With the increased prevalence of online retailers and the ability they give customers to price-shop quickly and easily, businesses must find unique ways to stand out from their competitors. No longer can competition be based on price alone, and this fact has led to the need for value-add business strategies.
When value is added to a company’s core product or service, customers feel they are getting more while paying the same price or only a little more. And, while your martial arts school isn’t a retail business in direct competition with the retail giants like Amazon and Walmart, you can still improve student satisfaction and retention by adding value to your existing services.
To help you explore ways to add value at your martial arts school, we’re sharing three simple places to start:
Package Memberships with Uniforms or Gear
If you don’t already offer packages that include a uniform with a new membership or membership contract, you should consider starting this value-add program. Students need a uniform and gear, and if you build the wholesale cost of the equipment into the package price, it can be a win-win for your school and your students. This is especially true because your students will compare the price of the gear or uniform at retail cost, and they will realize they are getting a great deal (and convenience) with a package. This can be done to benefit your students and business by spreading the wholesale cost across 12-18 months, or however long the average student remains with your school, and adding that small number to the total membership cost.
Maximize Your Youth Programs
Hopefully, you already have a youth program, but are you getting as much out of it as possible? Since youth programs are often the most lucrative, it makes sense to look toward your youth program when finding ways to add value. For instance, consider offering your youth students commemorative memorabilia, like group photos or an exclusive t-shirt. After-school programs, summer camps and parent nights are also great revenue generators that help parents keep their children safe and active.
Adding Additional Programs or Services
Martial arts school owners are often traditionalists, and that’s just one of the many reasons why martial arts remains a thriving, transformative art. However, you could complement your class schedule without sacrificing your tradition by adding a few select services. For instance, a weekly Tai Chi or yoga class would be easy to add. You could also offer (for a fee, of course) healing modalities like acupuncture or massage. By expanding your core business offerings in this way, you can appeal to a broader audience, keep more revenue in-house and provide added value for your existing members.
Adding value is a smart way to stand out from the competition, sell more memberships and keep your students happy!
Want to see how the world’s most profitable schools add value and increase revenue?
Download the Annual Martial Arts Benchmark Report.