So you realized the benefits of opening a retail section within your studio. Now how do you capitalize on this revenue boosting opportunity?
Know Your Members.
Ask your members what they want. It’s that simple. Offer a giveaway, a small discount, or simply good karma for members to fill out a survey or complete a form on what they would love to see in the studio’s retail space. Not only will your members feel like they are having a say in what’s happening in the studio, but you will have first-hand information on what is likely to move off the shelves.
Incorporate Products into Your Classes.
Make sure the brands you are stocking on your shelves are the same products being used in your studio’s classes, including rental mats, blocks, straps and bolsters. Classes are the best opportunity for students to test and fall in love with the products you’ve carefully selected for your retail space. You know these products are awesome; let them learn this for themselves. Trial equals sales.
Offer a Teacher Discount.
Your teachers and staff are walking, talking, down-dogging leaders and influencers within your studio. Encouraging your team to own and purchase products from your retail space not only helps you make a small margin on the sale, but also serves as marketing. If your staff and teachers are suited up and using brands available in your retail space, it is likely members will recognize this and follow suit.
Yogi Diversity Requires Product Diversity
Why do you offer yin, vinyasa, nidra, restorative, beginner and advanced classes in your studio? Why not just one type of class? Because one class does not fit all. Have this same mentality with selecting your product line up. Have items for those who love a sweaty vinyasa and those who love a mindful meditation session. This comes back to knowing your members and stocking accordingly.
Keep your eyes peeled for ideal buying times and situations. Does your supplier offer promotions? Sign up for their newsletter. Are there price breaks? Can your items be picked up instead of shipped? Ask your sales rep. Finding ways to bring your wholesale costs down will increase the margin you keep when your members make their purchase at the retail price. Buy smart. Sell smart. Enhance the studio you call home.
Arin Takeuchi is the creative director of sister brands B Yoga and Halfmoon Yoga Products. Arin can be reached at email@example.com or 800.475.0801 x 301.