Time For A Price Increase?
Hey Beauty Pro,
In just a moment I’m going to be sharing my secret to rai💲ing prices.
There is an appropriate and acceptable situation or scenario in which to do such a thing. But, the secret may not be what you were expecting.
RAISING PRICES IS NOT ALWAYS EASY!
While there seem to be numerous points of view floating around the topic, I’d like to use this opportunity to share mine. I believe that setting a price structure worthy of your exceptional services goes much deeper than pricing the service itself.
While some may believe that money is a measurement of their self-worth or the value of their work, others might connect money to respect, financial freedom, security, power, love, joy and much more. There is an overarching theme surrounding money that I encourage you to get in touch with first before making any new pricing decisions. It begins by defining your relationship with money and what it represents to you.
I have discovered that having money, (or not having money), means different things to different people.
So, how does money currently show up in your life and what does it represent for you?
If you raise your prices, what might you expect to have happen?
Try this:
FILL IN THE BLANK:
I am raising my prices because ________________________________.
It seems that the more time I spend with beauty pros on the overarching money theme, the more they begin to realize that it is a delicate dance along with a critical skill that must be factored in when it comes to creating the right pricing structure.
STRATEGY
Strategy is a skill that every business needs. Strategy requires making decisions about how you will play the game of business, from a clear set of plans, actions and goals, to mapping out how you will reach them. It all begins by identifying and accessing your capabilities. That is the secret sauce to making an informed decision surrounding pricing and when to increase . What does your product or service offer? What makes you such a unique an in-demand beauty pro who can brings mountains of value for which your client is willing to pay?
Which statement below best describes how you currently feel about your strategy?
👉“I’m not even sure what you mean by having a strategy!”
👉“My current strategy has been working for me.”
👉“ I don’t need a strategy for what I do.”
👉 “My technical and creative skills have gotten me this far. I’m good. But, thanks anyway.”
3 CORE ANCHORS
FOR SALON SUCCESS
⚓️ TECHnical expertise
⚓️ creativity
⚓️ strategy
Having a strategy with clear goals can help you to craft a plan that will help you to attract and maintain loyal and lasting clients who are willing to pay for the value of your services.
Here’s what you’ll need to do before you decide whether or not to raise your existing price structure:
1️⃣ Be in touch with your talents and abilities.
⭐️ Do you think you are better than the competition?
⭐️ What core capabilities do you have that you believe warrant a price increase?
⭐️ What skills or abilities make you more unique?
⭐️ Do you currently connect with your clients and generate the kind of profits you expect?
2️⃣ Craft a plan with clear goals on how you can attract (and maintain) clients using your unique skills.
⭐️ What will it take to become more profitable?
⭐️ Do you need to update your current skills to feel confident about raising your prices?
⭐️ What are you willing to commit to in order to deliver a top-bar experience worthy of a price increase?
3️⃣ Deliver high quality services
⭐️ Do you currently have what it takes to exceed client expectations?
⭐️ Do your clients share their joy and excitement about their hair with you?
⭐️ Is your work unique and innovative?
⭐️Is your work consistent?
⭐️ Do you believe that your talents and abilities can help you achieve expected sales volumes?
Simply put, the best indicator of whether or not your current strategy and action plan is working is when the demand for your services is greater than your availability.
And that’s the moment when you should increase your pricing structure.
That’s the secret!💰
If you’re able to learn and implement the 3 core anchors successfully, by using your SKILLS and CREATIVITY with a clear STRATEGY, then maximizing your profit potential is within your reach!
Let’s Review!
👉 Clients expect that the price of your salon services won't remain stagnant forever.
👉 An increase in demand gives you the opportunity to increase your pricing structure.
👉Quality services guarantee chair utilization.
👉 Consistency guarantees client retention.
👉 It’s essential that you handle your price increase authentically.
👉 Your clients already know the value of receiving the high-quality experience that they're accustomed to.
👉 Your customers understand that the value you provide is worth its weight in gold.
So now that you have a better understanding of what STRATEGY is, do you currently have a strategy and clear plan of action in place?
Whether you’re a stylist, colorist, salon owner or hair care company, I’m excited to help you achieve an organized, inspired and engaging experience for the modern salon client. If you are ready to create a business and life that you love, then being here was worth your time and investment.
I invite you to participate, learn, elevate your expertise and then back it up with meaningful actions. Let’s customize a learning path for you or your team today!
From Our House To Yours,
Shari ⭐️
Technical Training I Strategies I Leadership
@jennymoloney