Your RTO exists to solve your students’ and clients’ problems. If you can do that effectively and in a unique way, you’re guaranteed to see your RTO grow. However, if you miss the mark, you won’t see the RTO usiness growth you want.
So how do you know if you are marketing to the right people?
The Foundation of All Good Marketing is a Customer Avatar
Everything revolves around your client avatar. A client avatar is a description of a single person who is the ideal target for your marketing. This is the person who your training is the perfect match for.
Even if you’ve already identified your avatar, remember that it’s a work in progress. From time to time, you have to look at data and update your avatar to make sure you’re still marketing to the right people in the right way.
Once you have a solid idea of who your ideal student is, ask yourself, “Does my offering help them to solve a specific problem?” The best training are those that save time, money, or work.
Customer Feedback Is Key
Another way to tell whether you’re marketing to the right people is to seek customer feedback. Keep lines of communication with your audience open and interact with them wherever possible to gain an understanding of how they view your company and its services.
There are many methods for getting feedback from your customers. You can run surveys on social media, hold focus groups through webinars, interact in social media groups, and reach out to customers individually at key points in the buying cycle.
If you listen well to your audience, they’ll tell you exactly whether your products and services are a good match for them.
Tips on Targeting Your Market
Segment Your Market. You might have different offerings for different categories of audience members. In this case, it might help to segment. You can create two or more customer avatars and market your products accordingly.
Narrow It Down. You may face issues because your avatar is too broad. Don’t be afraid to be specific. The more you can narrow each segment down to one individual, the more focused your marketing will be.
Try Different Channels. You may have the right market but you’re using the wrong channels to reach them. Find out how your audience likes to discover new products and services and where they hang out online. Invest in marketing in these channels.
Your training can’t be all things to all people, nor should it be. Instead, you should focus your energy on only those students and clients who need your training.
Want to learn how to grow your business in easy-to-follow steps? Check out our Strategic Planning Retreat, just for RTO’s https://strategic-retreat-2022.vivacity.com.au/ today and start achieving your goals for 2022.
Before your business starts to really grow, you need a realistic picture of its current status. There are several easy methods for doing this which can bring great clarity. They can reveal your strengths and weaknesses and show you a birds’ eye view of market forces that affect you. It’s an essential first step towards business growth.
SWOT analysis is the most widely used model. In this method, we create a grid for four sections: Strengths, Weaknesses, Opportunities, and Threats. Strengths and Weaknesses are internal to your company while Opportunities and Threats identify market forces or other external factors. By filling out this chart, you can easily see the situation your business is facing.
SOAR – The Positive SWOT
SOAR is similar to SWOT but takes a more positive slant. It identifies Strengths, Opportunities, Aspirations, and Results. Like SWOT, you list each in the spaces provided and this gives you a clear picture of your company and the current market.
Some say that since SOAR removes the negatives, it doesn’t give a clear picture. However, proponents of the method say it’s more effective because it reframes the negative factors as challenges or opportunities. While SWOT looks at the current situation, SOAR presents a vision of future growth.
PEST – A Look at the Outside World
PEST is a similar method that focuses on the market and other external factors. While you examine both internal and external factors with SWOT, PEST focuses only on the external. It stands for Political, Economic, Social, and Technological.
PEST analysis gives you a chance to look at trends in the world like attitudes toward health or lifestyle, exchange rates, government regulations, and technological innovations like automation or AI. PESTLE a variation on PEST that adds in Legal and Environment.
SCOPE Planning – SWOT Taken to the Next Level
SCOPE planning is considered SWOT taken to the next level because it adds a fifth factor and focuses more on strategic development. It stands for Strengths, Core Competencies, Obstacles, Prospects, and Expectations. It considers the current situation as well as internal and external factors with an eye toward business growth through assessing prospects and expectations.
Porter’s Five Forces – Focus on Competitors
If you want to analyze the market and, in particular, the competition, you might use Porter’s Five Forces. This is a slightly more complex method of analysis that looks at five market forces: Supplier power, buyer power, competitive rivalry, threat of substitution, and threat of new entry.
To use this method, brainstorm factors in each of these categories and chart them on a graph. The completed graph gives you an idea of what you’re facing in the market from other businesses.
These tools are all helpful for businesses that are about to grow. Analyzing your business and the market is an important first step because you need to have a birds’ eye view of the entire situation.
Are you ready to start growing your business? It’s not so hard if you approach it in an organized way. Learn how to conduct an effective analysis of your business and get started growing at our RTO Strategic Planning Retreat – Launch Your RTO 2022 https://strategic-retreat-2022.vivacity.com.au/
How do you know if your business growth is going the way you want? You need objective data to tell you whether or not your business is achieving its aims, and what you need to do to keep growing. Here are the five essential metrics you need to track.
Today’s technology makes it easier than ever to track these metrics and do it yourself in-house without hiring an analyst. Google Analytics offers a robust array of metrics and is free to use. There are also paid software programs you can use that automate calculating the data you need.
Return on Revenue (ROR)
The revenue return rate is how much profit your company is making after expenses are subtracted. Take your total income and subtract your operating expenses. The calculation must include day-to-day expenses, as well as expenses that aren’t as easily seen (such as rent and office supplies) and non-cash factors like inflation or depreciation of properties.
The run rate is a calculation of future performance based on present performance. If you have two years of data, calculate a monthly average. Then, if you’re looking at the next year ahead, multiply this by 12. Use as large a sample of past data as possible.
Average Customer Spend
Your average customer spend tells you how much each customer buys from you. It’s calculated by taking your total revenue and dividing it by the number of current customers you have. This metric gives you an indication of how your company is performing.
Customer Acquisition Cost
This metric is the cost of convincing a potential customer to buy your product or service. It tells you how much your sales and marketing efforts are paying off, and what resources you need to convert leads into customers. You can use this to predict your future finances as you grow.
Customer Retention Rate
The customer retention rate tells you what percentage of your customers stay with you and buy again. It costs much more to gain new customers than to keep existing ones. If your rate of retention is low, your business is losing money. Low customer retention means you need to step up your efforts to engage and offer continuing value to your audience.
Return on Advertising Spending
This metric looks specifically at the cost of advertising and the amount of revenue it’s earning you. It tells you whether your advertising spending is paying off or not. If it’s not, you need to consider more effective or less expensive methods.
Metrics help you assess your progress, but if you really want to see growth, you should set goals and timeframes for achieving them. You can then make changes and tweak if you’re not seeing the results you want.
Do you want to know how to grow your RTO and reach your goals? Then check out our Strategic Planning Retreat, live Thursday 25 and Friday 26 November 2021 here https://strategic-retreat-2022.vivacity.com.au/
One of the top non-compliance at an ASQA Audit is often the Trainers Matrix and this is due to a lack of knowledge on what should be included within the Trainers Matrix and how to ensure that it is compliant. What we often find is that the Trainers Matrix does not sufficiently map the skills and knowledge of the trainer against the units of competency.
In this episode you will learn:
- The importance of Existing Skills and Knowledge and how they should be mapped onto your Trainers Matrix
- Vocational competence
- Experience and Qualification Mapping
- Industry and VET Currency
- Professioanl Development
- Verifying your qualifications and experience
There is a change with how we are regulated, and it is for the better!
As the national VET Regulator, ASQA's role is to ensure quality vocational education and training so that students, employers, the community and governments can have confidence in the integrity of training products issued by you as an RTO.
We are already experiencing a range of changes in how RTOs are being regulated through a range of client Assessments (Audits) this year. It is so refreshing to see the change and how we are improving.
In this episode:
- How ASQA has changed
- The impact it will have on your RTO
- What is the future of ASQA Audits