Track dance school performance with KPIs

Introduction

Dance schools do a wonderful job of providing lessons, instruction, and resources to students, but tracking key performance indicators (KPIs) is essential for savvy school owners to be ahead. With KPIs, dance school owners can measure their performance, identify potential areas for improvement, and stay focused on their main goals. The seven major dance school KPIs measure the performance and success of a dance school.

• Student acquisition rate
• Net promoter score
• Retention rate
• Financial transparency
• Average class size
• Instructor Satisfaction
• Income by class

This blog post will lay out the various KPIs, discuss how to track and calculate each one, and explore why they are so important to dance school owners.

Student acquisition rate

Definition

Student Acquisition Rate (PAR) is a Key Performance Indicator (KPI) used to measure a dance school’s success in acquiring new students. It measures the number of new students enrolled in the school over a given period.

Benefits of Tracking

PAR tracking allows dance school administrators to analyze their acquisition efforts and identify areas for improvement. It also helps measure the success of marketing campaigns and other strategies to attract new students. Additionally, PAR can be used to compare the success of different dance schools and to identify best practices.

Industry Benchmarks

The average PAR for dance schools is around 10-20%, although this can vary widely depending on the school. Generally, higher PARs indicate a more successful acquisition strategy.

How to calculate

The PAR can be calculated by dividing the number of new students enrolled in the school over a given period by the total number of students enrolled in the school during the same period.

Calculation example

For example, if a dance school enrolled 100 new students in the last three months and has a total enrollment of 1000 students, the PAR would be 10%.

Tips and Tricks for KPIs

• Monitor the RAP regularly to track progress.
• Analyze peer trends over time to identify areas for improvement.
• Compare PAR to industry benchmarks to measure success.
• Identify best practices from successful schools and incorporate them into your own strategy.

Net promoter score

Definition

Net Promoter Score (NPS) is a customer loyalty metric that measures the likelihood that customers will recommend a dance school to friends and family. The NPS is calculated by asking customers to rate the dance school on a scale of 0 to 10, with 0 being “not at all likely” to 10 being “extremely likely”.

Benefits of Tracking

Tracking NPs is a great way to measure customer loyalty and satisfaction with a dance school. It can also be used to track customer feedback over time, helping to identify patterns and trends in customer opinions.

Industry Benchmarks

The average NPS for a dance school is around 40, but this can vary greatly depending on the type of school and the services they offer. A higher NPS score is generally considered a sign of a successful dance school.

How to calculate

NPS is calculated by subtracting the percentage of customers who rate the school 0-6 (detractors) from the percentage of customers who rate the school 9-10 (promoters). The result is the NPS score.

Calculation example

For example, if a dance school has 100 customers and 80% of them rate the school 9-10 and 10% of them rate school A 0-6, then the NPs would be 70 (80% – 10%) .

Tips and tricks

• NPS is a great way to measure customer loyalty and satisfaction over time.
• It is important to compare the NPS score to industry benchmarks to get an accurate understanding of customer loyalty.
• NPs should be tracked regularly to identify patterns and trends in customer feedback.

Retention rate

Definition

Retention rate is an important metric that measures the percentage of students who remain enrolled in a dance school over a period of time.

Benefits of Tracking

• The retention rate is an important indicator of customer satisfaction and loyalty.
• It can help measure the effectiveness of marketing and customer service efforts.
• It can help identify areas for improvement to increase customer satisfaction and loyalty.

Industry Benchmarks

The average dance school retention rate is around 80%.

How to calculate

The formula for calculating the retention rate is as follows:

Calculation example

For example, if a dance school has 50 students at the start of the period and 10 new students enrolled during the period and 40 students at the end of the period, the retention rate is 80%.

Tips and tricks

• Regularly monitor your retention rate to ensure your school retains its students.
• Look for ways to improve customer satisfaction and loyalty to increase retention rate.
• Be sure to track and compare your retention rate against industry benchmarks to identify areas for improvement.

Financial transparency

Definition

Financial transparency is the practice of disclosing complete and accurate financial information to the public and is vital to the success of any dance school. It allows directors to demonstrate their commitment to good financial management, and it also allows stakeholders to understand how money is used and distributed.

Benefits of Tracking

• Increased trust and credibility with stakeholders
• Ability to analyze budget performance in real time
• Improved planning, forecasting and budgeting accuracy

Industry Benchmarks

The key performance indicator (KPI) for financial transparency is the percentage of total expenses that are allocated to different areas of school operations. This metric is a good way to measure a school’s performance in terms of financial transparency, as it gives a clear indication of how money is being spent.

