What is Smart Pricing?
Have you ever wondered if you’re undercharging for your services? Or, perhaps you wanted to earn more but didn’t know where to start. Let StyleSeat adjust your price rates according to market demand and get paid what your time is worth with a Smart Pricing strategy.
Competitively Price Your Services
Our data science analyzes your business, prices, and client schedule to identify your most popular time slots. When your client demand is at an all-time high, but your services are underpriced, Smart Pricing automatically raises specific times in your schedule to match their true value. Plus, all revenue management happens behind the scenes, so you can make more without lifting a finger.
How It Works
Competitively raising your price rates with smart pricing allows clients who truly need your prime booking times to secure their spot at a higher price. Whereas clients who are more flexible can book an appointment at your standard minimum price. Here’s how innovative pricing strategies work:
- When your clients book online, they will see a slight price increase on your most popular time slots.
- Our Smart Pricing feature identifies your most popular time slots and raises the prices by 20% (up to $50) to match their true value.
- You’ll see your extra earnings in a breakdown in the appointment details.
- For all Smart Pricing appointments, the card on file will be charged automatically one hour after the appointment ends — no need for clients to pull out their wallet!
- An automatic 20% tip will be included, or your client can add a custom tip from the text message we send them after the appointment.
For appointments that include Smart Pricing, we’ll use a third of your upcharge to power the program in order to deliver an ultra-smooth experience and earn you more income.
Spend Time on What Matters
Adjusting your prices automatically means you have more time to spend on your clients. Plus, clients love the flexibility of reserving the time they want at a higher price and an automatic checkout. In fact, clients tip up to 40% more when they pay through StyleSeat.
“When I see the Smart Pricing diamond on my pros calendar it makes me want to book it faster! I want to get the appointment before someone else! I can get it done first and feel confident and get it out of the way.”
With StyleSeat payments, you can deposit your money directly to your bank account and keep all of your transactions in one place — all for some of the lowest transaction fees in the industry. Still wasting time with a manual checkout process? Get started on StyleSeat Payments today.
Clearly Explain Smart Pricing to Clients
Most customers don’t mind paying a little extra for these time slots, especially if you’ve established a dependable relationship. But if you’re unsure of how to explain Smart Pricing to your clients, we’ve got some smart pricing tips.
- Try easing into the conversation with a question like, “Did you notice a price change for a certain time or date you were looking to book with me?”
- Next, give your client a clear explanation of how Smart Pricing works. For example, “My ‘rare’ time slots have a slight price increase. StyleSeat will always let you know the total amount, including any fees, before clicking ‘Accept and Pay’ to confirm your appointment.”
- Be sure to inform them about the convenience of contactless payment and say, “These appointments are automatically checked out so if you prefer to pay with another form of payment, you can always let me know and I can manage the booking for you. FYI: For Smart Pricing appointments, a 20 percent tip will be applied unless you adjust the amount (or waive the tip altogether) through a text message link StyleSeat sends one hour after the appointment.”
- Certainly share with your clients that if they prefer not to book a Smart Pricing appointment, they can always book for a different time.
Want to Disable Smart Pricing?
You can leave Smart Pricing on but remove it per appointment from the appointment details screen if there’s a particular appointment or client you feel should not pay more for your time.
If you’re on the Premium Plan and feel that Smart Pricing is currently not the right fit, you can turn it off in the Smart Pricing settings screen. You can always turn it back on when you are ready to use it.
Raising your prices is a catalyst for growing your business. Smart Pricing handles this automatically so you can focus your energy where it matters most — your customers.
Looking for tools to help you run your business? Try StyleSeat here.
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