27 Oct How To Beat Your Competition
COMPETITION; What does it mean to you? It does not necessarily mean bad news. Having competition is great. It simply means that there’s a demand for your services.
But…it can be bad news to you when your competition starts to offer a price that you can’t compete with. At some point in your business, you will face competition. New salons will start to offer a lower price than you just to attract new customers. So how do you really beat your competition? You will find most often that new salons will have introductory offers and you’ll notice that their regular prices are already lower than yours.
Here’s something to think about ….
If the new salon offers a manicure at $25 while yours is $35; will you follow suit to ensure that your current clients will not leave you? Write your asnwer down on a piece of paper and set it aside.
did you take into account of your costings?
#1 DON’T LOWER YOUR PRICE
NEVER EVER follow suit. You need to take into account of your costs of products and operating expenses that will let you make a decent profit. You don’t want to work for pennies. As a nail tech and salon owner, we put a lot of time and effort into running the business. Therefore, the profit made should be justifiable.
If you follow suit, you’re most likely going to exhaust yourself and team of employees. Because, now you will have to work twice as hard to earn the same amount of profit previously. You only end up doing quantity. You must work smart.
This is not the way to beat your competition. You will only end up in a price war amongst yourselves. And in order to keep the price low, the first thing you’ll do is sacrifice the quality of product usage. If this continues, it will only be a matter of time that your salon will close down because lowering prices is just not sustainable in the long run. Stick to your pricing and vision!
#2 BE UNIQUE – WHAT IS YOUR USP
Always stand out of from the competition. What is your unique selling point (UPS)? Here are some of the few USPs to think about:
- Is it the products that you use; Organic? Best brand?
- Is it the service experience?
- Are your services one-of-a-kind or perhaps award-winning?
- Employees that very well-trained?
- Ambience of the salon?
#3 BUILD A STRONG BRAND
Building a reputable brand has never been easier. With the emergence of social media, many businesses are able to grow and build their salons brand online. If you’re not tech savvy, you can look for a social media manager to do what’s needed for your business. Always remember that if you’re not on social media often, your clients most likely are. So this is something you shouldn’t exclude.
Facebook is a good social media platform to start with. You can share your salon’s updates:
- Special deals and offers
- Before and after photos
- Nail art designs
- Clients testimonials
- Last minute appointment openings
Now you have the top 3 tips on how to beat your competition. Pick up that piece of paper where you wrote your answer. Did you write that you’re going to do the same as your competition? Then it’s time to revisit your plans and start acting on the 3 tips!