Recently, we shared some very basic ways to help assess your revenue generation and identify missed opportunities. Today, we’re taking a closer look at retail.
Retailing is a completely different animal than it was ten years ago. But different doesn’t mean less profitable!
Consumers today are very experience-focused. They view recommendations as part of a professional’s responsibilities. When these expectations are not met, there is a lot of potential for lost revenue.
Studies show that the biggest spenders are customers who are more informed on trends, more product savvy, and put emphasis on quality of experience. These big spenders are also the quickest group to look elsewhere when their relationship with a brand is not satisfactory.
If you want to grow your annual income, you can’t afford NOT to sell retail!
Try some of these best practices to incorporate retail sales into your daily routine:
Whether your client is new or has been loyal to you for 15 years, you should always start your appointment with a proper consultation.
If it’s a new client, discuss their current hair maintenance and styling routine. Those who purchase retail during their first appointment are 3 times more likely to return a second time. For your regulars, recap their past visit and ask about their post-service satisfaction.
Clients who make uninformed product choices are often dissatisfied with their hair between salon visits. The better your client can maintain their look, the more referrals you’ll receive!
Today’s beauty consumer is eager to learn, and you’re the best person to provide them with personalized information.
Ask them about their most recent product purchase. What do they like or dislike about it? How are they using it? This leads the way for you to recommend alternative or complimentary products.
Posting about product on social media (your favorites, how to use, new arrivals, etc.) will also help drive this conversation both online and in the salon.
Create a product loyalty program to incentivize clients to purchase from you. Clients who purchase retail from you consistently will remain your client 3 times longer on average.
Get creative with the rewards you offer each month or season. Since today’s consumer purchases whenever and wherever is most convenient, adding perks and rewards will help keep your salon top of mind. Check out our post on loyalty programs for some ideas to get you started.