Getting Your Pricing Right
Is your pricing right in your salon?
Of course, you need to be careful when setting up your salon pricing strategy. How do you know you are getting your pricing right? The competition is tough. And you need to understand the balance between the services you offer and the prices you set for them.
To do that, you have to study finances and business but simplified. Once you find that balance, both your clients and yourself will be pleased. You will get the profit you want and clients will keep coming to your salon because of your quality, accessible salon services.
You definitely need to get informed about the proper salon pricing strategies to get things right. It might take some time, but pricing is one of the most important details about your business.
You don’t want to set your prices wrong from the very beginning, as the mistake will be difficult to correct in time.
What to do now?
First of all, you need know how much your salon services are worth.
Setting the prices right is all about avoiding under or overcharging them. A price that is too high or low can send your salon to the bottom in an instant.
This is why you need to follow these few steps when choosing your salon pricing sheet:
Analyse your services to set your prices
Start analysing the products and services you offer to your clients and set each price individually. You don’t have to be a math genius to put together a price list, but you need to do some research.
Once you set your initial pricing list, you might want to apply a financial formula for eventual discounts or other modifications that the prices will suffer in the future.
It is all about the brand
Your brand is highly important when it comes to pricing strategies. People won’t pay a huge price for a brand that they don’t recognise, so you have to start getting the word out about your salon.
The products you use, the professional employees you hire. Not to mention the numerous satisfied clients that you already have should be the elements you focus on. Then, you can get the prices up.
It is all about the experience
Never focus on the services alone. You need to convince the client that your salon is the only one that can offer them such an experience.
To do that, make sure you hire a professional team to take photographs of your salon, products, and overall experience during work hours. Then, promote the services by giving people some insight into what you sell.
Loyalty is key
The more loyal the customers, the more you can raise the prices.
Repeat business should be your main focus, considering that you own a salon.
Invest in business cards or an online booking system to help clients make an appointment easier and remember your salon.
Don’t be the discount salon!!
When you are at the beginning of your journey, you can’t afford to offer discounts. This is not to say I ever recommend a discount. But it does have its place on occasion.
Remove the discounts, for now at least. And sell your services at their full price.
Don’t ever undercharge
Even though you might not think that your salon is valuable at the moment, it is just a perception that will modify in time.
Don’t undercharge your services just because you think your salon is not good enough.
There are ways to get the price you want/deserve. But it is always good to check out your competitions pricing.
Stop overcomplicating it
Many salon owners tend to go over their heads with the pricing list. STOP!! Simplicity is key…
Have you ever seen a salon pricing menu? It has a lot of choices anyway, so why make it even more complicated?
Try to list the services in the easiest way possible. Both your employees and your customers will thank you for it in the long run. When your team charges clients for a service, they want to have clear options to choose from, not a variety of services that are similar in too many ways.
Keep in mind that the price list is the first thing you have to consider when launching a salon. Here is a list of some key points to focus on for your pricing strategy.
See you next time
Lots of love