Feature in Focus – Revenue Growth
Today’s feature in focus looks at how the different features of magicbooking can combine to increase your revenue growth. There’s a concept within sports called ‘marginal gains’ which describes the process of improving lots of different parts of a sports team by small amounts. When the team puts together those small improvements, they add up to a large amount of improvement. Magicbooking increases your revenue growth in much the same way. When you use magicbooking, it attacks the problem of revenue from several directions simultaneously:
- Debt-free design means a parent cannot book a child on to an activity if they are indebted to you. This doesn’t mean you can’t have debt, you can grant overdrafts to your parents if you need. By default, however, the system prevents parents from accruing debts and gives you control over any debts you accept.
- Magicbooking provides multiple methods for your parents to pay. Parents can pay using what works for them (with your permission) dramatically increasing the chance they will pay. This includes standard payment methods such as cash or cheques but also allows online card payments, instalments and Tax-Free Childcare/Childcare Vouchers (which we discussed here).
- Becoming paperless with magicbooking gives significant savings. These come not only on paper, ink and printer costs but also on document storage. Magicbooking generates and stores your documents with Microsoft Azure Cloud. We also discussed this here.
- Magicbooking is available online, 24/7 to parents regardless of where they are or what their schedule is. Users report booking increases because parents can book when they are able, rather than when you are open. This is beneficial to the everyday parent who works during the day, and as a consequence can’t book within your opening hours.
- The dashboard gives you a strong overview of what money is coming in, from who and when. This gives you granular insight into understanding what state your finances are in, allowing you to make better financial decisions.
- The automation tools in magicbooking, such as document generation and communications, save you many hours every week. Those hours cost money, in terms of wages and opportunity cost. You can recoup and deploy this effort elsewhere.
Revenue Growth Through Marginal Gains
Individually, any one of these features would not yield a substantial effect on revenue growth. Together, however, they have a potent effect measured in many of our clients, typically reporting revenue increases of 15 – 30%. How is this achieved? Let’s look at an example. Magicbooking frees up your staff from doing time-consuming work to be available for other things. Combine this extra time with the other features we discussed and a hypothetical club would be able to refocus its time and budget. That time and budget can be channelled into marketing efforts, for example, increasing the number of children at the club, or the number of sites that the club operates at. More children at the club mean an increase in revenue and magicbooking makes that revenue quickly available. This is achieved without significantly more admin work, also thanks to magicbooking, creating increased revenue for yet more marketing.
This isn’t a hypothetical example, this has been measured in clubs and schools using magicbooking for years. Take Energy Kidz, for example. When they started using magicbooking, their 6 full-time staff focused entirely on administrating fewer than 30 clubs. Those staff members were working flat out to keep up with the amount of effort required to run that many clubs. With magicbooking, the amount of work decreased to the point that 4 of those members of staff could be re-deployed to carrying out different tasks. This gave Energy Kidz the ability to focus their efforts on growth, and within a few years, Energy Kidz had gone from 30 clubs to nearly 130. You can read more about the story of Energy Kidz here, but this effect has been measured in many magicbooking users, with many regularly adding new centres to their subscriptions.
To see how magicbooking can potentially boost your revenue growth, book a demo using the tool below: