By: Alan Gleeson
Alan Gleeson is the Managing Director of Palo Alto Software
Ltd, creators of
Business Plan Pro 2007. He holds an MBA from Oxford
University and is a graduate of University College, Cork,
Ireland.
Like any other business, your martial arts school needs
effective marketing plans to ensure long term success. Take the
time to plan your marketing strategy carefully and then watch
your martial arts school grow.
A marketing plan is a core component of any business plan. It
relates specifically to the marketing of a particular product or
service, in this case a Martial Arts Class or Curriculum, and it
describes:
The starting point for any marketing plan is an analysis of the
strategic context, as a typical objective for most plans is
promoting a good or service as effectively as possible. An
assessment of your Martial Arts school’s performance, its
environment and its customers helps to ensure that you obtain a
holistic view of the wider context.
In turn, this helps you to focus your energies and resources
accordingly. This is particularly important given that most
school owners will be subject to that all-too-familiar
constraint—limited resources (invariably financial). In effect,
a marketing plan is produced to ensure that limited resources
are allocated to activities that are likely to bring the maximum
return.
Tools to Use in Your Marketing Plan
An assessment of the context will include analysis of both
internal and external factors. There are a number of frameworks
and tools designed to assist you with this:
It is also vital that you have a thorough understanding of your
students; look to whether segments exist within your broad
customer group that can be profitably served utilizing specific
and targeted marketing activities.
Show Your Strategy, Costs and Expected Returns in Your Marketing Plan
Following an analysis of broader conditions, a marketing
strategy can then be put in place. This strategy needs to
include financials so that all activities can be assessed in the
context of their cost as a portion of the overall marketing
budget. Regardless of the product or service, the objectives
tend to be similar for most Martial Arts school owners; create
awareness, stimulate interest in the offering, and ultimately
(profitably) convert this awareness into student registration.
All these factors are intertwined and, hence, the importance of
effective market planning.
Using a local restaurant as an example, their marketing
activities are going to be predominantly concentrated within a
two to three mile radius of their restaurant, as this area is
where the vast majority of their customers are likely to come
from.
Tactically, there is no point in such a restaurant advertising
on TV (even locally) as the cost would be prohibitive in the
context of their business model. They are limited in terms of
capacity (number of seats) and their average cost per head so
that, even if they created huge awareness and interest via TV
advertising, the resultant revenues would still be unlikely to
cover the cost of the specific marketing activity. On the other
hand, stuffing leaflets through local letterboxes is extremely
targeted and comes at low relative cost, which explains the
sheer volume of fast-food flyers most of us get on a daily
basis.
The reader of the marketing plan should clearly be able to
relate to the marketing initiatives in terms of the message, the
target audience and the means to accessing this audience. A good
marketing plan will detail specifics, i.e., a number of
marketing activities, their respective costs, and the expected
return on investment.
Measuring Your Marketing ROI
Measuring return on marketing has historically been one of the
greatest challenges the industry has faced. The advent of PPC
(pay-per-click) advertising via the Internet has finally
resulted in school owners being able to track sales resulting
from specific campaigns and advertisements. However, this is
just one means of advertising, and calculating effective ROI
(return on investment) figures from other marketing initiatives
such as print advertising remain as elusive as ever.
In summary, a marketing plan should enable school owners to
document their assessment of the opportunity in terms of
effective allocation of limited resources. While most owners
would love the luxury of a seven-figure marketing budget to
spend on every conceivable advertising medium, the reality is
that most need to market effectively on a very meagre amount.
A marketing plan assesses the most efficient means to attract
potential customers and ultimately convert them to sales.
Without a plan, a business is essentially rudderless and
marketing activities are more likely to be reactive and, hence,
considerably less effective.
To learn more about creating an effective marketing plan and how
to effectively track your marketing ROI contact a representative
at ChampionsWay at 1-877-774-5425 or e-mail Joseph Seo at
joseph@championsway.com.