How to KILL IT in 2020 – The Business of Yoga

How to KILL IT in 2020 – The Business of Yoga


– Holy cow, it’s already 2020, and for the first time in history there are more yoga studios closing than there are brand new
yoga studios opening. Amplifying this from this point moving on, things are going to speed
up in the business game, and if you don’t figure out
how to get on track right away, you could be in serious trouble. Compounding all of this is the fact that we are on the precipice of a bare market, of a recession economically, and people are straight up scared. I’m Josh from the Nomad
Business Coaching Crew and founder of the Yogapreneur Collective where we help yoga
studios get the training and resources that they need to run an insanely profitable studio that changes more lives and allows them to have a
personal life at the same time. And in this video I’m going to give you my things to look out for,
my predictions for 2020, and honestly beyond for the next decade. If you missed my 2019 predictions, click the link somewhere here so you can go and watch that first. All of the information is
absolutely still relevant. And when you’re done, book yourself into a free strategy session by
clicking the link down below and have 2020 become your
studio’s breakout year. The first thing that
we’re gonna see in 2020 that’s going to be
massively differentiating between one business and another is a business’s ability to create brand or if they have created brand so far. What am I talking about? Right now, because we can go
online and look anything up and learn how to advertise,
market, run a Facebook, Instagram ad, whatever, and sell stuff, there’s a lot of
information available to us. But the problem is this information isn’t always specifically
curated and nuanced for running something like a yoga studio, which comes with a specific
type of expectations, let’s say, because of the brand and
style of the business, or just the simple fact that
it’s a brick and mortar space. So, a lot of the information that we hear in our marketing and advertising right now would lead us to believe
that what we should do is find a highly specific target audience that produces a really
good return on ad spend so that you can prove
every click that you make equals X number of dollars, and then you go find a new person. The problem with this
is that all of the focus is only on the sale and the cost per acquisition
to get that sale. And it’s not that you shouldn’t
do this in your business, but if you are a brick
and mortar yoga studio that is offering an
experience for your clientele, you need to create brand, and doing that is not
based on creating brand. What we’re going to see
moving forward is that when we hit recession especially, anyone who has not established themselves in their local market as
an authority on the subject that they teach, their yoga
classes, they will disappear, or they will struggle unnecessarily, and it’s because they don’t have brand. Now the best example of this
outside of the yoga world that you could consider
right now would be airlines. When I wanna go from point A to point B, I don’t go look at any
specific airline’s website because I don’t really care
which airline I fly with. There isn’t a significant
enough difference, or reason, or brand built up in my
mind for any of the airlines that I would normally fly with for why I would choose one over the other. So, instead I go to a third party site and just book whatever the cheapest or most convenient flight is for me to get from point A to point B, barring things like probably Spirit Air because we gotta set a bar somewhere. What these airlines have is a logo, and a plane, and some colors, but that’s kind of it. There’s no other additional reason for why you would choose them. So their value perceived to us is one of convenience and price. And as I said in my
2019 predictions video, when you’re competing on
convenience and price, that’s a race to the
bottom and isn’t holistic, and it’s not going to make
you succeed in the long run. But what does this mean
for your yoga studio, and especially with a looming recession, how do you start to build brand? Well, as we stated in the past, you guys already know that
we’re in the content phase of the era of marketing. But the way that you’re
going to actually be able to establish brand is not just
by giving some content, or not just by telling
somebody that you exist, or not just by asking somebody to come in and do a yoga class with you. It’s by establishing in
the mind of the viewers of your current and potential clientele that you are an authority on
your subject in your market. If I live in the same town as you, over the course of the
next year or two years, I should receive enough content from you that has a value set high enough that I actually think that you and doing a yoga class are synonymous, which eliminates your competition and builds up your brand in your area. How do you do this? Content domination. If you think about it right now, we can automate text messages. We can automate messages through
Facebook or onto WhatsApp. We can automate emails. We can automate a lot of different things, or we can outsource things. But the one thing that no
one can do for you completely is create your content. And you can’t really automate it. Because when you try
it ends up being canned or not authentic, and people see through that, and the value level isn’t high enough. So the great equalizer
that we have right now, even when you’re considering
a single location mom and pop shop versus
a large corporate giant, is your ability to create quality content. Now when we talk about content
domination in your market, algorithmically when we’re talking about online distribution,
interaction and engagement are the most important metrics
that you are looking for. But there is starting to
become mounting evidence that if you don’t have enough
volume of content out there, people just straight up
can’t interact with it because they can’t find it. They never run into it. It gets lost in the
ether of internet land. And here’s my number
one tip for doing this. Schedule yourself in blocks
of time over the next year where you’re going to do
nothing but content creation. It’s called batching your content. Don’t make this over complicated. And at this exact moment in time, you don’t even need to know
exactly what you’re gonna cover. Block the time out once
per quarter, for example, where you’re gonna spend one day where you’ll be shooting video, one day where you’ll
be writing blog posts, and one day where you’ll be editing and then distributing this stuff. By the end of the next year, you’re gonna have a
tremendous amount of content that you can distribute. And if your content is good, because it’s valuable, and it’s
teaching someone something, and it’s improving their lives, and it’s about your yoga
product, it doesn’t go bad. So you can recycle this content
over, and over, and over, or you could even atomize the content, which means taking a
larger piece of content, breaking it into smaller pieces, and then redistributing it again. Which brings us to our second major thing to be looking out for in 2020, and that is when you’re
building your brand, you must be offering to
people a yoga experience. The yoga experience is the
unique curated environment, experience, class,
everything blended together that builds up who you are
and what you do for people. And you have to start doing this because the accessibility of yoga has never actually been easier. I can go online and do a yoga class from even a celebrity yoga
teacher right now for free. Someone in your environment
during the summer at least is probably offering yoga
in the park for donation, and I’m sure that there’s a box gym, or a YMCA, or something that’s
got a $5 drop in yoga class probably poaching your
teachers from you as well. So, for me, as a student,
to make the decision to get my butt off my
couch, drive across town, find a parking spot, and
make it into your yoga studio on time for a class that you scheduled, that’s a huge action. Which means, the physical
action of me showing up, without me saying anything, tells you that what I’m looking
for is something more than to just do some stretching postures with a bunch of other sweaty people. I’m looking for a yoga experience. And because your studio says,
yoga studio above the door, I’m assuming that you can give that to me. What is it that they want, is the first question
that you have to ask. If I’m showing up at your studio despite the fact that there are all these other places that
I could be doing yoga class, why did I come to you? What is it that I’m looking for? And then you need to curate the experience to deliver that to me. I’ll tell you right now, I probably didn’t come
to you to get ignored. So one of the major tips that I could give anyone watching this, is that in your yoga studio, I came to you for specific attention. If I walk in, and I get ignored, or someone can’t learn my name, or I take a class at your studio and have no addressing whatsoever, or after the class no one
even says goodbye to me, no one even tries to sell me anything, why would I come back? What’s the point? If I’m just gonna get someone standing in front of the room talking, or someone demonstrating some postures, or someone hanging out with their friends, or someone texting on their phone in the corner as a yoga teacher, why would I come back to that class? Now a couple other quick
tips that I can give you on curating your yoga
experience is to understand that everyone takes in the
entirety of the environment when they come in. And because you are a physical location, you have some advantage here. Things like smell, touch, sound, the senses that people are gonna have when they come into your
yoga studio, these matter. Make sure that place is smelling good, and unique, and consistent. Make sure that when they do touch things, the feel of it is really nice. Or for example, if you have a hard floor, maybe you need premium yoga
mats that are extra squishy so that when I kneel down I think, wow, this floor is hard, but
these yoga mats are amazing. These guys are quality. It’s gonna make you stand out. And sound, I need to hear
things in the environment. So the music, for example, that
you’re playing in the lobby might be way more powerful
than you anticipated. If you don’t know what I’m talking about, go walk into any retail store, and just stand in the middle of the store and listen for a second. The music that is playing, ’cause first off, they have music playing, puts you into a specific mood and vibe that helps you want to
parooze their products and potentially buy something
because you feel excited. The third thing to be looking
for in 2020 and beyond, and this is an enormous one because it is one of the biggest pitfalls and also frustrations that
any yoga studio owner has, and that is staff management. It’s this hidden job
that we didn’t realize we signed up for when
you opened a yoga studio. Is that all of a sudden
you have all these people that you have to deal with. This means that in 2020
and moving forward, staff structure is going to be something that is exceedingly important, and this ties into
literally everything you do because if you think
about it for a second, what is actually your
product in your yoga studio? You might say that it’s your yoga class, but the truth is, its not. You might say it’s the
environment that you offer, and that’s a piece of the puzzle. But in the end, the actual
product are your yoga teachers. They are the people who are
delivering the information, that are curating the experience
personally with people, that are helping people move their bodies, and clear their minds, and
feel good in the environment. And that yoga experience ties into this because the people who are
there at the front end, such as at your front desk, are someone who affect the environment, are someone who interact, and really the face of your business. So your ability to structure your staff and get them all on the same page, delivering that curated experience, is gonna be more important
than it ever has been. Without exception, every single studio that manages to curate and put together a really strong staff structure and then get all of their staff enthusiastically participating
in that structure has higher levels of success, bottom line. And it goes even further
with staff structure. If you didn’t notice,
California recently passed a law which basically makes yoga teachers have to become employees of the studio as opposed to subcontractors. And the bottom line is,
no matter where you are, they’re probably not an
independent contractor. Now I’m not saying to go
and shift things around in your business if this isn’t
the model that you follow, but what I’m suggesting is, the laws are catching up to the fact that this is an $80 billion a
year industry internationally, and they are taking it seriously. Furthermore, and more importantly, yoga teachers have
struggled to make a living as only a yoga teacher for way too long. So they’re trying everything
they can to take back power through things like self-promotion. They don’t believe in what
it is that’s happening in the studios that they’re a part of to the point that they’re
willing to go to bat for that studio for that
business, for that brand. So if you can convince
them of why the studio, and why your brand, and why
you exist, being so important, and that they are a piece of
the puzzle in that importance is so big and is absolutely
changing the world, and it’s in their own
personal best interest to get on board with that,
you have a lot more success. If you don’t, you’re leaving it open for them to be able to continue to build their own personal brand and not really bother with yours. So to basically sum of
that point, start with why. Convince them why the studio exists, why their class is
awesome, what you’re doing, and who you’re doing this for. Hint, you’re doing this for the students. And the final major thing to note when you’re coming into 2020, and especially over the next
maybe five years of time, is that we’re going to
shift the era that we’re in. Where we are currently is what
we call the era or marketing, which means your ability to communicate the value of your product is more important than
what your product is. We’re in the content phase, which is what ties into this
idea of content domination and putting value out there for people. But where are we actually gonna go next? The era of data. Data last year in 2019 for the first time surpassed value of oil as being the most valuable commodity that
there is on the planet. What we will see over the next probably three to five years of time is more and more movement towards anyone who controls
data having more power, more ability to improve their situation, and more ability to react in real time to what’s happening in the market. As a yoga studio, you
are in a unique position because every person
that walks in your doors, and you collect registration
information from, as you should be, is
giving you data willingly without you doing
anything weird, or fishy, or spying on them. So I would suggest to start now, and collect as much data
from people as you can so that you can make really powerful decisions moving forward, and make sure that you keep all of that data within your control. Here are a couple of examples. When someone comes in and they register, and you record all of the
data in your mind-body system, you should probably, on occasion, download to an Excel file your
entire mind-body system list, which you can do from
the mailing list report. That way you have a backup
copy of it somewhere else. On the other hand, if you hire someone to do Facebook advertising for you, what they probably do
is run all of the ads and have all of the different
details of the success, and who they targeted, and all of the data of the click through
and stuff on their side, the marketer side, and they don’t give it
to you as the owner. That’s data that you want, which in this specific instance means, for you to utilize any
success in advertising that you’ve had when you
hire a third party company, if they don’t give you that data, you need to hire them again because they’re the ones
who control the data and can have the most successful ads. Whereas if you personally
control that data and could then just tell somebody, hey, here’s the data we have. This is what we need to do. Or you yourself run
your own advertisements, you are in 100% control of that. Moving into 2020, it’s really easy for us to look at all of the
difficulties ahead of us or all of the things
that could be stressful, or how fast the industry is changing, and how quickly the speed of that change is actually happening, but you have to always take it in stride. And keep in mind that although there are more yoga studios closing
than brand new ones opening, there are also more yoga studios
that are hyper successful than ever before. More than 10 members in our group grew their business by
over $100,000 just in 2019. Many of them have doubled
the size of their auto pay, and we have a few studios
that are moving from single locations to
multi location situations because of the success their having. When you’re ready to take
action on your business, click the link down below and book yourself into
a free strategy session. Let me know what it is
that you are working on in your business right now? What’s the big thing for 2020
that you want to accomplish? Post your comments there, and I’ll jump in and get
back to you right away. See you on the other side. Peace.

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