Membership Retention Analysis Tool
The Membership Retention Window (MRW) in the next RGP update provides a measure of how well you are retaining your members. Specifically, it looks at ALL your memberships and graphs how many have been a member for at least one month, 3 months, 12 months, etc.
The flatter the graph, the better.
Many gyms measure retention via attrition numbers but that is a somewhat flawed measure of retention because it doesn’t allow you to properly value what a member was worth. A member quitting after one month is worth much less than a member quitting after 12 months!
Using the MRW tool you can immediately compare your billed vs. prepaid membership retention. You can accomplish this by adding/removing different graph lines using the ADD/EDIT/DELETE buttons.
The beautiful thing about the MRW tool is over time it will allow you to compare retention between different dates rates to see if your gym is improving its retention of members.
When first installed, the MRW tool will only capture current memberships. But moving forward from the date the MRW tool was first installed, it will allow you to compare retention year over year.
The MRW tool also displays your average revenue for your members by graph-line. NOTE: this revenue is computed as products purchased between the start-and-end date of the membership. If you have customers purchase memberships but do not configure them as a member for 3 days (for example), that purchase would be excluded.
Using the graph and the average revenue figures... you can calculate your "lifetime value" of a member as described in the link above. The lifetime value is the 50% value multiplied by the average revenue.
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In addition to the graph, you can export the underlying data in CSV format and open that data in Excel.
The CSV file contains a wealth of information on each and every membership including check-in history, sales during the membership, duration, etc.
You can perform your own analysis using the CSV data to further study your membership.
The column names should be self-explanatory. The "GUID" columns are the unique customer IDs. When opened in Excel, advanced Excel users can use the values to group by family unit for family memberships.
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