Important Martial Arts School Metrics
One of the most important things you can do in your martial arts school is to begin tracking and analyzing your school’s daily, weekly, monthly and yearly numbers. You’ve got to make it a habit, just like brushing your teeth in the morning.
In fact, I suggest that you never shut your martial arts school down for the evening until you’ve tallied and reviewed that day’s statistics. That requires self-discipline. But is vital to your school’s success. Today, student management software or even an excel spreadsheet make tracking school statistics very easy.
Here are a few key numbers that you should make sure you’re looking at each and every day:
Keep a stat sheet near every phone in your school. Whenever someone calls to inquire about classes, put a tick mark in this category for that day. Also, track how they heard about you, so you know what marketing is working and where to best invest your marketing dollars going forward. You may find that 50% of your calls are stemming from your website, while only 10% are coming from your social media ads. This is good to know. At the end of each day, transfer the total number of calls, and how they heard about you, to your master stat sheet.
Whenever you receive a qualified information call or website lead, the goal is to schedule that prospect for an appointment to visit your school as soon as possible. Be sure to record the total number of daily appointments that you set. This will enable you to determine an information-call to appointment-set ratio, which will help you gauge the effectiveness of your phone skills. If you notice that too many of your info calls are not willing to come in for an appointment, then you’ll need to rework your phone presentation. There’s no sense in spending good money on marketing and lead generation only to drop the ball here.
Appointments Who Enrolled in Intros
Another stat you should keep is the number of appointments who enrolled in your introductory course. Similarly, if the ratio of appointments to intros is too low, then you know you’ve got to improve the presentation you use to sell your intro course.
Each day, record the amount of first and second lesson intros you taught. This is important information. If your stats show a pattern of students not completing their introductory course, then you know you have to adjust your introductory course material, train your intro instructor to do a better job or fix something else that’s causing students to not want to return.
Of course, you’ll need to keep track of how many introductory lesson students converted to actual enrollments. If your enrollment number does not equal at least 80% of completed intros, then you have some work to do, probably in your introductory lesson presentation or enrollment conference. To fix this, start tracking what the specific objections to joining your school are and then role-play ways to overcome them. Keep tweaking and monitoring until you get the numbers up.
In most schools, revenue is generated from tuition, initial investments, product sales, and special events. You want a separate category on your stat sheet for each source of revenue you have. Using subcategories is also recommended. For example, under tuition you may create a subcategory for EFTs, credit cards, checks, down payments and cash. Each day, add up the amounts to determine your total collected revenue.
Active Student Count
There are lots of ways to determine your active count. Perhaps the easiest is to count all the students who attended class at least four times this month, and consider them active.
Average Student Value
This is one of the most important numbers to track. Simply take your active student count and divide it into your monthly total gross income. Your goal is to monitor this number month¬ly and constantly work on increasing the various revenue areas of the school to get the aver¬age student value to rise. An average student value of over $200 a month is very good.
While there are many other statistics you could keep, these represent the basic numbers you need to be on top of every day at minimum. Once you have these numbers recorded, the next step is to learn how to analyze them to your advantage and to help identify weak areas in your martial arts school.
Knowing your numbers allows you to create an action plan for improving the results in each area of your school. If you don’t know where you’ve been, it’s hard to know where you are going. Keeping accurate statistics, whether it be with a basic manual system or a sophisticated computer software, will give you direction, and enable you to set goals for improvement.
As an owner or operator of a martial arts school, few things are more important than keeping track of your stats. The top school owners in the nation that I work with watch their numbers like hawks.