Every Month Has Multiple Opportunities To Attract New Students
Check out this interesting calendar that lists all sorts of special days and consider that any one of them can be used to launch some kind student moral boosting initiative to support retention or a promotion to attract new students -- even ONE NEW STUDENT.
Can One Less New Student Kill Your School?
Statistics reveal that one of the key factors commonly contributing to the death of a martial art school is that the instructor/owner is unaware that they are attracting one (or more) less new students per year than they did the prior year.
That's right, the success or failure of many martial art schools depends on whether or not the school owner attracts a single new student more in the current year than the number of new students attracted in the prior year.
ONE LESS NEW STUDENT
In a whole year
The point is that martial art schools that are thriving are doing some things that assure their school is in the awareness of potential students EVERY MONTH OF THE YEAR so that regardless of when a person encounters a need in their life that makes them search for a solution that your school offers, your school can be easily and readily discovered and contacted.
- How many new students did you attract two years ago?
- And how many new students did you attract last year?
- How many new students have you attracted so far this year?
- Are you monitoring that metric?
- How are you doing on that metric?
When considering how a school might come to attract one less new student per year, the reason can usually be tracked back to insufficient MONTHLY marketing efforts that ultimately result in one less new student at the end of the year.
Now, consider the impact on a school that is attracting
ONE LESS NEW STUDENT
- How many new students did you attract two months ago?
- And how many new students did you attract last month?
- How many new students have you attracted so far this month?
- Are you monitoring that metric?
- How are you doing on that metric?
Even when you do attract new students and convert them to enrolled students, then keeping them active is a whole other challenge that takes place inside your school, but one thing is for sure, if you fail to attract new students, then you have ZERO chance of keeping them enrolled.
Enter Your School Stats To See How You Are Doing
- Download this spreadsheet to see how you are doing and/or to project how you would like to do. You can only enter data in the yellow highlighted fields. The sheet will update when you change the values in the yellow fields. New entries overwrite existing entries.
Consider The Combined Effects of New Student Recruitment + Your Retention Ratio:
Compare the year end total enrollment of the two schools illustrated in the tables above and look over their new student recruitment numbers and student retention numbers.
Both schools have the same size enrollment at the beginning of the year, but look at the difference in school enrollment at the end of the year.
- One school started with 25 students and ended the year with 22 students
- The other school started the year with 25 students and ended the year with 37 students.
Which scenario do you prefer for your school?
Sometimes it can be difficult to get motivated to spend money on advertising or invest time and energy in demonstrations and school promotions because the actual outcome value of doing those things is not always fully apparent at the time you do them.
For example, running advertisements or conducting schools promotional activity that results in you enrolling one new student may translate into $60 in tuition and $150 in startup costs, uniform, etc. resulting in a total financial contribution to your school of $210 in the first month.
Some school owners are prone to then compare the $210 generated with the $300 they spent on the advertising or promotional activity costs and immediately perceive that it was not worth the money they spent and so next month they do not repeat whatever advertising or promotional activity that generated the new student for their school.
However, school owners who think like this are failing to properly assess the results they just achieved for their school.
What would you do in that scenario?
The overall contribution to your school that a student makes is not just their 1st month of tuition, etc. It is all the contributions they make for as long as they stay active at your school. All their tuition, all their testing fees, all their uniforms and equipment, all the tournaments and camps they attend, etc.
We can roughly estimate that a student who stays enrolled for one year will contribute about $1000 total to your school. i.e., ($60 tuition x 12 = $720 + 4 rank tests at $35 = $140 + new uniform, books, dvds, equipment = $90 + one tournament or seminar during the year $50)
So thinking about the lifetime value of a single new student:
- If the student stops training after 12 months, then the school owner more than triples their $300 investment.
- If the student stops training at 6 months, then the school owner roughly doubles their $300 investment.
- If the student stops training at 3 months, then the school owner yields $210 + $120 = $330 which is still more than the $300 investment.
Would you repeat an advertising or promotional activity expenditure that resulted in one new student?
If we reconsider the two schools illustrated in the tables above and we assume that each school invested $300 per month for 12 months in advertising and promotional activities, then both schools will have spent $3,600.
- The school ending the year with 3 less students than they started the year with potentially yields new student contributions totaling ($9,000 - $3,600) = $5,400 Even though overall student enrollment declined, new student contributions helped offset the loss of contributions from those who dropped out.
