Academic, PR/Media Kits

Marketing Plan – The Lotus

Marketing Plan

The Lotus: Yoga and Meditation Studio

 

Executive Summary

         The Lotus: Yoga and Meditation Studio was established in San Antonio, Texas in January 2014 by owner Joey Alabbassi to cater to the high demand and trend of yoga and meditation. The owner is a yoga enthusiast and a meditation practitioner with twelve years experience and is committed to fulfill the mission of the studio, which is to enrich the lives of the clientele through body and mind training with physical, mental, and spiritual exercises.

The studio does not specialize in one particular form of yoga, but instead offers a variety of different forms to accommodate all types of yogis. Some of the types of yoga that The Lotus offers are Vinyasa, Power Yoga, Yin, and Core. Each type is a little different and harder than the next to meet the requirements, abilities, and challenges of all the customers.

Along with yoga, The Lotus also offers meditation classes. For members, a 45-minute meditation class is taken after an hour of yoga to relax the body and mind, and to center the mind in the present moment. Meditation classes can be taken with or without a prior yoga class for members and non-members.

For those who are new, unfamiliar, or curious about meditation, a one-hour Meditation 101 class is offered. Part lecture and part exercise, the Meditation 101 class is a good start for those new to meditation or just needing a refresher course. This class serves as a foundation and a prerequisite for any future meditation classes at The Lotus. All members and non-members will be encouraged to take the Meditation 101 class before signing up for a regular meditation session.

The popularity of yoga and meditation has been separately trending for many years, so it is The Lotus’ goal to bring the two together in one common, comfortable, and liberating environment for all to practice. The Lotus believes that by having a tough physical workout of yoga followed by a relaxing, mind-easing session of meditation, people can fully connect to themselves physically, mentally, and spiritually.

With the combination of yoga and meditation, a person can ease physical pain by conditioning their body to be more flexible, increase muscle and tone, maintain a balanced metabolism, weight reduction, and protect themselves from future injuries. Managing stress, depression, low blood pressure, and increase awareness are also benefits of yoga and meditation.

The Lotus also provides individualized health progress reports and charts to members seeking weight loss, strength building, and flexibility training by certified nutritionists. This is an optional program to members who qualify as part of their membership to The Lotus.

The location of The Lotus Yoga and Meditation Studio is conveniently located in the heart of San Antonio, TX next to shopping malls, restaurants, gyms, health foods and supplement stores, and parks. The location was carefully chosen to be in the center of the city so that it would be equally convenient for everyone to commute to.

Prices at The Lotus are competitive compared to other yoga studios in the market. Starting at just $15 for First-Timers and $20 per class for non-members. The Lotus offers a variety of different memberships and class cards. Silver Memberships start at $85 a month and Gold Memberships start at $120 a month. Also available are 10 Class Cards for $55 and 5 Class Cards for $40. Meditation 101 classes are $25, and mat and towel rentals are $1 a day.

By 2019, The Lotus aspires to have established six successful yoga and meditation studios in San Antonio, Austin, Houston, and Dallas with annual profits reaching almost $90,000 from each studio.

The Lotus and its instructors are all committed to providing and offering high-quality services that are tailored to people’s needs, abilities, and challenges to help them accomplish their goals and find and maintain physical and inner peace and relaxation.

 

Description of Organization

         The Lotus: Yoga and Meditation Studio was started in January 2014 by the founder Joey Alabbassi to create a unique experience by combining the health and wellness benefits of yoga and the almost spiritual and psychological benefits of meditation in a fun and memorable experience.

The company wishes to continue the popular trend of serious yogis and keep it “popular” by creating a unique, fun, and authentic yoga and meditation studio. With the help of highly trained yoga and meditation instructors, the company aspires to truly benefit the health and wellness of all its clients.

The Lotus believes in creating a safe, comfortable, and serious environment for beginning, intermediate, and advanced practitioners of yoga and meditation. The company’s unique approach and what differentiates it from other yoga studios is that The Lotus combines the “hard work” of an hour of yoga followed by a relaxing thirty-minute session of meditation. The meditation instructed is a combination of ancient Indian and Zen practices, and modern techniques of concentration and focus.

 

Strategic Focus and Plan

Mission

         The mission of The Lotus: Yoga and Meditation Studio is to enrich the lives of people through body and mind training with physical and spiritual exercises.

