The Top 3 Ways to Boost Your Club’s Bottom Line in 2018

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Is improving your club’s bottom line on your list of new year’s resolutions? If so, read on. We have 3 ideas to help you generate more revenue to make 2018 your club’s best year yet!

  1. Recurring Revenues

Is your business model set up as pay-per-class or monthly recurring revenues? Businesses that incorporate a recurring revenue model (RRM) tend to make more money than pay-per-class-models. RRM allows you to forecast cash flows, ensures you are covering fixed expenses, contributes to client retention and strengthens your bottom line. Don’t just think about your membership dues when evaluating your revenue model; you can also roll child care, locker dues, massage packages, private lessons, personal training and camp into monthly recurring billing.

  1. Point of Sale (POS) Transactions

Do you have various items that you sell throughout your facility? Point of Sale transactions allow you to quickly recognize extra revenue such as gift cards, one-time child care fees, and more. From front desk to the pro shop, spa or café, allow your members and guests the freedom to make purchases and payments throughout your club. You want to ensure your software provider allows for easy end-of-day reconciliation, next day funding, and back-office integration.

  1. E-Commerce

A quick way to capture more sales opportunities is having your club management software integrate with your website. This enables you to provide online joins, program registration and appointment booking. Boost your membership sales, manage club services and create a paperless environment–without adding new staff–by giving your members and potential members the power to self-service on their own time.

Are you ready to have your biggest year yet? Does your club management software help you run your facility in a way that will maximize your revenues? Contact us at sales@daxko.com to learn how Daxko Spectrum can power your organization in 2018.

You’re Likely Leaving Your Most Powerful Tool in Your Toolbox

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Probability and the Power of Narrowing Uncertainty

When it comes to data and making decisions, most of us leave an incredibly valuable tool sitting unused in our proverbial decision-making toolboxes. PROBABILITY is the likelihood something will or will not happen. You may know it as “the odds”.

We don’t use this tool because we may not have wrapped our heads around what it means or can do for us – acceptable, we can learn. Some don’t use it because we think it’s no better than what we’re already doing – a lost opportunity, let me convince you why. 

So, what is this and why is it important?

In order to understand probability, do not search on the internet for the term until you finish this article. One of the first things listed in search results is how a coin toss has a 50/50 chance of landing on heads or tails. Herein lies a common misunderstanding of probability’s value. Yes, that’s true for a coin. It is not true in many other comparisons, and it’s temptingly easy to interpret equal chances as meaning the odds don’t matter or that answers are unknowable. This is far from the case.

There is a true story of a world leader deciding if he should authorize a now infamous military action and he says on record, “this is a 50-50 shot” while deciding. Only it wasn’t. The official probability calculations he held in his hand were a more than 63% likelihood of the operation being successful (less than 37% change of it being unsuccessful). He authorized the action and it was successful. According to those statistics, the best answer was “yes”. The odds were in his favor.

Question: So why did an experienced leader say it was a toss-up decision? He would have talked about those same odds much differently if he was using them to pick the winner of a sports tournament, with a clear favorite and an underdog.

Answer: There is a pervasive gut tendency to think things are either a sure thing or unknowable. The reality is much closer to likely or unlikely. Throw in a healthy dose of not wanting to be wrong, and we have a recipe for saying something can’t be known, when degrees of certainty are actually quite knowable.

I’d like to make the case that this affects everyone reading. We come to conclusions and make decisions every day based on what we expect to happen. We often do so with minimal information backing up those expectations. The value of harnessing probability is that it examines how certain you should be and how right you’ve been in the past. Probability tells you that if there are 4:1 odds something is likely to happen, the right answer is “yes!”, and not “maybe” or “I don’t know”.

Tune in next time to understand how you already have member retention and donor probability at your fingertips. Want more information on Daxko Decision Analytics? Click here to get an overview of all the exciting things we offer, including Daxko Vault and the Daxko Membership Index.

5 Ways Health Clubs Can Prepare for Payment Technology Trends

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The year is ending, but the Daxko Payment Services team is already looking ahead to next year. I recently read through Accenture’s The Future of Payments: 10 Mega Trends. It has some great information but it isn’t targeted to the needs of the health and wellness industry. So, to distill this list into what it means for our customers, here is a countdown of the top 5 ways next year’s “mega trends” will affect you and your health club, Y, or J.

