A few months ago, team Acuity had the awesome opportunity to attend MINDBODY BOLD with hundreds of fitness and wellness business owners from around the globe. As MINDBODY partners, we loved hearing about trends shaping the wellness industry, as well as the roadmap of the MINDBODY product. You can check out part one of our MINDBODY BOLD recap right here.

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Check out this behind-the-scenes look at our MINDBODY BOLD 2017 experience. If you like what you see, share with your friends above!

Creating a Better Future for the Wellness Industry

On the final day of the conference, Chett Brandenburg, MINDBODY’s Chief Data Scientist, and  Roxanne Borger, MINDBODY’s Director of Client Education, took the stage to deliver insights into wellness industry trends and how MINDBODY is helping to create a better future for wellness business owners.

Here are a few key stats from the discussion that will help you benchmark the health of your wellness business and plan for the future.

Wellness Industry Trends

• Wellness is now a $3.72 trillion industry.
• On average, MINDBODY customers are increasing sales by 5-6% every year.
• In Q2, the average MINDBODY customer had 415 Total Clients, 55 New Clients, and 2,385 Attendance.
• Health and fitness is the second fastest growing franchise industry of 2016.
• 33% YOY was the average retention for MINDBODY customers in 2017
• Average conversion rate per marketing channel:
  • 67% MINDBODY
  • 35% Yelp
  • 31% Walk In
  • 31% Google Search
  • 26% WOM
  • 23% Faecbook
  • 10% Discounts

Wellness Industry Client Behavior

• People are willing to pay more to live healthier and happier lives. From 2015 to 2017, the national average spend per fitness class grew to $26.25 per class (up 7.8%)
• 82% of fitness class bookings happen the week of the class.
• 33% of fitness consumers who work out 2-3 times per week attend one facility (37% attend two)
• Over 37% of all MINDBODY classes/appointments are booked online
• Over half of the gift cards sold through MINDBODY are during Valentine’s Day, Mother’s Day, and Christmas
• Average customer retention after 90 days of initial visit:
  • 35% Overall Average
  • 50.8% Health Clubs
  • 45.5% Personal Training
  • 41.6% Fitness
  • 33% Yoga
  • 18.9% Spa
• Average customers converted after intro offer is complete:
  • 54% Overall Average
  • 51% Salons and Spas
  • 60% Pilates
  • 64% Yoga

Don’t have MINDBODY but interested in learning more? Go here. Looking for a dedicated financial team to guide you on your wellness business’ financial journey? We can help! Learn more about how a dedicated bookkeeping team can help your wellness business thrive in 2018 and beyond right here.