- The school ending the year with 12 more students than they started the year with potentially yields new student contributions totaling ($12,000 - $3,600) = $ 8,400
One observation is that regardless of how many new students your school is currently attracting, you could conceivably increase your school revenue a significant amount by investing in advertising and promotional activities for your school.
Where else could you invest $3,600 and get a 50% return or a 133% return on your investment?
Have you considered the lifetime value of a new student for your school and how it can inform your decisions about investing in advertising and promotional activities for your school?
Among all students who have ever enrolled at your school, what is the average length of time a new student continues training?
- How to easily calculate your average student lifetime. (forthcoming)
What is the lifetime value of a new student to your school?
- Use this handy lifetime value calculator to estimate the lifetime value of a new student.
We Can't Predict When New Students Will Want To Signup
What happens is a bit more complex and a school owner's active role in the process can determine the success or failure of the school.
New students and parents appear at a school because they have encountered a NEED in their life and they seek a solution for their need.
As a school owner, you have NO WAY of knowing or predicting when those needs will occur in prospective students' lives.
- We cannot predict when someone will be bullied and decide to take seek martial art training.
- We cannot predict when a parent will decide their child needs some discipline and decides martial art training will help with that.
- We cannot predict when a divorce will happen and a single parent will seek martial art training for their child to provide them with structure and positive role models in their life.
- We cannot predict when a veteran will return home from military service and seek an activity that feels somewhat familiar to the structured military life they have left behind because they need help reintegrating into unstructured daily life.
- We cannot predict when an adult will decide they want to lose weight and decides martial arts training will help with that.
Since we cannot predict any of these events in the lives of potential students, what can we do?
Always Be Visible
There are some things that you can predict and they include when, where and how often you and your school are in the awareness of people.
Since we cannot know when their need will occur and when they may look to find a solution for their need, schools NEED to ALWAYS BE VISIBLE and ALWAYS BE ACCESSIBLE at the exact time when they seek a solution for their need. Your school NEEDS to come into their awareness AT EXACTLY THAT TIME as THE solution they are seeking. That's a job your website can help do for you.
Whether or not a school comes into their awareness AT ALL as a potential solution for their need depends on many different factors.
Waaaaaaaaaaay more factors than it did a few years ago.
And whether or not your school comes into the awareness of a potential student or parent at the exact time they are interested depends on whether or not your school is visible and accessible at that exact time and thus depends on how visible your school is EACH MONTH OF THE YEAR and how accessible you are to contact.
There are things that can be done to periodically BOOST your school's visibility, but even MORE important is what you are doing that makes your school visible 24/7/365 WITHOUT FAIL.
Always Be Promoting Your School - Automatically When Possible
Now lets think about what the most important thing to do EVERY MONTH might be.
Let's consider what each of us may typically do when we need something.
- First, we may talk to friends, co-workers and relatives and or post on social media about our need and seek word-of-mouth referrals
- Then we may search for a website about the referred solution
- Second, we use our mobile device to search for more information about solutions or contact info for a potential solution
- Then we review various websites to choose a solution or for contact info to call them
- Third, we may use our work or home computer to search for more information on websites about solutions and contact info
- Then we look through the potential solution websites that appear in our search results (or in ads on those pages)
- Forth, we may begin to notice ads that seem relevant to our need and click on them
- Then we evaluate the website offerings that the ads direct us to and we signup, text a keyword, email or call
- Fifth, we may recall a previous awareness of something we think may be a solution and go looking on the internet for a website about that which we recall
- Then we search the website to find contact info
- Sixth, we might be at a fair, convention, store, demonstration, etc. when a potential solution comes to our awareness
- Then we may seek more information from online websites and/or contact information for the solution
- Seventh, we may seek to initiate contact with several of the potential solution providers
- We look for a means of contacting them on their website
There are a multitude of opportunities during the year to attract that ONE NEW STUDENT (and MORE) which your school needs.
Attract At Least One More New Student This Year Than Last Year
Would you like more new students contacting you?
If yes, then click here.
If no, then click here.
Please take a moment and add your knowledge to the site for the benefit of others by posting a comment, sharing your ideas, submitting a link, or asking a questions, etc.
- Ask A Question And/Or Answer Questions For Others
- Submit A Link
- Share Your Ideas And Vote For Others
- Subscribe To Soo Bahk Do® Biz Text Messages
- Subscribe To The Soo Bahk Do® Biz Newsletter
- Join The Private Soo Bahk Do® Biz School Owner Facebook Group
- Take Online Courses at the Soo Bahk Do® Institute Annex
LOGIN TO CONTINUE READING.
If you are an existing user, please log in. New users may register below.