How to calculate

To calculate the percentage of total expenses that are allocated to different areas of school operations, use the following formula:

Calculation example

For example, if a dance school’s total expenditures for a given period are ,000 and the total expenditures in the operations area are ,000, the percentage of total expenditures allocated to the operations area would be:

Tips and Tricks for KPIs

• Ensure that financial information is accurate, timely and complete
• Create an easy to understand and use budget tracking system
• Compare actual performance with budgeted targets
• Regularly review spend and identify areas for improvement

Average class size

Definition

Average class size is the total number of students enrolled in all classes divided by the total number of classes offered by a dance school.

Benefits of Tracking

Tracking average class size is a useful metric for dance schools because it provides insight into overall class demand and the demand for specific types of classes. The average measure of class size also gives a good indication of class capacity, allowing dance schools to adjust their pricing, staffing levels, and class size accordingly.

Industry Benchmarks

The average class size for dance schools varies depending on the type of dance school and the types of classes offered. Generally, larger schools tend to have larger class sizes, while smaller schools may have smaller class sizes. Generally, smaller class sizes (10-20 students) are more desirable as they allow for more individualized instruction.

How to calculate

Calculation example

For example, if a dance school had 10 classes with a total of 100 students enrolled, the average class size would be 10.

Tips and tricks

• Track average class size regularly to identify trends in class demand.
• Adjust class sizes and prices accordingly.
• Use average class size as a benchmark when evaluating new classes or expanding existing classes.
• Compare average class size to industry benchmarks to ensure competitiveness.

Instructor Satisfaction

Definition

Instructor satisfaction is a key performance indicator (KPI) that measures how satisfied instructors are with the quality of their work environment, employment conditions, and relationship with the management team.

Benefits of Tracking

Instructor satisfaction is a critical KPI for a dance school because it directly relates to the quality of service that instructors provide. Tracking instructor satisfaction provides insight into how engaged instructors are in their role, the level of job satisfaction they experience, and the extent to which instructors feel supported and valued by the school.

Industry Benchmarks

Industry benchmarks for instructor satisfaction typically range from 80-90%. A higher score indicates that instructors are more satisfied with their work, while a lower score suggests there may be room for improvement.

How to calculate

Instructor satisfaction is typically calculated by surveying instructors and asking them to rate their satisfaction on a scale of 1 to 10. The average score is then calculated by adding all responses together and dividing by the total number of responses.

Calculation example

For example, if a dance school surveyed 10 instructors and received the following responses: 7, 8, 9, 10, 7, 8, 9, 10, 7, 8, the instructor satisfaction score would be calculated as follows:

Tips and Tricks for KPIs

• Conduct surveys regularly to ensure the school continuously monitors instructor satisfaction.
• Consider additional metrics such as instructor engagement, job satisfaction, and job security to get a more holistic view of instructor satisfaction.
• Foster open and honest communication between instructors and management to ensure issues are resolved in a timely manner.

Income by class

Definition

Revenue per class is a metric used to measure revenue generated from a single class session. This is the total revenue generated by the class divided by the number of class participants. This is a useful metric for tracking the success of a dance school and its ability to generate revenue from its classes.

Benefits of Tracking

Tracking revenue by class can help dance schools identify potential areas for improvement and areas for success. It can also help identify the most popular classes and which classes generate the most revenue. By tracking this metric, dance schools can make more informed decisions about class pricing, class size, and marketing.

Industry Benchmarks

Industry benchmarks for revenue per class vary depending on the type of class offered. Generally, the higher the class price, the higher the income per class. For example, a ballet class is likely to have a higher turnover per class than a hip-hop class. Dance schools should strive for higher revenue per class than the industry average.

How to calculate

Revenue per class can be calculated by dividing the total revenue generated by the class by the number of participants in the class. The formula is:

Calculation example

For example, if a dance school generated 0 in revenue from a single class with 10 attendees, the revenue per class would be calculated as follows:

Tips and Tricks for Tracking the KPI

• Track revenue by class for each type of class to identify which classes generate the most revenue.
• Track revenue by class over time to identify trends and changes in the metric.
• Compare revenue by class to industry benchmarks to identify areas for improvement.
• Adjust class pricing, class size, and marketing strategies to maximize revenue per class.

Conclusion

Understanding key performance indicators (KPIs) for dance schools is essential for any savvy school owner. By tracking and calculating the seven key KPI metrics, school owners can gauge their performance, identify potential areas for improvement, and stay focused on their key goals. The seven KPIs discussed in this blog post – Pupil Acquisition Rate, Net Promoter Score, Retention Rate, Financial Transparency, Average Class Size, Instructor Satisfaction, and Revenue per Class – can help owners schools get the information they need to adapt, grow and thrive. It’s important to remember that KPIs are tools, not goals – and it’s only when used in the right context that their full value becomes apparent. With this knowledge, the success of any dance school can be measured and improved.