The Rapidly Expanding Yoga Industry
Trends in the Yoga industry
We all know that that Yoga has become tremendously popular over the past years, with dedicated yogis stretching around the globe. An interesting trend, is that yoga seems to be increasingly appealing to young people as well. It has been demonstrated that about 37% of practitioners practice yoga with their kids under the age of 18. Additionally, many schools are offering yoga classes more often as part of their curricula, due to the great benefits the practice offers to the kids’ behavior and performance. Taking this data into account, yoga studios should reinforce the marketing efforts dedicated to create awareness about the importance of implementing a yoga practice in kids’ development.
The infographic below details facts about the fast-growing yoga industry and it reveals some very interesting, promising, and concerning aspects of what has become this billion dollar industry. Taking a look at the global population for example, we see that 300 million people practice yoga currently. Putting it into perspective, imagine if everyone in the US were yogis.
The infographics tool presents data and analysis in a way that helps us digest and understand the information easily as it delivers an engaging and memorable visual experience. Grab your attention. We are visual creatures and a well-designed and attractive graphic taps into the optic nerve that drives the brain.
Testing the yoga market
Yoga studios, like many other businesses in the service industry, have to shape their market strategies according to changing needs of their targeted segments. A good understanding of consumer factors and the corresponding impacts on purchase intention in the yoga industry would be an integral part in formulating proper business strategy.
One way of doing this is by testing the relationship between major determinants (product, branding and customer services) on the purchase intention of yoga studios. The purchase intention of a consumer is directly influenced by how strongly he/she identifies the core product, the branding, and the customer service received as essential values of a yoga studio services. The results could identify potential correlations between these factors, which could be an integral part in formulating proper business strategy.
Communicating your value
Communicating the value of your product or service is a key aspect of marketing. In other words – marketing is the backbone of your yoga business. The goal is to connect with your students (target market) on a deep level, build a solid relationship based on providing value, and eventually invite them to join your offerings.
Being clear about what you offer goes back to the theory that people don’t buy what you do, they buy WHY you do it. So attracting the right audience is what matters above all else. And then building a community of like-minded people, who are engaged in your teachings, and will keep coming back for more.