping plan that information. Okay. And then we'll bop into plans. And this is where you're going to find the LTV data that she was showing you. And what I will make sure I highlight here is that the lifetime value is by plan. So we are looking at not just we're not looking at retail spend or, you know, drop ins outside of that. We are looking at how much money you can expect from someone on a certain membership. Um, so if I select my monthly unlimited, which is the one I have the most people on in the site, Um, and you can select multiple. So you can have aggregate data for, you know, if you wanted to put all of your membership plans in here, you could. Um, but the plan retention report is going to show me my lifetime value for these individuals. This is extremely high because I had a membership in here that cost $1,000 for a little while. Um, but you can see, a, your churn rate on those people, how how what percentage of your clients you can expect to leave every year, um, and then how much you can expect to make in the lifetime of somebody on this membership. And this waterfall graph really shows you, a, if there's a significant like a month where you lose a lot of people. Is it month three, month four? If you have a six month minimum commitment, do you lose a ton of people at month six? Um, but that can also inform your sales process. Right? You can do a lot of work on nurturing, community driving the month or two before that. So this report not only gives you the lifetime value, but it also gives you a really nice visual of when you're losing people on that plan. Okay. Did I cover everything?

Lauren Schoenfeld:
Oh, it's sales, uh, class pack sales.

Laura Munkholm:
Oh, thank you. Sorry, class pack sales. Okay. So same thing in the plan gain loss report. So I'll go back into that one. Um, you can do this for packages. So you can just select whatever your packages are. Like, if I have a 10 pack or, uh, I think that's all I have in here, or 10 private sessions rolling 10 class card, I can do that. And it'll show me same thing over six months, how many new I sold, how many completed or expired. But then the returning ones are really just people you still have with an active package. Um, so that's kind of the difference between the, um, I guess, the one time purchases versus the recurring is it just hasn't expired yet. Um, so this is going to be most helpful with the new and the expired number. And then the members that purchase drop ins. So, guys, this is something that I use audiences for. There's not a simple way unless you were going into your sales report and just looking at, um, drop ins on here. So if I only wanted to see drop ins, and then I'd have to basically export it and look at this by member, like sort it or filter it by the people who are members who also purchased a drop in, it's a little bit too much work. So I'd rather have this run automatically for me all the time. Um, and that you can do with audiences and you can even put it on your dashboard. So I'll show you here. I actually have, um, an audience built already for this. So find all members who used up a package and took a drop in class in the last thirty days. Um, you could do it in the last week if this is a weekly metric for you. But we'll do that by creating an audience here. Um, 30 I can't remember what I called this one actually. Oh, member drop ins in thirty days. Okay. So here's how I did this. I said, okay, great. Has member status? Yes. That means they're active. They're not paused. Has checked into more than or equal to one class within the last thirty days. Yes. Great. Um, and then right here at the bottom, the payment method is really important. I have the payment method as drop in. So when you're creating this condition and you go to that class check-in activity, you're going to say more than or equal to one visit and scroll all the way down to the bottom and say specific payment method, other method, drop in. So that's saying somebody who is a member, has active member status, also purchased a drop in for more than one visit or one or more visits in the last thirty days. So this is somebody who ran out of classes, purchased a drop in. Alright. Does that make sense to everybody? And and just to call out, even if you don't have the marketing suite, you still get three audiences for free. So included in your Walla core suite, you can create and delete and create and delete and use audiences however you'd like, whenever you'd like. You're just limited to three of them. Um, and you can save those on your dashboard if you know you have the same three that you want to use all the time. Um, but it's a really nice tool to be able to segment and kind of whittle your population down to those little cohorts. Alright. I am going to quickly pause and look at the chat. Oh, Okay. You were in the chat. Cool.

Lauren Schoenfeld:
Yeah. I got you.

Laura Munkholm:
Okay. Uh, Christy, Lauren will take care of you. All right. I think I covered all the reports now.

Lauren Schoenfeld:
Okay. Beautiful. Um, and I know we're just up on that forty five minutes. And so we probably have another fifteen minutes or so to get through everything. So if you can stay on amazing. If not, Laura, I believe you said the link will be sent to everybody so they can hop in.

Laura Munkholm:
Yep. Yeah. It'll automatically get the recording, and it should show you where you finished up too. So you'll be able to just jump back in.

