How To Make More Money In Martial Arts and Have More Students!
I discovered the method I will describe here some time ago and am still highly impressed by it. I actually discovered it from the web in another business field but it works wonderfully and I see no reason people cant try it in martial arts and I expect huge results.
We first need to discuss a few business concepts
Life Time Value of a Customer
Any customer you have should never be judged by the money they pay each week but the money they pay you over the lifetime they are with you. What I mean by this is that if a customer pays £40 for a months tuition then actually they are worth £480 for the year not the £40 each month.
This is a pivotal shift of thinking as if they stay 10 years with you then each new customer is potentially worth £4,800 to you over that period.
So instead of thinking hand to mouth think long term!
How We Can Make More Money
Ok now bear in mind about the life time value of a customer then you can see how giving away a week or even a months worth of tuition can be worthwhile. However I actually never feel this represents great value for money for the club owner. Instead lets make them pay in another way that costs nothing.
Social Share Payment System
The social share payment system for martial arts is pretty cool. Yes you give a way a set period of free training however to keep qualifying for this free training they have to engage in social sharing.
This means that they must agree to share information about your school via Facebook, twitter and other social mediums of your choosing.
It would go like this
On the way to Castle Judo for a great nights training
and a follow up message of
Had a great night training with the folks at Castle Judo get a free months training if you sign up now
Now you can set terms as high as you like as long as you check they are doing it and it shouldn’t be hard if they tag you in.
The beauty of this is you give them training and it actually costs them nothing but you get to promote your club to their friends at no cost to yourself. It actually massively expands your social appeal and also your on line presence!
The end result is that your club is seen as a popular place to go and people start wanting to come. They get hooked with a free week or even a free months worth of training and you get a student worth a lot more to you than just their tuition. They are worth the value of advertising and leaflet dropping too.
You can play around this further by offering current students a 25% discount if you want for doing the same.
Its payment by social sharing and if you love the idea share this post. Most people give away free lessons these days, just give away a few more in exchange for a tweet or a facebook post and see you stock flourish.
If you don’t think its a powerful method I recently had 6000 reads of this site in 2 days simply down to one post I shared on facebook and twitter! Never underestimate the power of social media.
Please share this post if you find it useful