Ever wondered if there was a way to track how your space is doing in regard to memberships for each month? Well, OfficeRnD has just the thing for you and it's called Memberships! You can find the report under Analytics/Retention in the Admin panel.
The report provides vital information about your performance in regard to Memberships, broken down by month. You can filter the report by location, by plan type, by a group of plans, or by accounts! Please note that although there is no restriction on the filters, the accounts and some of the plans may be mutually exclusive.
The fields and what they represent are as follows:
- New Memberships - The number signifies the number of memberships that have started in the month.
- Terminated Memberships - The number of memberships that have ended within the month.
- Active Memberships - The number of memberships that have been active for at least one day within the month.
Note: A single membership can have more than 1 status within a month. For example, if you have a membership that started and ended in the same month, it will affect the New Memberships, Terminated Memberships, and Active Memberships counts within that month.
- Net New/Churned Memberships - This number signifies the difference between the new memberships and the terminated memberships within the month. The active memberships do not affect the count of the net new/churned memberships.
- New Revenue - This is the prorated* summed revenue for the month, generated by memberships that have been counted as "new".
- Lost Revenue - This is the prorated* summed revenue for the month that your space is losing from the memberships that are counted as "terminated". The calculation is best explained by the following example:
A membership generates $500 per month. It is terminated on the 20th of the month. It will now generate revenue only for the 20 days, for example, $300 (The amount is just an example, not the actual value that would be calculated).
In the Lost Revenue section, it will show $200, as that's the sum that your space is losing this month from the termination of the membership. In the following month, the report will show the remaining $300 as lost revenue, as your space was earning $300 from this membership the previous month.
- Total Membership Revenue - This is the prorated* summed revenue for the month, generated by memberships that have been counted as "active" within that month.
- Net New/Lost Revenue - This is the difference between the New Revenue and the Lost Revenue within the given month.
- % New/Active vs Previous Month - This is the % of the new/lost revenue compared against the total revenue that your space was earning from active memberships the previous month. If the previous month's revenue was 0, this % will appear as "-" signifying that the increase is infinite, and thus meaningless in the context of the report.
- Discounted Memberships - This number signifies the number of memberships within the month that have had their price discounted. For the price to be noted as "discounted", and therefore the membership to be counted as a discounted one, you will need to add a discount to the membership or select one of the available discounts. Manually editing the price of membership or applying a discount to its invoice only does NOT mark it as discounted.
- Total Discounts - this number signifies the summed-up discounts, in value. That value is prorated*. For example, if you have 10 fully active memberships, each costing $100 and each with a 20% discount, this number will show a total of $200 in discounts.
* Proration - we understand that memberships do not always start or end at the beginning or the end of the month. In the interest of accuracy and better visibility, we have introduced a proration system in the calculation of the monetary fields of the report. The proration is taken from the settings of your organization (monthly or averaged).
For example, if a membership starts in the middle of the month and would have generated $100 if it was active for the full month, it will instead appear in the report as $50 (roughly). The proration calculation works even if the membership had only 1 day active, which would appear as $3 (roughly).
How does this report help you grow your space? Can we improve it? Tell us in the comments below!