Identifying and Valuing Your Ideal Martial Arts School Student

1. Identifying Your Ideal Family for a Child Student

  • Income Level: Determine the income bracket that best fits your school’s pricing and program offerings.
  • Stay-at-Home vs. Working Moms: Assess if having a stay-at-home mom positively impacts enrollment and retention compared to working moms.
  • Common Benefits Sought: Understand the key benefits families are looking for, such as discipline, fitness, or self-defense.
  • Spending Beyond Tuition: Evaluate how much money families spend on events and equipment beyond monthly tuition.
  • Decision Criteria: Identify the most important factors families consider when choosing a martial arts school, such as price, location, and program quality.
  • Home Proximity: Determine the ideal distance families are willing to travel to your school.
  • Referrals: Track the number of referrals each family typically provides.
  • Special Event Attendance: Monitor how many special events the student attends annually.
  • Equipment Purchases: Assess the amount of equipment purchased beyond the basic requirements.
  • Student Longevity: Measure how long the student stays with your school.
  • Payment Methods: Evaluate if families prefer cashing out, taking payments, or paying in advance.

2. Identifying Your Ideal Adult Student

  • Demographics:
    • Gender: Male or female?
    • Marital Status: Single or married?
    • Income Level: Assess the income bracket.
    • Education Level: Determine the educational background.
    • Home Proximity: Distance to the school.
    • With Kids or Without: Determine if having children affects enrollment.
  • Referral Rate: Number of referrals the student provides.
  • Special Event Attendance: Frequency of attendance at special events.
  • Equipment Purchases: Amount of additional equipment purchased.
  • Decision Criteria: Key factors influencing their decision to join.
  • Student Longevity: Duration of stay at the school.
  • Payment Methods: Preferred payment options.

3. Tracking Time with Ideal vs. Less Ideal Students

  • Time Journal: Keep a journal to track the amount of time spent with ideal students/families versus less ideal students.
  • Retention Strategy: Develop strategies to spend more time with ideal students to enhance retention.

4. Targeted Marketing Strategy

  • Marketing Focus: Create a marketing strategy targeting your ideal student and/or family to attract more of them to your school.

Valuing the Student / Family

Importance of Knowing Student Value:

  1. Project Future Earnings: Accurately predict future income.
  2. Marketing Budget: Determine how much to spend on marketing.
  3. Effective Planning: Plan more effectively with real numbers and expectations.

Student Value Calculation Methods

Calculation One:

  • Components: Enrollment fee, lessons, seminars, testing fees, equipment purchases.
  • Example for One Year:
    • Enrollment fee: $75
    • Lessons ($65/month x 12): $780
    • Special Events (avg 1/yr.): $35
    • Testing fees (3/yr. $25 each): $75
    • Equipment purchase: $190
    • Total for one year: $1,155
  • Adjusted for Dropout Rate:
    • New students enrolled annually: 250
    • Attrition rate: 60%
    • Net worth after attrition: $115,500
    • Adjusted student worth: $462

Calculation Two:

  • Simplified Formula: Total gross divided by the number of first intro lessons.
  • Example:
    • Intro lessons per year: 120
    • Gross income: $120,000
    • Student value: $1,000 per student

Utilizing Student Value Information:

  • Setting Goals: Determine the number of new students needed to achieve gross income targets.
  • Planning: Use student value to guide enrollment strategies and marketing investments.

Conclusion

By identifying your ideal student and calculating their value, you can tailor your marketing strategies and improve retention rates, ultimately boosting your martial arts school's success. Implement these strategies to maximize your school's potential and create a thriving, profitable environment.