I love the beauty of business, especially when the profit margins are high. If you’re looking to make more money in your business, then this blog post is for you. I’m sharing my secret sauce to uncovering hidden coins in your beauty biz. I can’t let another day go by without giving you strategies to make more revenue and stop leaving money on the table.
Offer first-time client incentives. First impressions are everything, and if they are done right, it could be a lasting one. Research shows that it can cost up to 30 times as much to get a new customer as it does to keep an existing one. So, why go against the grain?
Boost repeat customer business with a first-time customer incentive to keep your new client around for the long haul. Offers can range from free or discounted incentives on products that you sell or a percentage off your services.
Not only is it just as essential to retain your customers than acquire, but the return on investment (ROI) is often greater too. Loyal customers tend to spend more than new customers. They have been around long enough to trust you and services.
Upsell Every Customer. You’re probably thinking that upselling involves tons of hard work and awkward sales pitches. But that could not be further from the truth. Half of the battle with upselling is knowing when to present the upsell opportunity. Here are four times to upsell your next customer:
1. When booking the appointment.
2. When checking into the appointment.
3. While the client is waiting for their service to begin.
4. During the consultation.
Knowing which products to recommend to the customer is the other reason why most salon staff avoid upselling. Upsells are only successful when they’re relevant to the original purchase.
One salon owner adds, “We stocked up on product samples, and when we provide these to our guests, we record their information and the samples that they tried so we can follow up with them on their experience with these products.
We offer an incentive to come back and purchase these products. We find that our guests are very likely to come back and make a purchase if they have had the opportunity to try the products first.”
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Add a slow day promotion to your marketing plan. Center Salon increased its revenue by 17% by implementing a slow day promotions campaign into their hair salon marketing tactics.
“We slowly built up our business on Sunday and Monday to where our top producers are able to be fully booked those days. We are trying to have newer team members work the traditional busy Fridays and Saturdays to capture and retain new business," says the owner.
Creating an incentive for customers who purchase services on days that are typically slower than your peak earning days will undoubtedly generate a bump in revenue. Instead of adding an entire day of work to your week, consider adding a few hours to that particular day and the rest of the day.
Market to niche audiences. When I started to market to brides, we saw a significant increase in income. Marketing my makeup and hair services to brides has a substantial upside to my revenue during wedding season and offseason as well. We generate revenue during the bridal trial, and on the wedding day, we then cross-sell the bridal party and incentivize the bride tribe to return for services post-wedding.
Marketing to brides and weddings may not be your jam, but there are so many other niche opportunities for you to explore. When thinking of specialty niches consider age groups like kids or seniors or local organizations and groups.
I’ve shared four opportunities to make more money in your beauty business in this blog, but the Beauty Business Unplugged offers tons of tips and solutions to help you level up in your beauty business. And, you’re in luck because membership is open, but only for a limited time. Click here to join today. Membership is $9 a month.