Salon Pricing – are your services too CHEAP?

Get your salon pricing right with coach Phil Jackson
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What happens when you realise that your charging for services that are just too cheap? A lot of salon businesses have salon pricing that isn’t making them enough profit to grow their business.

Time and again, I’ve been getting coaching questions on what salon owners can do about their pricing. These salon owners are scared that their customers are price sensitive and will stop doing business with them.

Most new salon businesses will always have this kind of ‘marketing tactic’ – to price their services lower than everyone else. They think that customers will instantly flock towards their salon. But this is a very bad idea and you’ll definitely have a hard time making ends meet in the long run.

I’ve been very clear about my feelings when competing on price. Pricing low against the increasing salon competition is a race to the bottom. Pricing your services properly is one of the trickiest parts of growing any kind of business. If your salon pricing is too high, customers may be hesitant to try your services. On the other hand, if you price is too cheap, they’ll think that you’re inexperienced or devalue what you do.

Getting to that sweet spot of salon pricing is challenging but not impossible. If you’re not constantly reviewing your pricing strategy, you’ll most certainly have problems covering your overheads.

There is no secret formula to salon pricing. You will find yourself tweaking your service prices every now and then. This goes along with experience and the growth of the market. In this video, I have some tips to help you price your services properly and get the profit you need without necessarily increasing your prices.

You can download the MP3 for this broadcast free here.  Enjoyed this week’s blog?  Join the conversation on the Build Your Salon Facebook page.

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