Yoga Business Plan (Marketing the right model)

Yoga Business Plan (Marketing the right model)


hey guys it’s Nick and if you are a yoga
studio or a fitness studio and you want to use more Facebook marketing and more
social media marketing to drive people to your studio and to tell members about
what’s going on you’ve got to make sure that your marketing strategy is in line
with your business model type after this video you are gonna know which business
model type your business falls into there are three different business
models for yoga studios that we talked about and I have consulted different
yoga studios over the years in all three business types so regardless of whether
you are a small intimate studio that is offering workshops on private lessons or
if you are a really big studio with a really big community with lots of people
in classes you’re gonna know that this is the right move for you okay but
before we get started I want to make sure that you subscribe so you can click
the subscribe button on this channel and click the bell to get notifications and
then that way you will be the first to know whenever we upload a new video okay
so the first business model type is actually the most popular business model
type and that is what I like to call a hybrid model what this means is that you
have some people who sign up for a monthly membership of some type but it’s
not exclusive to membership the way a big box gym would necessarily
be you also have people that might buy a certain punch card or a block of classes
that they can just drop in at their leisure as long as they use them all up
within a specific period of time the reason I call this hybrid is that it
caters to different buying personalities we have some people that are ready to
commit they’re ready to get the best deal they’re ready to really deeply be a
part of your community that’s great we want them there and then you have people
that just for one reason or another they just want to be able to drop in they
don’t know when they’re gonna be out of town for maybe two weeks at a time a
month-to-month membership or monthly commitment doesn’t really make the most
sense for them given their fitness goals and just what they like to do to stay
active but they do really like your studio and they want to be there so you
want to offer both of those and be able to cater to both options okay the other
big advantage with a hybrid studio is that you have an opportunity to run
little promotions or really get people in the door in terms of running sales or
doing launches around discounted class packs but you also have this core group
of diehards of members that really love what you’re doing and they are super
excited to be a part of your community so that’s number one
that’s the hybrid model then you’ve got number two in which we’re just gonna
hack off those drop in options and we do what is called a membership only model
this model is very similar to what you would see a big box gym do why on earth
would you do a model like this well there are a few reasons for example pure
yoga in New York City does a membership model and a part of that is so that they
can just help keep out people who are just coming in to drop in once and are
never gonna be there again being such a tourist City having people that are
temporarily there they want to build kind of a core group in a core community
so what they have is a membership model and then they have a lot of different
opportunities for people to become members at a reduced rate but obviously
you would only become a member if you actually lived in New York City and
that’s what they want in terms of building a community right the other
great thing about a membership model while you will have a little bit more of
a challenge building revenue your community gets SuperDuper tight because
everyone that is at the studio knows that everyone else there is a member
they are not Joe Schmo that is on a Groupon they are not someone who just
stopped in you know to check this out and maybe that they’re really not into
this at all there’s something very tribal about when it is a workout class
or a yoga class and everyone in the room is a member and everyone in the room
knows that everyone else is there to get their yoga on so that is a really good
model for that option and then the third business model that I like to talk about
is what I like to call the ala carte model what this means is that rather
than hacking off the dropping class options you are actually hack off the
monthly unlimited membership option so that people are only paying blocks of
drop-ins in order to visit your studio now
this can be a really challenging model the benefits of it are that it can be
really high profit especially if you have people that are coming four or five
or six or seven times a week to your studio they’re paying every single time
that they come and that becomes a high profit model the challenge is that if
you need to reduce your schedule because of the holidays or because of inclement
weather or something like that then then you’re not gonna get any revenue whereas
in a membership model or when you have membership revenue in the picture then
you would have that as an option right the other big thing with an a la carte
model is that the instructors personality is a really big factor the
way the instructor teaches the class people’s affinity for the instructor how
the class is taught all of that stuff you’re actually building an experience
in which people would want to come back again and again and again even though
it’s hitting their pocketbook again and again so a la carte model can be a
really nice option you can also use a la carte model if you are let’s say that
you have some kind of workshop or workshop series going on or perhaps
you’re not a yoga studio you do yoga and personal training or you are yoga but
you also offer some other disciplines like Pilates where there’s a limited
number of machines right one of the biggest factors in business model type
for a yoga studio is capacity so if you have a studio perhaps you have a really
small intimate space in which you could only take twelve or fifteen or twenty
students in a class you’ll need to think about the pros and cons of having an
unlimited membership option because what can actually happen is you start to get
too many members and then your peak times are in really really high demand
and it’s impossible to get into your peak time classes okay so if you are a
lower capacity studio that’s fine it just means that your revenue per head so
to speak or your revenue per mat let’s say that it needs to be a little bit
higher in order to justify the smaller amount of space
whereas if you are a high-capacity model and you could take 80 90 100 people in
class your yoga studio is a warehouse then you can definitely offer a lower
membership option and get a lot of people in the room and have a bigger
juicier experience so that is it for this video really quick video you want
to concentrate on which business model makes the most sense for you and then
tailor your marketing strategy specifically to that business model type
so that is it for our business models video remember to subscribe and click on
the bell to get notifications and if you want more information about this stuff
and how it pertains to facebook marketing then you should definitely
check out my facebook marketing guide it’s called yoga advertising on facebook
the ultimate guide and there will be a link below for you to check out this
video is one of 10 chapters in that in that guide video guide guide video
whatever it’s called so you should check it out the link is below and otherwise
I’ll see you guys soon