Month: November 2015

Track Your Marketing

With the holiday season upon us, you may be contemplating some marketing for your school. Michael Massie’s latest book on Martial Arts Sales talks about ROI – Return On Investment (gray box, about half-way down on that page). Let’s look at how MasterVision can help you track the performance of the marketing you do.

MasterVision uses a “Source” to track your marketing. You can setup Sources by opening them at File > Open > System Setup > Sources from the MasterVision menu. It looks like this:

Source2

The Description is whatever you want to type in. Check the “Active” box to that you can select this source on the student form.

Category, Type and Offer are all options that you can setup yourself by right-clicking on them. They can be anything you want (whatever makes sense for how you do your marketing), but here are some ideas:

  • Category: Is the broad category for this type of marketing. Ideas might be:
    • Events (Birthday party, sleepovers, halloween party, etc.)
    • Direct Mail (Postcards, ValPaks, etc.)
    • Online (Website, AdWords)
    • Drive-by (For the drop-ins)
    • Referral (For student referrals )
  • Type: Can be used to better define your Category. So you might want Types like:
    • Birthday Party
    • Parent Nite Out
    • Halloween Party
    • Postcards
    • Websites
  • Offer: Is the various offers you make in your marketing. Some examples might be:
    • 2 Weeks Free
    • Free Uniform
    • Parents Train Free

Once you’ve setup your Sources, when you create a new prospect you can then enter the source for how they heard about you on the student form:

Source

Now that you’ve done the work to setup Sources and are entering Sources when you input a new prospect, you can run a report in MasterVision to show exactly how your marketing is doing and to see you Return On Investment (ROI). In Reports, select the Activity category and then the Source report. It looks like this:

SourceReport

This reports gives you a breakdown then of how each of your sources did for the time period you selected. You can see what sources generated the most prospects, how much each prospect cost, what percentage of those prospects you converted into students, and your conversion rate.

Armed with that information, you can make more informed decisions about your next round of marketing.

Analyze Retention

Now that we know that measuring your retention rate is important, you may be looking into some insight into why your retention rate is what it is and ways that you can improve it. MasterVision can give you  that insight as well.

MasterVision comes with several retention reports – By Age, By Months, By Rank, and By Weeks. Each of these reports takes a group of students and shows you at which step in the program students are dropping out. Let’s take a look at Retention By Week:

RetentionByWeek

So this report is finding every student that inquired in the date range shown and then shows you the progress of students leaving the school. The “group” column is showing you week numbers since this is the By Weeks report. So breaking it down:

Week 1 – Every student attends at least 1 week so this line shows that you had 17 students inquire in the date range and nobody has dropped out.

Week 2- There is no week 2 on this report. That means nobody dropped out at the second week.

Week 3 – We have our first student that dropped out. The attended for three weeks but didn’t attend anymore than that. 5.88% of the student signed up in this time period dropped out after only 3 weeks.

Week 4 – We lost another one.

Week 5, 6, 7 – Not on the report, so we lost no one in that week.

Week 8 – Lost another one.

etc.

So what would you do with this information? I’d focus on the big numbers – at week 25 the school suddenly loses 3 students and at week 40-42 the school is losing 6 students! Figure out what is happening at those times.

Are contracts renewing and students are opting not to renew (so you need to start working on a better renewal process? Are your lessons getting tedious at those points and you need to make class more interesting? MasterVision has shown you where a problem is, now you have to figure out how to fix it.

 

Measuring Retention

Today’s Martial Arts Business Daily by Mike Massie has some great thoughts on Retention (you’ll find the article here. If you’re not already subscribed to his free newsletter, you can do that here at the top right of the page).

I’ll let you read the article for what he says on Retention, but I want to touch on this particular part:

unless you’re tracking those numbers (retention) as a trend over the life of your school, from month to month and from year to year, you really haven’t unlocked the full benefit of knowing that number on a monthly basis

And this part quoting Peter Drucker:

“What gets measured gets managed.”

MasterVision can help you increase your retention (and I’ll talk about that in the coming days), but it will also let you instantly measure retention. Mike says this might take you 10 minutes a day. With MasterVision, it’ll take you 10 seconds.

Go into Tools > Reporting from the menu. Select the Retention category and then “Attrition Rate Over Time” report. This report shows you how many active students you had in a date range, how many active students you had at the end of that date range, and then the percentage of students that had dropped out (the attrition rate – how many students you lost).

It also shows you who those students were that dropped out and their last rank. This might give you a hint on where to focus your efforts to decrease your attrition (or increase your retention, however you like to think about it). For example, if you notice that a lot of folks are quitting at a certain belt level, you may want to look at what is happening at that level. If a lot of students are dropping out because their contract expired and they opted not to renew, you may want to look at your renewal process.

This report is asking for a date range that you want to look at. You’ll want to decide on a range (I’d suggest six months or 12 months). I’d then run this report every month, on the same day, for that same amount of time. As you work to improve your retention, check the report to see if your rate is going down.

Lastly, you can run this report for previous date ranges. If you haven’t been paying attention to your retention rate, go in and run this report now for the last 12 months ending November 1st, and then 12 months ending October 1st, and then 12 month ending September 1st. This will let you see  what the trend is for your retention rate.

An example of this report is below. The help file page that explains this report is here.

RetentionReport