Your studio’s success begins and ends with serving the right customers and offering them the right product. To do this, you have to review your analytics to personalize more of your marketing messages and sales strategy. There’s a business term that perfectly captures that way of approaching business—it’s called Revenue Management (RM).
The aim of Revenue Management is selling:
- The right product
- To the right customer
- At the right time
- For the right price
- With the right pack
Successfully implementing RM principles will fundamentally change your sales as well as the quality of experience you offer through a more personalized customer journey. Implementing RM techniques yourself can get complicated pretty quickly, but here are three quick tips to jumpstart your efforts that will immediately start paying dividends for your business and your marketing efforts:
Start managing your business at the client-level
Instead of looking at your business numbers at a high-level, dig through them on the client-level. This is the most actionable way to manage your business from month-to-month. Discover how many unique customers visited this month, how much they spent and what pricing option they used to attend.
By understanding the past behavior of each of your clients, you can start to influence their future behavior by offering a more personalized experience concerning the right offer, right time, right price and right product.
Evolve your marketing efforts from generic to personalized
Personalizing your marketing efforts means no more batch and blast emails and no more single onboarding journey. Every marketing communication and sales offer should be contextual and personalized. This makes your clients feel like they are getting a consultative, one-on-one experience and it fundamentally changes purchase rates and sales. The more precise and hyper-personalized, the better. It may take more time and money to do so, but it’s worth it.
Don’t be fooled by sales numbers
A common mistake in online (email/SMS) marketing is to set generic automation triggers that generate sales and then attribute those sales as new money. Make sure that’s not happening at your studio by digging into the data of those clients who’ve made purchases through your latest marketing efforts and make sure that the average sales of that client in increasing. Creating this consistent feedback loop will expose whether your marketing efforts are generating sales and lifting your income, rather than just changing when you see the revenue.
Revenue Management is critical, and by making these small adjustments to how you use your sales and marketing process, you’ll could huge growth.