| Friend,
We've talked about raising your rates, finding opportunities to profit outside your school, and fixing your Pro Shop. So what are some other ways you can boost your profits in your dojo?
Let's examine a few more, starting with...
Boosting Retention
I've spoken about this topic in this newsletter over and over again, and I don't mind bringing it up one more time. The reason I feel absolutely no guilt about sounding like a broken record on retention is because it's so very important to your dojo's financial health.
And, because so many school owners think they're doing fine in this area, when they really aren't.
The first thing you need to do to fix your retention is to know your stats. That which gets measured can be improved, right? So, start tracking how many students drop out every month, and for what reasons.
Then, fix those reasons. I devote an entire chapter to this topic (and then some) in The Profit-Boosting Principles, so I suggest you read it and implement the strategies I list in the book.
Increasing the Size and Frequency of the Sale
Getting your customers to buy from you more and more often is one of the more reliable ways to increase your dojo's profits. And, there are a ton of ways to do this, including... - Special events
- Special memberships
- Special clubs
- Special classes
- Private lessons
Each one of the above strategies can be approached from several different directions. For example, you can come up with any number of special events to host at your school, and it's possible to create different themes for such events depending on the event activities and time of year.
The main point to remember is to make sure you give people reasons why they should purchase from you more often, or pay you more tuition. And the way you do that is by offering additional value.
Just holding an event is not enough. Just offering special memberships is not enough. Just offering private lessons is not enough. You have to also convey the value of those services to your clients, in order for them to want to pay you for them.
I know, I know - it's obvious that you have to convince people to buy from you. However, the key is always in the value you deliver, and how well you convey that value.
So, focus on giving people much more than they're expecting based on what they're paying, and you'll never have an issue with getting people to purchase your added-value services.
Until next time,
Mike Massie MartialArtsBusinessDaily.com
Quick-start Guide to My Books and Resources: - Looking for a list of books and resources I've written? Click here! - Looking for one-on-one coaching to grow your dojo? Click here...
P.S. - Again, for specific strategies on how to implement the ideas I've presented in this email, read The Profit-Boosting Principles. It's an inexpensive book, it's not a long read, and you'll have a ton of ideas for boosting your profits once you've read it. | 