W2- Blog #2
You are designing the perfect Yoga studio for your community, counting down to the day the doors open, the floor fills up with mats, and Yogis are down-dogging! You have spent a lot of time taking teacher trainings, designing your brand and brainstorming on the right name, but a studio is also a merchant. A yoga studio is a business that promotes and sales; group led classes, private instruction, or possibly a remote event class. Adding a Boutique will bring added revenue such as water bottles, apparel, accessories, yoga mats and other useful equipment. That is why designing your business strategy as a Merchant Model will help with the success in the Yoga industry.
“There are two main aspects to successfully implement the merchant model, namely generating traffic to a company’s website and having an attractive and simple-to-use website. Indeed, with the intention of attracting visitors to their websites, companies frequently make use of the services offered by affiliates (internet publishers).” https://www.paymill.com/en/glossary/merchant-model
Three key demographics to focus a broad marketing campaign:
- 80% of the Yogis are adult
- 58% of that age group is 40plus
- 72% are women
Now the study gave an excellent overview analysis that can be the jumping off point to create content for a marketing campaign.
16 billion dollars was spent on yoga clothing and accessories in 2015. So remember promoting items from the boutique, through all the business’s social media, linking back to the website storefront will help bring in extra revenue.
75% of Yogis engage in other forms of physical exercise including group sports, running, weightlifting, and cycling. An excellent way to cross-promote yoga. Great time to write some blogs about the benefits of adding yoga to an exercise program.
50% of Yogis say they live a green life, eat sustainably, and donate time to their community. That is a demographic that has massive amounts of content to be accessed to generate a new audience to your business. How about blogging and Facebooking about how the studio is ‘going green’…right!?
So start with making a list of all the ‘local’ businesses/groups in your area related to these demographics and market to their demographics. Go to their social media to “ like, share, follow, and comment” from the business’s social media to bring it all back home baby!