The more I learn about Classpass the more and more skeptical I become that their model is sustainable for independent studios, however I’m also aware studios still use them, and nobody knows better than you whether Classpass is good for your business.
But whether you think Classpass is great for your studio, or whether you’re considering abandoning the Classpass network, they are a business partner and you should know the impact they are having on your business. If they’re good for your studio, awesome, now you have data to back it up. If they’re not good for your studio, excellent, you’ve identified an area where you can improve.
Ten Key Metrics
With this in mind, here are 10 easy to gather, simple to understand, key metrics you should be tracking & questions you should be able to answer, for the time preceding and following the adoption of Classpass at your studio. (And sometimes even if you're not).
Total Monthly Revenue: Is it going up or down?
Monthly Member Count & Monthly Member Revenue: By far the biggest risk of joining Classpass in my view is losing members. Did anything happen with your monthly members? Did they go up or down or stay flat? Is that consistent with what you’ve experienced in years past?
Total Revenue Received from ClassPass: How much money total did ClassPass pay you for a given month?
Total ClassPass Attendances: How many total people are coming in with classpass?
Revenue Per ClassPass Attendance: How much revenue are you on average receiving for each Classpass attendance?
Total Non ClassPass Revenue: How much are you bringing in without classpass? How does this compare to before you started using classpass?
Revenue per attendance of non-class pass students: What’s the average revenue you're receiving for your full price students?
Percentage of attendances by way of Classpass: What percent of your total attendances are coming in from classpass?
Revenue per non classpass, non member attendances: How much less are you getting paid by classpass than you're getting paid for your other drop-ins?
Percentage of revenue received from Classpass: What percentage of overall revenue does Classpass account for?
How do things look?
Like I mentioned at the start of this post whether you tend to think Classpass is good for your business or you think Classpass might not be quite right for you, this simple spreadsheet should help you see with data how Classpass is affecting your business. Below is a view of a template with some generic data filled out in one row. Cells highlighed in yellow are formulas driven by numbers you enter in the other cells. Like I said: super simple. You can dowload an Excel version here, a Numbers version here, and a CSV file here.
The thing I like about looking at data this way is you're laying out cleanly a way to see how Classpass has affected various aspects of your business, and then you can compare to whether that matches your intention.