If your martial arts marketing budget is stalling your growth, it might be time to reevaluate your strategy.
IN THIS EPISODE:
- How much should you really spend on marketing your martial arts business
- Trading $1,000 for $48,000
- When should you turn off your Facebook ads
- And more
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Should you have a marketing budget for your school? When should you stop running ads? When should you continue? When should you stop marketing or give it a little break?
Should you have a marketing budget for your school? When should you stop running ads? When should you continue? When should you stop marketing or give a little break? Important topics. So, let's jump in.
Hey, George here, hope you're doing fantastic. So, I just got off a coaching call with our group, our Partners Power Hour session that we run a couple of times every week, and we had discussed two very separate scenarios.
One, when you should stop running your ads, and when you should continue? And when you should have a marketing budget, when should you stick to it and when not?
Alright, so this is super important. And I really want to bring this up because I see this come up so often. And so, let's talk about the first tonight. So, one of our members, doing really, really well with their ads, with their campaign and leads are coming in. And it's really working well, right?
So, the ads are working well, the campaigns are coming in. And we fine-tuned the conversion process of making sure that the leads that are coming in are being signed up and followed up properly, and all being signed up through our Messenger Signup Method, through messenger, through chat. And so, all that is working well.
And so we got on the call, and our member mentioned that, you know, they brought down the budget. So, we started looking at the numbers and said, ‘Well, you know, leads aren't really coming in as they should.' So, digging into the numbers, it kind of all revealed itself, right?
So, what it comes down to, and this is for most, is when you are attaching a budget to your marketing, then you are trading pennies for dollars, right? You're trying to save pennies and sacrificing big dollars.
In this case, we were calculating that, you know, the next 90 days that we want to grow by at least 30 to 40 students. And so, those 30 to 40 students would calculate $48,000 worth of revenue over the year. So, that's a substantial amount and the ad spend to get there based on the conversions were well in the range of just about $1,000.
So, the question came up – how often would you trade $1,000 for $48,000? All day long, right? You could trade $1,000 for $48,000. You'll do it all day long. But, when you don't have that big picture in front of you, and the plan is clear, it's easy to try and think that, ‘Hang on, I just need to save the dollars on my marketing.'
But here's the thing with marketing, it's never going to run as smooth as you think. And you know, at the time of us recording this right now, you know, ads are running great. But you know, if you've done marketing for a while, you know, that's not always the case. Things happen in marketing, and sometimes marketing is not as great.
So, when your ads are converting and you've run the numbers, and you know they're doing well, then, in my opinion, you got to milk it for what it's worth.
As in, you know, generate the leads and signing students up until things start to break and what I mean by break, is break through to the next level, because with any growth and going from one level, you know, going from 50 students to a 100, to 200, as you know, every phase of growth, something else is going to break.
So, and that causes some discomfort in itself. So, run the ad until something breaks, and then you know, then you can maybe look at slowing down or, you know, throttling down your growth. But, you know, we really do deep dives on that, because sometimes it's just getting in our own way of our own success. And we stop before we really need to, right?
And, you know, all growth in any business creates discomfort, you know, you get comfortable with something, and now you got to grow and that creates discomfort and for you, you know, now you got to get more instructors, or, you know, your class is at capacity. And so, now you have a whole different scenario, a whole new proper set of problems to deal with, right?
So, look, if your marketing campaigns are working, they might not be working tomorrow. So, go all in and, you know, fill up those classes, unless you reach to a point where like, you know, one of the other members were discussing – well, they are now at full capacity, and so they're trimming down all their classes, but they are running a wait list, which is super powerful as well. And, you know, so we have a whole different story and a whole other strategy with that.
But, hey, if you are trimming down your growth, because you have a marketing budget, and you know how to run and your numbers are looking good, then take away that budget and start growing. That's a, look, if you need help with getting clear on those numbers, and knowing when you should be growing and you should be slowing down, reach out, maybe watch this video, send us a message. Maybe we can help. Anyway, have a good week. I'll speak to you soon.
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