Lauren Schoenfeld:
Alrighty. Okay. Just confirming you can all see the screen again.

Laura Munkholm:
Yep.

Lauren Schoenfeld:
Okay. Fantastic. Um, revenue per class. This is another Walla favorite metric of mine. I just, like, nerd out on this because it's so easy to see all these metrics in Walla, which is so fun. Uh, revenue per class. This is gonna tell you what classes are making you money versus draining your cash flow. And I love the statement numbers don't lie because sometimes as business owners, especially in the fitness industry, there's so much emotion behind our classes and our instructors, and they put so much time and effort and energy into a class. And so sometimes giving constructive feedback on their classes can be challenging. But if we can give feedback driven by numbers, numbers don't lie. They just are what they are. So it gives a more black and white, point of the review, which sometimes, uh, I find to be helpful and and owners have used that to help coach, uh, coach their people. Um, in Walla, you can slice this data by the format, by the instructor. So I like to look at revenue per class in total. And then probably about, like, once a month or once a quarter depending on how diligent you wanna be, I would like for you to slice the data between format, especially instructor, so we can keep track with what instructors are, uh, ensuring profitable classes and what instructors are maybe, uh, need a little bit more support in terms of instructor training, whether that's queuing, um, musicology, connection with the team, or with the community. And then in Walla, they do this really amazing thing where it'll be a green if it's profitable or it's a red if it's not profitable based on the, uh, instructor pay for that class. So one thing that I want to remind you when you're looking at this, if it's breakeven or green, obviously, that's a great start. But it has to be green enough, if you will, to make sure that the class is also covering, um, the other cost to run the business. So you have payroll, like your front desk manager, the owner salary, which I think might be the most important one. Don't want you to forget that. And your studio operations. And so knowing what that number is is will also be important. So when you're looking at this metric, you maybe a class makes you $200, and you're like, oh, great. Maybe $200. But does that $200 cover the cost of all of your other OPEX? And that's something our team can help you help you figure out. Um, so we need to know how much operating expenses per class that are needed to cover. And, um, like I said before, this is a data driven metric to aid in instructor performance reviews and development conversations. Um, the last metric that we're gonna go over is class utilization. So weekly, I like to do this weekly and monthly. Um, and it helps determine if dropping or adding a class to the schedule is needed. For example, summer break or winter break, um, to give the team a rest. I also have clients who will, um, look at the trends in their utilization weeks year over year. And when there happens to be, like, a low weekend of of, like, low utilization, they're just gonna shut the studio down for maybe a day or two to give the team a break and give the team rest. I'm a huge believer in balancing work and rest and I've seen firsthand in my clients who do this that the teams are more motivated and able to continue deliver on this high hospitality experience when we give them little periods of break throughout the year. I have a client and we're prepping for an entire week off in August so her and the team can have a break. There's a lot of planning that goes into that in terms of what do we do with people's memberships? Do we let them freeze? Um, so what she's doing is she is letting them freeze, but we're doing a two week utilization challenge. So the hope is we're gonna allow our members the opportunity with this challenge to take a bunch of classes in two weeks, and then they'll also get a break with the break of the business. The studio also has an on demand platform, so we're giving everybody, um, in the business a free week of the on demand platform so they can still practice with the studio just from at home or on vacation. So when you're seeing, um, low utilization trends some questions to ask yourself, is it instructor performance? Do they need more support in queuing music, programming, their energy, the connection? Is it a format choice? Especially if you have a multiple format studio, a lot of our clients do a combination of cycle, yoga, strength. So maybe it's a format choice. Maybe it's time of the day or day of the week with that time. So different things that you can look at to determine what change is needed to help spike up the utilization in a particular class. Okay. I'm gonna give this back to you, Laura.

Laura Munkholm:
Cool. Let me go back to Walla and dive in. So Becca, yeah, asked in the, um, chat about ClassPass, and I'll call that out right away. Unfortunately, because we get zero data from ClassPass, we they are counted as $0. So this if you are a heavy ClassPass studio, what I'm gonna be talking about right now in this class analysis report is not going to be the most helpful source because that the ClassPass data, they're $0 in Wallace. So they will skew the revenue per visit and the revenue per class data along with the the profit numbers. Um, you are probably going to be better in that case looking more at, um, utilization as the key metrics which I'll show you shortly. But I'd actually be interested in knowing, and maybe you can answer me in the, um, in the chat. Does ClassPass give you anything like this? The revenue, uh, like, on average over time, revenue per class or revenue per visit? Um, I haven't seen recent ClassPass reports or data, so it would be really nice to know what they do give you. So perhaps we could come up with some sort of a a formula or a walk through on how to handle that.