NUMBER 5: IT’S ALL ABOUT THE USER

Just as the health club landscape is innovating to provide high-end services and exceptional experiences while taking fitness classes or ordering a smoothie, payments is innovating to make user experiences quick, seamless, and visually appealing. This is true both for the end user, the member, as well as your staff. From providing a paperless membership process to accepting payments with mobile devices, these innovations not only save time and frustration for members, they reduce back-office clutter and waste. You’ll see these trends emerge in the membership process and for online and in-person payments from your members. In addition to offering more seamless payments capabilities, the user experience for staff accepting those payments will become more and more important.

NUMBER 4: STAYING AHEAD OF THE CRIMINALS

The unfortunate reality is that just as payment technology companies are innovating, fraudsters are getting more innovative, too. It’s more important than ever to stay ahead of the curve in security updates. At Daxko, we have an entire team dedicated to security to ensure our customers can rely on us to maintain the highest levels of security preparedness.

With the fraud liability shifting from card issuers to merchants, EMV compliance and secure credit card terminals are more important than ever for all kinds of clubs, gyms and wellness centers.

NUMBER 3: GENERATION Z

If you’ve been struggling to accommodate and appeal to millennial members and staff, you better prepare yourself. Generation Z (those born around 1995) is coming and according to Accenture, they’re projected to make up around 40% of consumers by the year 2020. Probably the most notable attribute of Gen Z is that they are the first generation made up of completely digital natives. This generation has never known a world without Google, Facebook, Apple and they rely heavily on mobile technologies, including for payments.

Gen Z relies on digital tools to make their live simpler, like apps that look up discount codes automatically or those that offer instant person to person payments. So, as this generation comes of age, we can expect the trend towards mobile banking and payments to accelerate and the move towards purely digital wallets to take a firm hold.

NUMBER 2: TREAT YO-SELF

Just as Gen Z isn’t afraid to use digital tools to save money at online checkout, they’re not afraid to switch around their cards to get better rewards. It’s important for health clubs, Ys, and other fitness centers to take steps to mitigate the effect different rewards cards can have on their overall rates. Daxko helps mitigate this for customers by creating a detailed analysis for each Daxko Payment Services customer that includes their personalized mix of card types. This allows our payments customers to proactively account for and offset these increased costs stemming from different card mixes.

NUMBER 1: HOLD ON TO YOUR HAT

Payments used to be a relatively stagnant world, but like many other industries it’s being disrupted by younger generations and the pace of new technology. Ten years ago, next-day funding was practically unheard of and now the trend is moving towards same-day funding.

Innovation in the payments industry is constantly evolving and that won’t slow down in 2018. You need a partner that knows your business and is committed to tackling these trends as they happen. Daxko is constantly investigating and investing in future technologies and incorporating what makes sense to the health and wellness industry.

To learn more about how Daxko can prepare your organization for the future, contact us with the form on this page.

Soundtrack to My Daxko Travel Life

By | Culture, Healthy Stuff, Team Member Spotlight | No Comments

As a software trainer for Daxko, I travel a lot…and I mean a LOT. Before I started in this role, I’d been to eight states, and I’ve now been to 30. With a lot of travel comes the need for entertainment…how else can you face a long flight or drive from the airport?

Ever since I was young, my main source of entertainment has been music. I’m not easily pigeonholed into liking a certain genre – anyone who knows me can speak to the fact that I listen to almost everything. I’d like to share ten “must listens” that I always have on my travel playlists. These songs are some of my favorite in the world, and I hope you enjoy them as much as I do.

Artist: Josh Ritter

Song: Cumberland

Favorite Lyrics:

“So before you start talkin’ ’bout the wonders of the world again

The Taj Mahal, the Great Wall, the places that I never been

Take a little drive, take a little trip to Heaven and

Wonder for a while if it’s Paradise or Cumberland”

Josh Ritter is one of my all-time favorite artists, especially when it comes to live performances. He’s a total ball of joy when he’s on stage. This song reminds me of a Graceland era Paul Simon, and always makes me sing along.