 

Goals

  • To bring a new approach to the Yoga community by implementing old and new yoga exercises combined with meditation.
  • To be among the top choices in the city for yoga and meditation classes.
  • To acquire 50 new participants (non-memberships) a month.
  • To acquire 20 new memberships a month.
  • To create the ability to sign-up for memberships online.
  • To create a “health progress” plan for members (lose weight, get fit, increase flexibility, advanced yoga poses, etc.).

 

Core Competency and Sustainable Competitive Advantage 

         The Lotus studio offers a distinct and sustainable business because of (1) the unique yoga and meditation combination, (2) an individualized health progress chart and nutrition planby a certified nutritionist, (3) offers a variety of classes to compliment different skill levels from the beginner yogi to the advanced master, and (4) the high and advanced skills and knowledge of the instructors to be able to teach and answer questions of any relevant topic, all included in the monthly memberships.

The company will sustain a competitive advantage by having a place of regular practice for those new to yoga to the most experienced. With regular practice, yoga can help heal past and prevent future injuries. After working out the body with yoga, members will then practice in a session of meditation. This will help clear and heal the mind to relax and relieve built-up stress and anxiety.

 

Situation Analysis 

Strengths

  • Provides a unique yoga and meditation experience.
  • Provides an individualized health progress report and chart by a certified nutritionist for members seeking weight loss, strength building, and flexibility training.
  • Offers a variety of classes from beginners to advanced practitioners.
  • Located in the heart of the city near a large shopping mall, and next to a busy gym and smoothie shop allows for a convenient location of the studio and surrounding businesses.
  • Offers a variety of different yoga methods instead of just specializing in one.
  • Competitive prices. 

Weaknesses

  • Very new studio that is unknown to the community.
  • Several established competitors in the city.
  • Limited studio space allowing for only one yoga and meditation session at a time.
  • High cost of rent and utilities for downtown location.

Opportunities

  • Keeping up with the trend of health and wellness, especially in yoga and meditation.
  • Lack of yoga and meditation combination studios in the area, gives the opportunity to expand.

Threats

  • Indirect and direct competition from other yoga studios already existing in the market.
  • Lack of interest in the yoga and meditation combination idea of the studio.
  • Decline in the interest and trend of yoga and meditation.
  • Customers deciding to practice at home instead of group practice in studio.

 

Industry Analysis: Trends in yoga and meditation

Yoga has been a huge trend in the West within the last decade with a following of millions of yogis and enthusiasts. Meditation has become equally popular with the backing of scientific research on its benefits opportunities. Both yoga and meditation contain the benefit of exercising the body and mind to improve longevity, strength, and mindfulness. Yoga studios have increased by the dozens in just a few years and meditation has become a regular practice for many people wanting to improve their life.

 

Competitor Analysis: Yoga studios

         There are currently five competitor yoga studios in the city, including a hot yoga studio, which is the most popular of the competition. Although hot yoga is the most popular, their major disadvantage is the limited amount of classes provided per day during early or late hours. This can be a disadvantage to them because of the unstable and inconvenient hours for class sessions.

 

Company Analysis

         A professional yoga instructor of eight years and a meditation instructor of eleven years in practice run the Lotus Yoga and Meditation studio. Both have managed and instructed classes academically and professionally. With the experience and expertise of both instructors, they utilize their knowledge and skills to teach and help others find a mind/body balance and live a healthy lifestyle.

 

Customer Analysis

         Yoga and meditation is practiced by those who have a strong commitment, new desire, or curiosity about health and wellness. Practitioners are often achievers of higher education and have a firm knowledge of the mind, body, and spiritual benefits of yoga and meditation.

Practitioners also have a concern for their nutrition and diet, often practicing yoga for weight loss, muscle strength, flexibility, and joint strengthening. As well as to increase metabolism, regulate or increase heart rate, and balance breathing.

 

Marketing-Product Focus

Marketing and Product Objectives

The Lotus’ marketing objective is to establish the company as a trusted, knowledgeable, and reliable studio in the yoga and meditation marketplace. To achieve this, The Lotus has experienced, friendly, and knowledgeable staff that clients can approach with any questions or concerns they may have about yoga or meditation.