Lauren Schoenfeld:
I'm wondering if, um, if there's an option where if the studio knows, oh, I get about $8 per person per class, can they just enter that in somewhere?

Laura Munkholm:
There's no way you can enter that into Walla, but we could we could potentially discuss, you know, how we could give you a place to do that. We would have to build it to to be quite honest. So, um, um, but for those of you who I know we have more and more studios that do not use ClassPass at all. So I am going to go like, actually it's a significant number of studios now that are not ClassPass studios. Um, so I will go through this. Um, the class analysis report is going to give you that revenue per visit, revenue per class. And for those of you that have unlimited monthly memberships, don't worry. We account for that in your, um, um, in the number here. So if I go in, for example, to my hit party class with Britney yesterday, um, this is gonna go into the detailed analysis so you guys can see how we get the numbers we get. But I can see here that, um, my in person attendance here, this is a monthly unlimited person. She had $37 in attributed revenue. Everybody asks the question, okay. How do you get $37? Do we is that Hailey specifically? No. It's not Hailey specifically. You can see it's Hailey, Janet, Val, and Sally all have that $37 for monthly unlimited membership. Here's how we get to that number. So if you have an unlimited plan that you've had for more than sixty days in the business so really, that's our indicator. We have enough data to look at something in aggregate. So let's say you've had your monthly unlimited plan for years. Fantastic. We are going to look at every person on that plan and average the number of visits over the last thirty days. If you have a plan that's brand new or you don't have enough people, you know, somebody bought it for the first time, we are going to set the average number of visits to five. That's what we've seen across all of our clients. It was about 4.9 visits per month as an average for monthly unlimiteds. I know that seems low. That might sound crazy to you. But if you really look at the data across large numbers, that is almost always the case because there are people that come zero times. There are also people that come 20 times. Um, But there are often more people that come not at all than a lot. Um, but we are looking at an average across all people on that specific plan. So if you've never done this before you guys it really is interesting to look at this class analysis, um, the detail for each class because you can pop in and see what everybody is worth. Um, that sounds harsh to say out loud. But you can see the attributed revenue. Number building. Yes, exactly. Okay. So that is the the class analysis. And, um, yeah. And and as she was speaking, I realized I didn't show you this, Lauren, but one quick thing that might be helpful in your report center also, um, is your teacher ranking report. You can also see, just generally speaking, if I wanted to look at a specific month, um, if I wanna look at last month or this month so far, I can also see if it's on a teacher by teacher basis. So I can see which teachers are profitable and which aren't and the revenue per class, um, on average for for the teacher. So, um, um, you can, again, for those teacher reviews, this is going to be a really helpful tool. Um, okay. Let's go into utilization. So our class attendance report is going to be the best source for this. And something people often miss is when you're looking at a small set of data, it's going to group it by days. But if we're looking at this over, let's say, the last three months, it's going to group it by month. So you can do it by week, you can do it by day, you can do it by month depending on the swath of data you're looking at. Um, like, if I look at last month, it's got the option to look at it by weeks or by days. But if I look at larger datasets, it'll be by month. Um, so you can see here, if you hover over it, you can see what your utilization rate was, which was 5.93 in this point. So it's the parentheses next to checked in. It's looking at the capacity in the studio versus how many people were checked in. And then if you want to include no shows in that, you will have to do manual math to, like, add the one to the eight and you're dividing by the the, uh, capacity. But you can do that manually if you want to. Um, but, yeah, if I wanted to look at, you know, the last six months, I can see if there's a big difference. This is, again, a demo site. So yours probably looks quite a bit different than mine does. But 4.31 in January, 4.21 in February, down to 2.4 in March, and three point o six in April. So you can see that pretty clearly. But, obviously, what we're looking for just in a visual sense is this bar to be very blue. That's the goal. The more gray it is, the more work there is to do. Okay. Uh, and like you were saying, you have some businesses that have different modalities in their business. Right? Like they might have cycling or yin yoga or, you know, were former classes versus mat classes. You can also see popularity, um, by type of class as well. So if I wanted to, you know, look at a custom date range or a specific month, let's say I go to January, um, it'll show me all of the different types of classes I have and fill rate for that type of class. So we're we're really trying to look at this in a little bit more granular detail in this graph. The other one is just broad across all of your class types. Okay. I think that covered it.

