It’s hard to make your business stand out when the market is so saturated. It always seems as though the companies who have made it to the top have used extremely expensive methods to market their companies and it’s hard for smaller companies to compete in the same space and see the same results.
We’ve done some research and found a few easy ways for you to boost your revenue by having looked at what’s worked for other businesses so far.
5 Ways you can Boost Your Beauty Salon’s Profits
Determine your Niche
Have you ever heard the phrase “Jack of all trades, master of none”? If not, here’s the gist: if you spend all your time spreading yourself too thin across too many disciplines, you’ll never get the hang of any of them.
Try to discover what it is about your beauty salon that your customers enjoy. This will involve a substantial amount of market research, and ultimately help you decide which services to offer and which products to stock from which suppliers. How to address your target market when marketing to them and how best to train your employees to match your customers’ needs.
If there is a gap in the market not being filled and it relates to what your business is about, it might be wise to invest in it. For example, electric muscle stimulation (EMS Machines) is currently on the rise, but few think to combine it with heat treatments for optimal weight loss results, the way our 24 Pad Duo Professional machine does. Read more about it here
Create Subscriptions for Previously ‘Once-Off’ services
Ongoing revenue is undoubtedly the secret to success for all the biggest businesses in the world. You’ve certainly heard of some of the world’s leading names that have used subscriptions to rise to the top – these include Netflix and Spotify. They are some of the most well-known companies in the world, and have been so successful that they’ve changed the landscape of the music, TV & movie industry completely. All based on a very low cost monthly subscription model.
Why not follow their lead and try to implement subscriptions for your beauty salon?
Since each subscription is paid upfront, you would never need to worry about finding the extra cash. Given that constant cash flow is paramount to the survival of any small business, this appears to be an innovative way to achieve that.
Create Incentives for Customers to Return
Think about ‘frequent flyer’ programs provided by airlines. This incentivizes new or frequent customers to return. It’s a great way to encourage customers to return.
Some businesses implement this strategy by, for example, offering a free treatment from their selection after you’ve visited them a certain number of times. Another example is offering a new customer a discount on their second visit, to promote brand trust and return business. Consider offering the discounted return visit for a limited period of time only, to promote a quick turnaround on the return business.
This can also be correlated with the previous point – you can introduce subscriptions for the customer to access certain VIP benefits. You could also use a simple point-based system, a tiered reward system, or make a game out of it. The possibilities are endless.
Create a Referral Program
When implemented strategically, a referral program can make a struggling business thrive, and an already successful business grow even bigger.
Simply put, a referral program is where your customer refers someone to your beauty salon, and both individuals are rewarded for it – either through a discount on their next visit, a free product, a free service or consultation. It’s completely up to you, the manner in which you implemented is limited only to your imagination!
The reward should be determined carefully, however. If you offer a reward that is very time-consuming or expensive, you might be cheating yourself out of much-needed profit. On the other hand, you do want to make the reward worth it, otherwise the program will fail.
These types of programs foster stronger relationships with existing customers while building your customer base as a whole.
Implement Gift cards
Perhaps one of the easiest ways to earn some profit and possibly new customers too, gift certificates have been a fail-safe for a very long time. Since the gift card is paid for in full upfront. You’ll increase sales even if the recipient doesn’t take you up on your offer.
They are also effortless to market, since you can offer them at discounted prices over holidays and special occasions, on social media or just at the counter of your beauty salon. Enabling customers to purchase gift certificates from your website or e-gifting them to a friend will also count in your favor.