Each year, Jackrabbit compiles years of data from different-sized gymnastics, cheer, music, performing arts, and swim school businesses from around the world. This data makes the Youth Activities Industry Benchmark Report and provides an impactful resource for businesses to base decisions on.
When looking at the 2024 Youth Activities Industry Benchmark Report three big takeaways stand out from any other year’s data. Let’s look at these takeaways and why they are important to your business.
Customer and Staff Loyalty
While staff empowerment has been a trend in the previous years’ benchmark reports, this year’s findings take it a step further. Large businesses have fully stepped into the digital age and have found multiple new ways to increase staff productivity and loyalty. This includes offering easier payroll solutions, staff portals, staff engagement solutions, and increasing staff wages. Smaller businesses haven’t committed to digital solutions as fully and as a result, the digital divide increased substantially.
Customer loyalty is always at the forefront of a business owner’s mind. This year’s data showed a substantial increase in tuition with the average increase sitting at 27%. With this increase, business owners and managers got creative when it came to tuition by implementing flexible pricing models or payment plan options. Offering additional family engagement options like parent portals, live streaming services and a mobile app helped increase customer satisfaction, thus increasing retention.
Enrollment Growth
The words ‘enrollment growth’ are magic to youth activity center owners and managers. This year’s benchmark report found that there are clear seasonal patterns in enrollments depending on the type of business you run. Identifying peak times opens the door to targeted marketing opportunities during slower enrollment times.
Revenue and Expenses
Like most businesses, youth activity centers found new ways to save money and increase revenue. By enhancing operational efficiencies and allowing makeup classes and waitlists for classes, youth activity centers ensured they were filling the empty spots.
Raising tuition rates did have a negative impact on overall revenue at some youth activity centers. The research found that while it didn’t deter overall enrollments, some parents lowered the number of total classes they signed up for which affected repeat business. This caused some centers to turn the microscope on their business practices and look for ways to save additional dollars.
Read the 2024 Youth Activities Industry Benchmark Report to take a deep dive into the data and see how your business measures up against the masses. The key takeaways, trends, and additional insights you can find in the benchmark report will give you ideas on how to make this year your best yet.
