7 Pricing Tips To Take Into 2021
Make More Money In 2021 With These Genius Pricing Ideas
2020 was a tough year (enough said!), but one thing is for sure—we had to get creative AF with ways to stay profitable! We’re sharing the wealth below, so you can be where the money resides in 2021. Check out these tips from your faves on social who managed to stay booked and busy throughout the year, and remember, you’ve got this!
1. Upsell During The Consultation
Do you look for opportunities to offer clients an additional service during the consultation? Business guru for John Paul Mitchell Systems Robert Cromeans (@robertcromeans) recommends doing a thorough consultation to form a connection with the guest and listen for keywords to inform you on what their hair might need at the present and in the future.
For example: If a color client mentions that their hair is feeling brittle and dry, recommend a treatment during the initial appointment. Then, casually mention they come back in four weeks for a gloss and another treatment so they start to think about coming in more frequently.
2. Charge An Hourly Rate For Color Services
Not everyone’s hair takes the same amount of time or uses the same amount of product for the exact same service, so stop charging a flat rate. “Someone [who] has really fine hair that only takes an hour and a half should not be charged the same price as someone who takes four to five hours,” shares Jessica Scott Santo (@jessicascotthair).
Jessica adds that the perk of charging hourly is that it helps avoid under charging, especially for color services. So if you forgot to add a bond builder, used extra color bowls or have a stingy client, you’re covered!
3. Consider Every Backbar Cost & Charge Accordingly
Contemplating raising your prices in the New Year, but aren’t ready to make the jump? Josie Vilay (@josievilay) suggests charging extra for the products used in the meantime, especially when dealing with haircolor. Simply download an app that measures out the exact product usage on a scale and how much it costs, then increase the cost by 50 to 100 percent to get the product charge.
“In our salon we mark it up 100 percent because 50 percent goes back to color and the other 50 percent goes toward backbar costs like foils, shampoo, styling products and helps pay receptionist and junior stylist wages,” remarks Josie.
4. Block Out Time For Maintenance Appointments
If you struggle organizing your schedule between big ticket transformations and touch-ups, this tip is for you. Rochelle Golden (@rochellegoldenhairstylist) advises booking out a few hours of your day dedicated to regular client maintenance and leaving the rest free for high dollar appointments. Plus, if you have a salon assistant, you can free up your time even more by giving them your maintenance appointments.
5. Cultivate Your Clientele
Your pricing says a lot about the type of clients you cater to. While there are some clients who won’t book if the price is too high, there are also clients who won’t book if the price is too low. “You put a price on the consumer that you want. If you’re charging something that’s really cheap, then you’re going to get those really cheap people,” says Miriam Gorham (@lovemiriamg).
6. Increase Your Prices In The New Year
The pandemic has had a lot of stylists holding off on increasing their prices, especially if they offer niche services like bridal styling. While scaled back budgets were a must in 2020, if you’ve been contemplating a price increase in the New Year, go for it! That’s what Annette Waligora (@annette_updo_artist) plans to do. Consider how much time you lose cleaning, disinfecting and without the option to double-book appointments—and charge accordingly.
7. Offer Specific Promotions To Fill The Books
A great way to speed up slow days or get more clients in a new stylists chair is to offer specific promotions that will turn a profit and draw in guests. For example, Surface Founder and CEO Wayne Grund recommends offering a special treatment with any color service booked on your slowest day or with a stylist that needs to fill their books. The trick is to keep the the promotions guidelines specific and to have a clear end date to create urgency.
