Yoga has become increasingly popular over the last few years and thanks to the 2016 Yoga in America Study we have the latest stats to back it up! According to the study, the number of yoga practitioners in America has grown from 20 million in 2012, to over 36 million in 2016. That’s a lot of people practicing yoga! As Carin Gorrell, editor in chief of Yoga Journal, puts it:
“The data tells a compelling story. More people than ever across all age groups are realizing the benefits of yoga, from stress relief to flexibility to overall well-being. Yoga is a thriving, growing industry.”
We take a look at the key results of the study and the resulting five questions that every yoga studio owner should ask themself in 2016!
1.Are You Still Targeting Young Women? Wrong!
When you picture your ideal yoga student, are you only considering a small proportion of the market? Well, the stats are in! In 2016, there were more male and elderly practitioners recorded than ever before.
With 10 million male practitioners and nearly 14 million practitioners over the age of 50, (men more than doubling since 2012 and elderly more than tripled), your studio has the opportunity to create more value for more segments of students than ever before.
If you’re looking to expand your reach from the typical ‘yogi’, the 55+ age group and male practitioners could prove a seriously profitable segment to target. We can only imagine what these statistics will look like four years from now. Why not get started by creating a simple ‘poll’ question on your Facebook page to see if this segment could work for your studio?
2.Yoga Spending Is at an All Time High. What Do You Sell?
Yoga practitioners spent over $16 billion in 2016 alone on items ranging from yoga clothing, equipment and accessories right up to classes and retreats.
Considering only 29% of yoga teachers report yoga as their primary source of income and 67% work fewer than 10 hours per week, many have taken it upon themselves to drive more revenue into their studio from other sources. Have you?
56% of yoga studio owners sell yoga apparel accessories and equipment to students from their studio. With technology in this day and age, you could even sell directly from your studio’s mobile app on a click and collect basis, without the hassle of managing shipping.A simple way to drive more money into your business? We’re all for it!
3.Do You Market Yoga as the Perfect Fitness Complementor?
80 million Americans are likely to practice yoga within the next 12 months and a lot of these people won’t be focusing on achieving ‘mental clarity’. Sometimes, yoga can just be a great way to increase flexibility, reduce stress and get fit.
Yoga even works in harmony with many other forms of exercise, with the study showing that more than ¾ practitioners engage in other activities such as group sports, running, cycling and weightlifting.
For some yoga teachers, 2016 may be they year to rethink they way they market their practice. Why not try focusing on yoga as a practice that complements and helps clients to progress with their fitness goals, whatever they may be? For example, target those who love running but time and time again need a day to work on stretching and flexibility.
You could open your studio to a whole new realm that you never thought could have worked for you!
4. Referrals Are Closer than You Think.. Can You Find Them?
Approximately 37% of adults who practice yoga have children under the age of 18 who also do yoga. This stat is a great wake up call to the potential referrals your studio could gain, without even having to go outside your student’s families!
A simple loyalty or referral program could be the kickstart you need to keep leads coming through the door on an ongoing basis.
It’s time to start using the personal relationships you’ve created with your students to explore strategies to get more members of the family involved. Could your studio facilitate a teen yoga or kids yoga class? Even better, could you run this new class at the same time as your adult class to increase convenience for busy parents?
5. How Will You Compete Against Tech Savvy Newbies?
Alongside a flourishing industry comes more people who want to get involved. The study revealed that for every yoga teacher currently practicing in the US, there are two undertaking training.
Competition is becoming super intense for yoga studio owners and teachers who want to make their mark on the yoga industry and thus, having the ability to stand out and make your studio or practice different to competitors is critical.
One way you can help your studio to stand out from the crowd is by going mobile: a branded studio app for students to browse, book and pay for class packs, courses and products.
Well there you have it, the 5 key questions that yoga studio owners must ask themselves in 2016 to remain competitive.
To learn more, check out the 5 automations your yoga or fitness studio needs to pick up the pace and stay competitive against rivals!