Over the last decade, clubs have been inundated with data to help them optimize club operations. However, this valuable O-data (operational data) is typically fragmented, stored in various systems, and difficult to align into a narrative that informs the board and club decision-making.
To further complicate matters, the Experience Economy is forcing clubs to look beyond the O-data and also evaluate the X-data (experience data). This X-data is providing the insight behind ‘why’ things happen. So how do you begin to collect, measure, and analyze these Xs and Os?
Start with the O-Data
Let’s start with the operational data. Through an integrated system, you can begin analyzing this data in a central system of record. The NCA published a recent article entitled Wellness Check: 10 Measures to Assess your Club’s Financial Health. They recommended a series of practices like maintaining at least a break-even working capital, provide a listing of all late payers (over 90 days) at each board meeting, separating capital assessment and keeping benchmarks simple and at 30,000 feet. The following are reports we recommend every club evaluate to begin measuring financial health.
- - Evaluate sales area categories and where things were sold with a Gratuity and Covers report.
- - See exactly what was sold with Line Item Detail reports.
- - Understand how people are paying using a Sales with Settlement Details report.
- - Analyze labor, hours, and wages with Employee Hours Worked and Time Keeping Transactions reporting.
- - Uncover billing, minimum, or late fee trends with Member Billing and All Billing Generated reports.
- - Capture member payment cash flow detail with All Member Payments reporting.
- - Explore expense history, reciprocal member charges, and inventory purchases through Vendor Purchases and All Purchase Information from posted AP invoices and credit memos.
And Follow With the X-Data
At this year’s CMAA conference a common message delivered was “owning your data”. Industry experts explained that GMs need to be prepared to answer the needs of the board, specifically where people are spending money and the engagement of their members. The Experience Data allows clubs to answer those questions, and go a step further by providing the ‘why’ behind the behavior. These are some reports that will help you collect the X-data.
- - Predict membership attrition by examining money spent at the club, years of membership, number of late payments, and number of reservations made via a Membership Analytics Predictor reports.
- - Identify seasonal trends around days and hours with a Sales Summary Report.
- - Understand movement and activity throughout the club with beacon data in your CRM dashboard.
- - Capture member feedback with targeted surveys and collected data on experiences like service satisfaction, food quality, and timeliness.
- - Evaluate member trends through average member age, the number of members that make reservations, members who live close to the club, and the number of members who have joined in the current year using a Member Grid.
- - Review guest activity with Guest Visits reporting.
- - Evaluate golf round and cart activity billed throughout the POS system with Golf Play Detail and all sales transactions of items flagged in the system as “golf round”.
Now Build Your X+O Analysis
With simple drag-and-drop features, you can easily generate your X and O reports, eliminate the need to export and manipulate data outside of the system, and even schedule report delivery into your email inbox. With that information consolidated, you can now begin developing your X+O Analysis. By evaluating your operational and experience data you can tell a story and build a foundation for Experience Management. Your X+O analysis could even be formatted by Member Experience topic and then the complimentary reports could be rolled up into each category with a question, suggested solution, and then the supporting data. Below are just a few of the Member Experience topics you could build you X+O Analysis around.
- “What’s the outcome and return of my capital investment?”
- “Should we increase dues?”
- “What does my member utilization look like across our new fitness center? Which days and hours do members frequent? And are there additional sales associated with that activity?
- “Members are coming off the course but not eating at the club. Should we consider member-facing kiosks and mobile ordering to make food ordering more accessible?”
- “Which small changes associated with dress code, events, and social calendars are needed?”
- “Are there new revenue opportunities for food, guests, or fitness?”
Over the past decade, spending on experiences has grown 4X faster than spending on goods and services. As you look to evolve how your club operates in the experience age, standardization is essential. You need solutions that fully integrates your X- and O-Data, collect information across your club, and provide best practice methodologies, controls, and tools. By combining X- and O-Data you’re able to see the impact of your improvements on key metrics like revenue, sales, profit, engagement, attrition and much more.
Learn more about the club industry’s first predictive analytics tool.
How are leading clubs planning their way to success? See how in our four-step guide.
See how you can develop highly customized reports and use graphing options to visualize the story associated with the numbers. Flip through 49 pages of sample reports.
Stay up to date with all of the latest club industry news!