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:
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.
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.