Many studio owners have experienced the following situation: Your school is doing great. Enrollment is through the roof, and just when you think it’s smooth sailing for the next few seasons, you see the sign. A new studio is opening up right down the street, and even worse, they’re offering the same classes! All of a sudden your prospective students have another viable option to choose from, so how do you ensure that your school continues to thrive? In the world of running a dance studio, studios need to stay vigilant if they want to succeed in a sometimes crowded field. Here are four steps that will help you keep your school’s doors open, regardless of how saturated your market becomes.
1. Stay Focused on Your Studio
Your first instinct when you find out there’s a competitor opening nearby is to shift your attention to learning everything you can about the new business. After all, it’s upsetting when someone thinks they can one-up your studio! However, you shouldn’t obsess about this new establishment. Instead you should start obsessing about your own.
“There are always going to be people who think they can do it better than you, and maybe some people actually will do it better than you,” Kathy Blake, owner of Kathy Blake Dance Studios, explained on DanceStudioOwner.com. “But what this is all about is you have to be your own voice; you have to find your own culture.”
Blake explained that studio owners need to stay focused if they want to get ahead of the competition. If you’ve been slacking on marketing or facility upkeep, use this as the kick in the pants you need. Crunch some numbers – what’s the return on investment for your different marketing strategies? What’s your customer acquisition cost? Focus on the nitty gritty aspects of running a dance studio, and you’ll be equipped to compete in a saturated market.
2. Find Your Sweet Spot
If your new neighbor is offering the same classes as you, it’s essential to figure out what makes your studio unique. Maybe, like Blake mentioned, it’s your school’s culture and atmosphere. Or perhaps you have more experienced teachers. Sit down and think hard about what your niche is and why it makes your school a great place for dancers to learn.
Coming up short? If you’re floundering to find your differentiating factor, you may want to consider revisiting your business plan. Your previous success may have been based on your lack of competition, but now that there’s a new sheriff in town, you need to reevaluate your business model and figure out what you can do to make your studio competitive.
3. Differentiate Your Marketing
Once you’ve figured out exactly what it is that makes your studio unique, take that aspect and run with it. You’ll need to thoroughly differentiate your marketing from your competitors to ensure that potential students know exactly why your school is the place to dance. Revamp your website and social media sites. Update your fliers with a new emphasis on your sweet spot. Design new ads and do research into effective marketing tactics you may be neglecting. Your goal should be to reach students in new ways and convince them that your school is the best option in town.
4. Take Care of Your Existing Students
In the midst of all this marketing mayhem, it’s easy to overlook the needs of your current clientele. However, Marketing Donut explained that if you want to stay ahead of the competition, you’d do well to cater to your patrons like never before. Improve your customer service, orchestrate an amazing recital or poll your dancers to see what changes they’d like made. Paying ample attention to your existing students will ensure that they re-enroll for next season and that you’re not losing business to your competitors.