On average, how many times per year do your clients come into your business? This number is your Frequency of Visit, or, as we like to call it, FOV. Your Frequency of Visit may seem like a small number, but it has a huge impact on your bottom line. Think about it. If you have 100 loyal clients that spend around $100 per visit, and visit about 4 times per year, your revenue would be $40,000. If you increased their FOV from 4 to 5 times per year, your revenue would be $50,000.
Below we will use the industry average FOV of around 5 to show you how increasing your FOV changes your revenue.
How can you increase your Frequency of Visit? Take a look at some ideas below.
Education and Motivation
Educate your team on the importance of Frequency of Visit and the impact that it has on their service and retail revenue. Every time a client comes to your business is an opportunity to sell not only the original service requested, but also to up-sell, cross-sell, and sell add-ons. Create weekly, monthly, and yearly goals for your team, and consistently monitor and review their progress. Incentivize your team by recognizing their accomplishments with a gift card or placing them first on the appointment book to get first dibs on non-request appointments, to keep them motivated in reaching their goals.
Create a solid client loyalty program for your clients by rewarding them with points to be used on products and services. Make your business stand out from competitors by offering a unique customer service experience. Provide points for pre-booking, referrals, and trying a new service. You can even host VIP events, and offer them exclusive access to new products or services.
Series, Packages, and Memberships
If your Frequency of Visit is 4.8, offer a package or series of 6 visits at a discounted rate. Even though you offer the series and package at a reduced rate, it provides an additional opportunity to up-sell, cross-sell and add on other services. Memberships are another great way to help boost your FOV. Clients may pay a flat membership rate, but they are more inclined to visit your business more frequently than they may have been without a membership. Again, this provides an additional opportunity to up-sell, cross-sell and add on services.
Booking an appointment should be easy and accessible to your clients regardless of where they are. Online booking should be available from your website; you can even link the call-to-action button located in your Facebook business page header image to your online booking site.
Be proactive; don’t wait for your clients to come to you. Pre-booking should be a standard practice within your business. Educate your team on the proper way to approach pre-booking so they feel comfortable when speaking to clients. Make this a part of your culture—it starts with the service providers and ends with the front desk!
Your Frequency of Visit is not just a number, it’s an indicator of business growth that boosts revenue. To find your current FOV in Millennium, run the MA200 report. You can also use the Millennium What If tool to show your team their revenue potential by increasing their FOV.
Want to Learn More?
Sign up for our FREE live webinar on 5 Ways to Increase Your FOV and learn how you can implement small changes today that will positively impact you tomorrow. Register here and watch live on Wednesday, May 11, 2016 @ 1pm ET.