Lauren Schoenfeld:
Great. Alright.

Laura Munkholm:
Um, but if anybody post this class wants to send me, like, a screenshot of the reports that you get from ClassPass, like, the data that you get in there, a, we can look at how we can potentially build that into Wuala. Um, thanks, Becca. But, b, we might be able to give you, like, a short term, you know, here's how you can run the data in Wuala and add that together just in a spreadsheet.

Lauren Schoenfeld:
Okay. Awesome. So we just talked a lot about KPIs. And the biggest thing that I want to remind us that is if we don't have goals for these KPIs, it's going to be really hard to analyze how the business is doing and to know what to do with this data. So while having the KPI tracker is going to be a huge step in the right direction, the next step from that is creating actionable goals that make sense for your business and lead you down the path of profitability. So we created our own, um, core methodology that helps business owners do this. So, um, we like to say we redefine how you approach your business so you can focus your time on growing your community rather than the day to day operations. And the four phases in our core methodology are clarity, organize, rework, and empower. So for clarity, we help the business owner get clear on what is the business, what is the vision for your business and your life. As a fractional CFO, I help you creatively look for value adds in strategies for financial organization and growth. It's a mix of locating blind spots while creatively forward thinking to maximize your profitability and cash flow. So we organize your systems to ensure smooth operations. I'll do a financial deep dive with you to get really clear on what are your expenses, what is your cash, and what is the ROI on your expenses. Generally, when I do this with studio owners, I find them between 5 and $20,000 of annual savings, which is huge. Um, we calculate your owner pay needs from the business so we can map out how the business is going to pay you. And the deliverable that we provide is your profit plan. So a thirty six month projection with specific goals that we're gonna use in the KPI tracker to keep you on track for your three year vision. The next phase is we rework your current processes to drive revenue. So we're gonna rework your offers, your pricing, what KPIs we need to have in place in order to hit your goals. We're gonna identify processes that need additional support. Maybe we need some help on messaging clearly to speak to your ideal customer on the lead generation side. Um, maybe we need help on converting to membership, so creating or enhancing your sales process and communications. And maybe we need help in the class experience or the retention. So we provide support in all of these areas.

Laura Munkholm:
And also Just quickly on those, like, when you're looking at all of those different things, take a peek back at our webinar video library because the the action for a lot of these data points, we have unbelievably great resources, experts, industry leaders talking about the the steps, like, the literally what you can do today to impact those numbers. So I think it's really a good call out that, you know, and then these these are kinda big picture, but we've got so many resources for you to look at the the very granular steps.

Lauren Schoenfeld:
Yeah. Good call out. Good call out. Um, and last but not least, we're gonna empower you for a successful educate, uh, execution. So monthly, we review p and l's, uh, with our clients where we analyze them to help them understand what happened in the month versus their plan, um, with actionable tips for operational changes to make sure that they stay on their plan. And, um, a quote that we got from one of our founders. Um, if you don't follow Ashley, she has probably one of the best marketing social media strategies of any of the clients that I work with. So to get fun tips and tricks, uh, follow her and her studio. And a feedback that we got from her recently is one of the most empowering things I've done on this journey as a small business owner is to learn to actually love looking at, understanding, and being control of my business's finance. And she has us to think for that. So before we go into, um, the actual data, I just wanna share two ways, um, that we work with clients and then we'll get back into, uh, the the template. So our signature program is finance and flow. This is for the studio owner, um, who knows it's time to master their financial health, think beyond the standard offerings, uncover the possibility of untapped revenue streams, and diversify offerings. Uh, we give you a step by step process to create your business's profit plan with your KPI goals. We help you determine your short and long term personal lifestyle goals and how the business will help you achieve them, help you uncover unforeseen financial gaps and how to overcome them, reboot your financial mindset and your limiting beliefs to achieve your full potential, and learn how to invest your profit into long term investments to make your money work for you. So our next round, we're planning on doing in September. So in the follow-up email, I'll drop a link into the wait list if you wanna get on that so you can get on the next round, and we'll help you do all of the things that we're talking about in this, um, webinar. The other way is our one on one offering. If you're the studio owner that's ready to expand their portfolio and open new locations, Um, the one on one offering is ready for you. Uh, we help you create the business plan for profitability. We dive into all aspects of your business to ensure your financial and operational processes and systems are in a rinse and repeat state before opening an additional studio. K. If you like, this next part is oops. I think I stopped sharing. Sorry. Let me do that again. I meant to open the left to go over?

