The Raise Your Prices Playbook
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Let’s dive into a topic that’s critical for the growth and sustainability of our businesses: the art of raising your prices. In a world where inflation is on the rise and the value of our services continues to increase, it’s essential to ensure that our pricing reflects the true worth of what we offer.
Recognizing the Signs of Outdated Salon Pricing
When was the last time you reviewed and adjusted your prices? Check out the scenarios below and if the answer leaves you scratching your head or evokes memories of a distant past, it’s high time for a price change.
🌟 Your work is hotter than the latest IG filter, but your prices are still stuck in 2010.
🌟 You’re grinding hard, but the profit margins aren’t matching the hustle.
🌟 It’s been ages since you gave your prices a makeover.
🌟 Your calendar is looking like the VIP section at Coachella – fully booked and buzzing.
Now that we’ve established the imperative for change, let’s delve into the nitty-gritty of crafting your pricing strategy. Here are some actionable steps to guide you through the process:
Conduct Market Research
See what’s happening with your industry peers. Are they serving up looks similar to yours? And more importantly, what are they charging?
Complete a Value Assessment
Does the price increase match the value? Check out your work, service menu, and what’s included. If your services consistently deliver exceptional results and exceed your clients’ expectations, it’s time to ensure that your prices reflect that value.
Build Confidence & Increase Prices
When it comes time to implement those price changes, approach it with confidence. Remember, you’re not just adjusting numbers; you’re reaffirming the worth of your expertise and the value you bring to your clients. Aim for an increase of $5-$15 or a max of 10%. Know your squad and what they’re willing to drop.
✨ We’ve got you covered with must-have resources, from the perfect script to tell your clients about your price bump, to a must-have to-do list to nail down those changes. ✨
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Get Paid Your Worth with Smart Pricing
Work your magic and cash in during your peak hours. With Smart Pricing, we identify your most popular time slots and raise your prices by a small percentage to match their true value. Your clients see the price difference on their end and book the spot if they want it! See how StyleSeat Pro Tiffany Everett earns more with Smart Pricing.
