Every year in our Martial Arts Benchmark Report, we uncover trends and insights that explain how schools serve their community and make a profit. From the percentage of students on an autopay membership to the average revenue per student and student churn, we can see how the most profitable school owners run their business. In this year’s report, we noticed a marked increase in events revenue, especially for the schools in our most profitable Champions category.
This observation confirms what we already knew; that is, martial arts events are a great way to boost revenue. They also keep students engaged, build credibility and increase leads. To help you leverage the power of events at your school, here are the three most popular types of events and details on how they differ from one another.
Workshops are the easiest to plan and most affordable of all martial arts events. They are usually just a few hours long, held in-house and focus on a particular skill. This type of event can also serve as an introduction workshop to onramp students into your traditional programs. Workshops are taught by your instructors, so their overhead cost is low but student engagement is high.
Seminars are longer, more comprehensive and have a higher student fee associated with them. This type of event is perfect for when you’re hosting a guest instructor or your affiliated master instructor. Seminars can be held in-house or out in a larger venue. When planning a seminar, expect to spend more upfront and charge your students more to recoup expenses and make a profit.
In-house tournaments can be managed by you and your team whereas regional tournaments require a committee to plan. Either way, tournaments are a great way to help your students compete while building community and student camaraderie.
For all events, planning is easier using your student management software. You can automate email invitations and use your software’s event features to make registration and payment collection effortless. You can then automate reminder emails and texts. Student management software also gives you the ability to sell custom retail products and gear for the event and use customized reporting after the fact to track your profit.
Events are a great way to increase profit at your martial arts school. We expect to see a continued uptick in reported event profit in next year’s Benchmark Report.
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