Do more math for me. Let me know when you share more posts!
Today we're talking Customer Attrition, and how it affects your fitness business revenue.
Customer Attrition is the loss of customers, and the fitness industry average rate of attrition is 1.75%.
Small differences in your attrition rate make a huge difference in Customer Lifetime Value, or the total amount of money a customer is expected to spend with your business during the lifetime of an average business relationship.
That's why we want to really focus in on keeping our clients happy and our attrition rates low. It has a huge impact on your revenue. Let's look at the math:
That's a 67% increase in revenue all because of a tiny, little 1% difference in your rate of Customer Attrition.
Nobody can argue that those numbers are compelling.
Bottom Line: stop spending time and money looking for more customers if you're not doing everything you can to retain your current customers. Keeping your clients happy really pays.
Looking for more uncommon and counterintuitive insights for fitness business owners?
Sign up for our newsletter and I'll email you when I have a new blog post up!