Laura Munkholm:
I mean, we can stay on I I have to be done in fifteen minutes. So we can stay on to go through this, um, just relatively quickly so people know how to enter data in it. Um, and, again, guys, this will be recorded so you can watch, um, whenever you're able to. But Yep.

Lauren Schoenfeld:
And then I'll send a follow-up email with this template and, um, ways to get a hold of me if you want to book a call to continue a conversation. Yep. Um, so there's a weekly tab and a monthly tab. Like we said, I break the KPIs up into who is responsible for the KPI. So in an ideal studio situation, we have somebody that's in charge of our marketing, our social media, our email blasts, and they're gonna be in charge of your top of funnel into intro offers. So leads, first timers, and intro offers. Then we have your studio manager who's in charge of the sales and retention process. So that gives you all of your reoccurring members, um, all of your membership adjustments, your sales on your member drop in rates, your class pack, uh, options, um, and then your, um, class metrics to help you with retention, revenue per class, uh, class utilization, and average attendance. If you're someone that does a lot of private sessions, um, we're gonna include private session KPIs as well. Um, so you can track number of private sessions that have been, uh, booked. This next column here is your goal. So each month you'll update this from the goals that you have in your profit plan to make sure that your studio manager and your marketing coordinator is on track with these. And then every week, we go in and we look at the week prior, run the reports that Laura walked you through to enter all of this information. And, um, for example, in this particular month, uh, the goal was 30 reoccurring members. So pretend like we're in April. In the first month sorry. First week of the month, we had six people, then we had 10 peep or four people, three, and two. So as you're going, you can keep track. So after the first two weeks, this client only had 10, um, memberships to her per goal of 30. So it helps us keep on track. We can keep the team, um, updated and really dive into the intro offer process, who is a hot lead, meaning who is coming off the intro offer and ready to convert, what are those conversations like. And so for this example, if their goal was 30 for April, they fell a little bit short. That number is oh, 15. Right. So if if this was the example, they fell a bit short. So then we would go into the monthly metrics to see where in the sales process, uh, was a little bit light. And so what the monthly metrics show us are monthly numbers of similar leads top starting at your top of funnel with your leads to your first timers, intro offers, and memberships. So if we're just highlighting April let me go here. We have, um, goal conversion percentages that we give for each month. In the beginning, I generally do a blanket, like, 75%, um, intro offer conversion from that first timer. Because you're gonna have a lot of people who just dive directly into that intro offer, this number should be fairly high. Um, the next is your first timer to intro offer conversion. I'm sorry. This is lead to first timer. And then first timer to intro offer and then intro offer to membership conversion. And this helps you figure out where in the process, um, you might have a gap or where your team is doing well. So if these are our goals for April, looking at what happened in the month. So this business had a 150 leads come in and their goal or they they actually converted 96 of those leads to first timers. So that's a 64% conversion, which is a little bit light from our 75% goal. So I would go back into, um, looking at where are the leads coming from, where are they converting most. So if you have, you know, Google and you have Facebook, um, and maybe you have, you know, uh, Instagram, either ads or just conversion from there, See where you're getting the most conversions from, and maybe the next month you can spend more targeted efforts on that platform because we know that platform is converting the best.

Laura Munkholm:
Yeah. And the lead the new lead source report will have all of that spelled out very, very clearly.

