Episode #7 Brendan Rice: Harnessing the Power of Data
Summary
Brendan Rice, CEO of Wodify, discusses the benefits of using Wodify for gym owners and how the software has expanded from serving CrossFit gyms to martial arts schools. He emphasizes the importance of engagement and how tracking attendance and providing additional resources can significantly improve retention rates. Rice also highlights the value of gamification in driving behavior and increasing engagement. He shares data that shows the average monthly value of clients using digital progression tracking is $21 higher than those who don't. Additionally, he suggests that gym owners can increase pricing by showcasing the added value provided by Wodify. In this conversation, Brendan Rice discusses the importance of using data to make informed decisions in running a martial arts school. He highlights the benefits of using custom reporting to track key metrics and how gym owners who actively use custom reporting generate an average of $13,000 more in revenue per month. Rice emphasizes the need for gym owners to invest time in the students who need attention and engagement the most, rather than focusing solely on the most engaged students. He also stresses the importance of embracing technology and being open to change and innovation in order to grow and improve the business. Lastly, Rice encourages gym owners to view their expenses as investments that should have a positive return on investment (ROI) and contribute to the growth of the business.
Takeaways
Brendan Rice, CEO of Wodify, discusses the benefits of using Wodify for gym owners and how the software has expanded from serving CrossFit gyms to martial arts schools. He emphasizes the importance of engagement and how tracking attendance and providing additional resources can significantly improve retention rates. Rice also highlights the value of gamification in driving behavior and increasing engagement. He shares data that shows the average monthly value of clients using digital progression tracking is $21 higher than those who don't. Additionally, he suggests that gym owners can increase pricing by showcasing the added value provided by Wodify. In this conversation, Brendan Rice discusses the importance of using data to make informed decisions in running a martial arts school. He highlights the benefits of using custom reporting to track key metrics and how gym owners who actively use custom reporting generate an average of $13,000 more in revenue per month. Rice emphasizes the need for gym owners to invest time in the students who need attention and engagement the most, rather than focusing solely on the most engaged students. He also stresses the importance of embracing technology and being open to change and innovation in order to grow and improve the business. Lastly, Rice encourages gym owners to view their expenses as investments that should have a positive return on investment (ROI) and contribute to the growth of the business.
Takeaways
- Engagement is key to improving retention rates in fitness businesses.
- Tracking attendance and providing additional resources can significantly increase engagement.
- Gamification, such as digital progression tracking, can drive behavior and increase engagement.
- Gym owners can increase pricing by showcasing the added value provided by software like Wodify. Using data and custom reporting can help gym owners make informed decisions and generate more revenue.
- Investing time in less engaged students can improve retention and overall business performance.
- Embracing technology and being open to change and innovation are key to long-term success.
- Viewing expenses as investments that contribute to business growth can lead to a positive return on investment.
The Legacy Martial Arts Business Podcast is hosted by Nick Castiglia and Sam Hattlestad, Entrepreneurs and co-owners of Legacy Martial Arts Consulting.
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