This week we are winding down our coverage of the Winter Collection, but don’t worry if you feel you aren’t yet up to speed! The Winter Collection is the biggest drop of new features in Phorest history, and we aren’t done talking about them yet. So far, we’ve covered Phorest Ads Manager, PhorestGo 2.0, Expert Recommendations and Premium Consultations. There’s plenty of educational content to keep you busy on Phorest Academy. And you know where to find us if you have questions.
We are signing off the Winter Collection with something for everyone: reporting. No matter what kind of salon, spa or clinic you operate, no matter the size, you need data to make sure you are making your sharpest business decisions.
As part of the Winter Collection, Phorest is releasing five new dashboards:
- Client Lifetime Value
- Service Trends
- Product Trends
- Future Appointments
Plus, stick around for a bonus update to sprinkle into your week: new PhorestPay functionality!
Insights that inspire action
Over the past year, Phorest has been steadily improving our reporting–adding new layers to help you see your business in a new light, whether you want to zoom in or look at the big picture at a glance. We know most of us didn’t get into the hair and beauty industry for the number crunching and spreadsheets, which is why we’ve designed all the new Phorest Reports dashboards to be as user-friendly as possible. All of the power, none of the headache. This latest batch of new reporting dashboards gives you the ability to drill down into even more detail.
Data-driven success made simple with Phorest Reports
Staying true to the principles of Phorest Collections, these additions to Phorest Reports were born directly from some of the most frequently asked and fundamental questions many owners have about their businesses:
- How much are my clients worth to me?
- Are my clients spending more or less than they used to?
- Is my client base actually growing? Or is it shrinking?
Your answers are in the Client Lifetime Value Dashboard
In the Client Lifetime Value Dashboard, it’s easy to understand your net client growth. Phorest compares the number of new clients gained, and clients lost (clients who haven’t visited in 6 months) over a given period so you can see the trends clearly. We know, looking at the data, that after a client has had three appointments, they are much less likely to churn. Phorest considers these “regular clients.”
Based on this, the Client Lifetime Value Dashboard can tell you:
- The average yearly value of a regular client
- The average client lifetime (how long your regulars stay clients)
- The average lifetime value of a regular client
You can also see how many clients have hit their third appointment in a given period (officially regulars!) and the potential yearly revenue these clients will bring in for your business if you retain them.
Want to improve retention? Start with the Retention Dashboard.
While attracting new clients is important to any business, retaining clients results in steady, long-term profitability.
Select the visit period you’d like to look at and the retention window (i.e. the client has returned within 90 days). Phorest’s Retention Dashboard will tell you:
- The total number of clients you retained
- The total number of clients not retained
- Your existing client retention rate
- Your new client retention rate
You can also delve into your retention by service category and staff member and look at each of these through the lens of new and existing clients. For example, you can see how many new clients a particular staff member retained after their initial visit or understand if existing clients tend to drop off after a certain number of appointments in the same service category.
You can always go deeper into the specifics.
Not only will the Retention Dashboard tell you the client numbers you have and haven’t retained, we tell you which clients they are.
With one easy click, the dashboard reveals a detailed list with:
- The clients’ names
- First visit dates
- Last visit dates
- Total visits
- Total spend
This is key information when you are investigating the clients you haven’t retained. Now you can have an informed conversation with your team about the specific value these lost clients had to the business and create a plan for getting them back.
Closely monitor your service trends and product trends
The Service Trends and Product Trends Dashboards give you an overview of the health of service and product sales. Check the Service Trends Dash to see whether particular services you offer are up or down since the previous period. The Product Trends Dash can show you your in-store vs online product sales and will break down your sales trends by brand.
Stay ahead of the game.
The Future Appointments Dashboard means you can remain up to speed on your next week or even your next month. You’ll know when you are smooth sailing or when you need to fire up your team and push rebookings. With the Future Appointments Dash, you can keep tabs on the value and total hours of upcoming appointments and clearly see them broken down by staff member, category and service type.
The Salon Floor Series Episode 5: When Phorest Met Pat
The Salon Floor Series are short films where we meet real Phorest salon owners where they are at–on the salon floor– to understand how Phorest fits into their typical day. This week, we’re travelling to Sisu, a multi-location aesthetics business with clinics across Ireland, the UK & the USA. Co-founder and co-owner Pat Phelan tells us how using PhorestPay has benefited Sisu and contributes to a better client experience.
Phorest Salon Owners Summit attendees got a sneak peek of the Winter Collection in January
Want to be at the centre of the action next year? Get ready to ELEVATE your business at Europe’s premier industry event for salon, clinic, and spa owners, the Salon Owners Summit in Dublin, Ireland. Kick off the year with more groundbreaking product demos, chats with the Phorest development team, and a world-class ensemble of speakers and special guests. Plus, a chance to network (and party) with hundreds of other like-minded professionals from all over the world. What are you waiting for?
Book Your Tickets to the Salon Owners Summit 2024. Act fast to secure the best early bird price.
Are you ready to wow this winter?
Learn more about the five new Phorest Reports dashboards and all the new features in our Winter Collection.