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Retention

I’ve saved the best for last. We teachers are in the retention game. We need to keep our students around so our studio stays full (because we’re not just filling a leaky bucket) and so we get to teach them great musical skills. We all know a year is barely enough to scratch the surface!

All industries which deal with a subscription-type of structure (which we sort of do) talk about retention as being an important metric. It is for us, too, but it’s a little bit different for us to track because our rates are so good!

We’re not like a gym that’s trying to keep a member for a couple more months. We’re working in years more than months.

Which means your metrics in this area aren’t going to tell you a lot until you’ve been tracking them for a long time. If you’ve just started tracking or you’ve recently set up your business – this is data you’re putting away for your future self. Your retention rates are going to look low for now, but over time you can use them to spot trends and get your students to stick around longer.

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