 

Target Markets

         The primary target market for The Lotus are individuals 18 years and older who are curious, beginning, intermediate, or advanced in yoga and/or meditation who live in the San Antonio and surrounding areas that have a desire to live a healthy lifestyle.

 

Points of Difference

The specific characteristics that make The Lotus unique to competitors are:

  • The combination of a yoga workout followed by a relaxing meditation session.
  • Offers multiples types of yoga and not specializing in one (e.g. not only Moksha or Bikram).
  • Offers a Meditation 101 class for those curious or interested in basic meditation.
  • Provides an individualized health progress report and chart by a certified nutritionist for members seeking weight loss, strength building, and flexibility training.

 

Positioning

         The Lotus aspires to stand out in a saturated market of yoga studios and be recognized as a place of unique, fun, relaxing, and comfortable environment that is personalized to the client’s needs. The Lotus is designed to work with the client at a comfortable working level and help them progress higher to achieve their health plan goal.

 

Marketing Program 

Product Strategy

         Product/Services Description

The Lotus Yoga and Meditation Studio offers customized plans and reports to accommodate the needs of the clients and their health and wellness goals. The Lotus offers several different yoga classes to fit the requirements of its clients from the very beginner to the experienced Yogi. Restorative Yoga is one of the “basic” yoga classes offered. It is primarily aimed at beginners with little to no experience with yoga and who have limited flexibility. Restorative Yoga is focused on relaxing and soothing the muscles of the body. Taken with the yoga class, this gives a chance for the client to relax their mind and body and reflect inwards to find their inner peace.

The Lotus also offers Vinyasa Yoga, which is suitable for everyone regardless of experience. Vinyasa is also known as “flow yoga,” because it synchronizes the movement of the body to one’s breathing through a sequence of poses that create a continuous flow. For intermediate and advanced students, The Lotus offers classes in Power Yoga, Yin, and Core. Power Yoga is ideal for fitness-focused and athletic individuals. Yin is suitable for individuals who want to go into a deeper stretch and flexibility. Lastly, Core is for individuals wanting to strengthen their core and get in shape.

Meditation classes are also available at The Lotus. After a tough workout of yoga, clients can relax with a thirty-minute meditation session to clear their mind, get in touch with their spirituality, and improve mental and psychological functions. For clients completely new, curious, or wanting a refresh course on meditation, a 60-minute Meditation 101 class is offered.

 

Pricing Strategy

         The Lotus is a new player in the market, so the pricing strategy that will be implemented is the penetration strategy. This strategy will set a low price, allowing an increase in sales for the first year and capturing the target audience’s attention and awareness.

The Lotus will have a membership/class type pricing for individual classes (yoga or meditation only) or combined classes (yoga and meditation). The Lotus will offer a First-Time Special for $15, and then $20 for every class afterwards for non-membership holders.

  • Gold Membership: $120/month. Includes: Unlimited yoga and meditation sessions, bring a friend for free (twice a month), and free towel and mat rentals.
  • Silver Membership: $85/month. Includes: Unlimited yoga and meditation sessions, bring a friend for free (once a month).
  • 10 Session Card: $55. Includes: One yoga and meditation session (counts as one when taken back-to-back), or individual classes (miss one or the other, still counts as one).
  • 5 Session Card: $40. Includes: One yoga and meditation session (counts as one when taken back-to-back), or individual classes (miss one or the other, still counts as one).
  • Meditation 101:$25. Includes: One 60-minute session to teach the basics of meditation and breathing techniques. Ideal for those completely new, curious, or needing a refresher.
  • Mats and towels rental: $1. Includes: One yoga mat and towel for the duration of one session.

 

Special Adjustments

Special adjustments and discounts will be given to students and military members based on eligibility. They will be given a 15% discount off three or more months of membership, and 10% off for one or two months of membership.

 

Promotion Strategy

         IMC Strategy

Integrated marketing communications (IMC) is to increase brand awareness. The promotional elements used to reach the target audience are through social media, advertising in yoga and wellness magazines and websites, sales promotions (discounts and free first classes). Newspaper, website, and blog articles will also be used to help increase the awareness of The Lotus in the community. Owners and staff will also have stickers and decals on their vehicles with the company logo, website, and location on it

Target Audience

The primary target audiences are individuals 18 years and older who are interested, beginning, intermediate, or advanced in yoga and meditation that reside in the San Antonio or surrounding areas.

