Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a Yoga Studio Business Plan, your marketing plan should include the following:
Product: in the product section you should reiterate the type of yoga studio that you documented in your Company Analysis. Then, detail the specific products you will be offering. For example, in addition to yoga classes, will you provide memberships, nutritional counseling, yoga equipment, meditation classes?
Price: Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the services you offer and their prices.
Place: Place refers to the location of your yoga studio. Document your location and mention how the location will impact your success. For example, is your yoga studio located near downtown office buildings, etc. Discuss how your location might provide a steady stream of customers.
Promotions: the final part of your yoga studio marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:
- Advertising in local papers and magazines
- Reaching out to local websites
- Social media marketing
- Local radio advertising