Welcome to our “Raise Your Revenue” series! In the coming weeks, we will explore effective and simple ways for you to increase your income significantly.
Let’s be honest, being a stylist can be super rewarding. You get to be creative on a daily basis, build relationships with your clients, and use your skills to really impact the way they feel about themselves!
But, are most professionals reaching their full financial potential? As we mentioned in “Why Is Your Income Static?”, the average North American stylist will only increase their annual income by 3% in the first 5 years of their career. Afterwards, their income will remain virtually static.
While those are very bleak stats, they make a great starting point for you to start becoming the exception! The first step for you to increase your income is to develop your consumer awareness.
1. Consumers are more experience-focused than ever before
2. Their overall knowledge of beauty is at an all-time high
3. Customer loyalty is decreasing because of accessibility and expectations
4. 54% of consumers visit a business’ website after reading positive reviews
5. 1 out of 5 women spend more than $24 on 1 hair product
6. 41% of women buy haircare every month
7. 92% of consumers measure expertise by knowledge and recommendations
8. “Stopped focusing on my hair” is the #1 reason clients change stylists
9. 69% of consumers say loyalty programs play a role in where they shop
10. 52% of millennials will choose quality over price
The Sephora phenomenon is the perfect example of a brick and mortar business adapting their marketing, retail, and service strategies to meet and exceed consumer expectations.
If you’re a salon owner, post these facts in the break room as a reminder that we are all consumers. Our purchasing habits are most likely very similar to those of our clients!
Awareness is the first step to shifting your thinking.
Next week, in Part 2, we’ll dive a little deeper and analyze your revenue generation.