Promotional Program

The Lotus will offer multiple promotional membership programs. Student Membership discounts are offered to college students with a valid student ID and will be given a 10% discount for memberships purchased for one or two months, and a 15% discount for memberships for three or more months. Military Membership discounts will also be given for members with a valid military ID and will be given a 15% discount. A Loyalty Program will also be offered to membership and non-membership holders. The loyalty program will give clients two “Bring a friend free” coupons if they attend a yoga or meditation class at least five times a month, and receive one free session for each friend that purchases a Gold or Silver Membership. In addition, for those who are new or beginning yoga and meditation and would like to “test run” our studio, The Lotus will offer a trial membership for $35 for one week of unlimited classes.

 

Place (Distribution) Strategy

         The place of The Lotus will be located in the heart of the city, near a major shopping mall, and right next to a gym and a health food store. There are many other yoga studios in the community, but none are located in visible location and next to a gym and health store. Being in central San Antonio, this gives The Lotus an advantage for being “in the middle” for everyone regardless of where the client lives, and has easy access to surrounding businesses and industries.

 

Financial Data and Projection

         The Lotus Yoga and Meditation Studio has a steady increase in sales and revenue since its opening in January 2014, due largely to marketing and promotion strategies and word-of-mouth. Studio memberships have been continuing to rise. Revenue appears in figure 1.


Figure 1. The Lotus Studio Revenue

 

Five-Year Projections
The five-year financial projections for The Lotus Yoga and Meditation Studio appear below. These projections reflect the continuing growth in number of memberships sold, the decline in non-membership classes as customers continue to become more interested in the services and purchase memberships, and merchandise.


Figure 2. The Lotus Studio Five-Year Projection

 

Implementation

          The Lotus Yoga and Meditation Studio will be introducing five new studios within the next five years; in San Antonio, Austin, Houston, and Dallas. Including the existing studio in San Antonio, The Lotus will have a total on six studios in Texas. The anticipated rollout schedule to enter these markets appears in figure 3.

Year New Markets Added Cumulative Markets
2014

0

1
2015

1

2
2016

1

3
2017

1

4
2018

1

5
2019

1

6

 

The Lotus Studio will continuously monitor the target market to ensure the continued value and demand for yoga and meditation classes. The Lotus Studio will also monitor the desires of customers for new or older forms and techniques of yoga and meditation, making sure the business is always moving with the flow and trends of customers.

The Lotus’ IMC efforts will also include utilizing social media, websites, blogs, forums, magazines, and traditional media to increase the awareness and services provided.

 

Social Media

Using Facebook, Instagram, and YouTube, The Lotus will utilize these outlets as a means of quick, effective, and large exposure to the studio and its services. Facebook will be used as an “all-purpose” channel to provide updates, schedules, promotions, sales, classes, and general information about yoga and meditation. Instagram is used to share photos of the studio, classrooms, sessions, new products, and a general way to invite the public into the studio environment. YouTube will be used to share short tutorial-like videos on yoga basics and poses, breathing techniques, fundamentals, and another means to share the environment with the public.

 

Websites, Blogs, and Forums

         Advertising or being featured on websites, blogs, and forums will be a great way to share with the public about The Lotus, its classes, services, location and prices, and get an honest opinion and review from the writer. Websites and magazine like YogaJournal.com and the Yoga Journal magazine, YogaForums.com, YogaFit.com, and Yoga Magazine will provide The Lotus great and vast exposure of the studio and its unique yoga and meditation sessions.

The Lotus will also use Groupon and LivingSocial to offer discounted memberships and sessions for a limited time to increase awareness of the studio and hopefully create long-lasting clients.

Creating and maintaining a blog for The Lotus will be a way for the community to engage and interact with the studio and with one another, and talk about a variety of yoga and meditation topic. Some blog topics might include, “The Benefits of Yoga and Meditation,” “When to Advance to a More Challenging Yoga Practice,” and “Yoga for the Busy Yogi.”

 

Traditional Media

         The Lotus will advertise in the San Antonio News Express, the San Antonio Current, and in student newspapers at colleges and universities in San Antonio. Each newspaper targets a different kind of audience from the older adults (SA News Express), the socially engaged and hip adults (SA Current), and the college students.