Lauren Schoenfeld:
Oh, fantastic. Yeah. Um, the next one is our first timer count. So like we said, this business had ninety six first timers. Um, from there, they sold 25 intro offers. So here is a huge gap. And what happened here in for this client is we noticed that a ton of first timers were coming in off guest passes, but the guest passes were not converting. So we really had to go back into our messaging to see what is the message that our first timers are getting and why aren't they converting. And what we saw this client is not in Walla, just as a caveat, that the marketing for those, um, guest passes, it wasn't getting to them. So they weren't getting any communication. So that's why they weren't converting. And then we set up a whole new process where we're sending them a, um, an email. If they convert to the intro offer while they're still in studio for their first time class. We're giving them a little discount on that intro offer just as an incentive to get them in the door because we know based on the data that we have a really high and strong membership conversion. So we just need people to get on the intro offer because this client's hospitality class experience is phenomenal. Um, so the big hurdle here is just getting people into the intro offer because we know the conversion is high. So this client has two intro offers. So we want to look at the distribution between them. She does a three for 45 and a two week unlimited for 49. So I always think it's interesting to see the trends on who was buying what, and is there a seasonality component to this. So what we saw in the summertime, people aren't really doing the two week unlimited because they're out of town a lot. So psychologically, they're not thinking they're gonna get the value of that two weeks because they're gone a lot, but they think they're gonna get the value on the three for 45 because they think they're only gonna come three times. It's so interesting because the price points are literally the same, but the pricing psychology of consumers, I think is probably one of the most fascinating things. Yeah. Um, and then here, they sold 15 memberships. So if we look at their goals, she had a 60 conversion on membership, which beat the goal, which is fantastic. So whatever they're doing in the studio is working. Right? Because our membership conversion is higher than our goal, but what's not working is the intro offer to first time conversion. So that's where we really spent a lot of time, um, in May dialing up that guest pass process and then figuring out what other sources are people using to take their first class experience, and they're not converting the intro offers. So So we did a huge deep dive there. Um, and then just to kinda show you how we back into some of these goals, we start with our membership count. So in this month, we wanted to have 25 new members. Based on these goals, it calculates for us how many intro offers, how many first timers, and how many leads do we need to have in order to hit this goal depending on our goals, our conversion goals here. Again, in the beginning, we kinda just have to use industry standards until we have enough data to get really clear on, like, what your studio is doing, and then we can start creating conversion goals for your studio and then start work your way up to, um, higher conversions. So these are all formula driven. Anything in blue font when you get this, do not touch. It's a formula, but anything in black, you can change the inputs. Nice. Okay. I know we're just at the end of, um, of time. So I think we have to cut it here. Um, but these analyzing these conversions and these metrics, in my opinion, are the best way to figure out where your business is doing well and where your business needs a bit more support. These conversion rates are gonna give you so much information and so much data. Um, and then it you know, you can go back into the Wallow Library. It sounds like there's a ton of information on retention and lead strategies. Mhmm. Um, so I would say that would be a good place to start if you want to take action now to help your business.

Laura Munkholm:
Amazing. Well, thank you. You are such a wealth of information on this and I know, you know, looking at spreadsheets is not everybody's favorite thing to do. So it's, um, um, it's nice to have some context around it and also feel like we, you know, we know where to go to get the number because that can be the most overwhelming thing. Um, so guys please, please, please let us know if you have questions. Pop into the Facebook group if you want to and just maybe share if you found any reports that have been really helpful for you in in going through this process. Um, but don't forget to use the favorites, um, in the report center because that will help you. You don't have to then go search all the time. You can just pop into your favorites tab and and jump right to the reports that you need. Um, okay. Well, thank you, Lauren. Guys, next month we have, um, we're actually the reschedule of our, uh I forget if it was May or April, um speaking to HR staff, staff retention, um really diving into how we can be leaders and mentors which I think a lot of us often are too distracted to think about or have too much on our plates to think about and how that can really assist in our staff retention, um, at the studios. So Desiree is gonna be coming to speak with us and we will have information out about that shortly. But thank you all. Have a great rest of your day.

Lauren Schoenfeld:
And Thank you so much. It was nice chatting with you all.

Laura Munkholm:
Yeah. Thanks for having having the day I mean, all of that data for us. That was so Of course. Of course.

Lauren Schoenfeld:
I, like, nerd out. It's so much fun for me. I know.

Laura Munkholm:
Good. Alright. Talk soon. Thanks, everyone. Bye. Bye bye.

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