 

Artist: Billy Joel

Song: We Didn’t Start the Fire

Favorite Lyrics:

“Hemingway, Eichmann, Stranger in a Strange Land

Dylan, Berlin, Bay of Pigs invasion”

This song is a total classic, and always reminds me of the “Ryan started the fire” episode of The Office. I learned all the lyrics to this song a few years ago, and can’t help myself from singing when it comes on. I chose my favorite lyrics because of the way Joel makes “dylANberLINbayofpigsinvasION” one big word. I sing it the exact way he does, and it makes me laugh every time.

 

Artist: The Beatles

Song: I Want to Hold Your Hand

Favorite Lyrics:

“Yeah, you got that somethin’

I think you’ll understand

When I say that somethin’

I want to hold your hand”

Come to our office and stop by my desk, or the favorites wall, and it will be pretty evident that The Beatles are my favorite band of all time (and you can reference this culture blog post for proof). This is one of those essential Beatles songs that I can’t help but love.

 

Artist: The Avett Brothers

Song: Ain’t No Man

Favorite Lyrics:

“There ain’t nobody here

Who can cause me pain or raise my fear ’cause I got only love to share

If you’re looking for truth I’m proof you’ll find it there”

The Avett Brothers are a long -time favorite band that I’ve seen perform more than once. The music video to this song is set in an airport/plane, which is pretty representative of my professional life, so you’ll often catch me listening to this as I’m speedily walking towards my gate.

 

Artist: Tears For Fears

Song: Everybody Wants To Rule The World

Favorite Lyrics:

“I can’t stand this indecision

Married with a lack of vision

Everybody wants to rule the world”

I’m the daughter of a woman who grew up in the 80s and loves all 80s music, so I grew up knowing this song. It always reminds me of summertime and the bouncy beat puts me in a good mood, no matter what.

 

Artist: Joshua Radin

Song: Underwater

Favorite Lyrics:

“Everybody’s too loud, I can’t listen to myself.

I need somewhere I can go.

Underwater is where I’ll go.”

Joshua Radin is the first artist I remember really latching onto in my teens. I’ve seen him perform FIVE times, and I love him more each time. When the album this song is on came out, he explained to the crowd during his performance that when he was a kid, he had ear trouble that prevented him from going underwater. When he was an adult, he was finally able to do so, and wrote this song. This song reminds me of one of my favorite launches in Arizona. I took lots of videos and put them together, with this song playing over them. It still makes me a little teary!

 

Artist: My Morning Jacket

Song: Golden

Favorite Lyrics:

“And you always told me.

No matter how long it holds me

If it falls apart

Or makes us millionaires”

Maybe it’s the backing percussion that sounds like a train that makes this song such a “road trip” song for me, but you’ll find me listening to it no matter where I’ve traveled. I actually remember listening to this when I was at the Grand Canyon, so you can say it’s followed me everywhere.

 

Artist: Justin Townes Earle

Song: Wanderin’

Favorite Lyrics:

“Yes, oh lord, I’ve seen your oceans, I’ve seen your mountains high.

I’ve been lost inside your cities, I’ve seen the underside.

Yeah, I know the troubles that plague a troubled mind,

But they can’t catch me I’m a wanderin'”

I probably don’t have to explain this one, but man, I love Justin Townes Earle’s folksy sound. This song is more frequently played when I’m traveling somewhere down south, but it rings true wherever I am.

 

Artist: St. Paul & The Broken Bones

Song: All I Ever Wonder

Favorite Lyrics:

“I can’t tell what side I’m on

I can’t tell what’s right or wrong

We ain’t ever gonna sing one song”

You know I couldn’t leave out a hometown band. Enough said.

 

Artist: Cat Stevens

Song: Peace Train

Favorite Lyrics:

“Get your bags together,

Go bring your good friends, too

‘Cause it’s getting nearer,

It soon will be with you”

The first time I ever remember hearing this song was while watching Remember the Titans when I was a kid. My fiancé lived in Auburn, Alabama (about two hours from Birmingham) when we first started dating, and this song somehow ended up on the playlist I listened to when driving to visit him. Since then, it’s kind of been an “us” song, so it always reminds me of him when I’m traveling.

I hope you’ve enjoyed a little glimpse into music that I love. What are your favorite songs to listen to while traveling?


Deeanna is a Software Trainer, cat mom, and Tudor history buff who loves the outdoors.