As a Lash Artist running your own business, you'll understand that setting the right price for your lash services is a crucial aspect of running a successful and profitable salon. You must be compensated fairly for your time and expertise while keeping your clients completely satisfied.
Determining when it's time to raise your lash menu pricing can be a daunting but necessary decision. So, in this blog, to help you get started, I've outlined 10 determining factors for your consideration when you feel it may be time to increase your lash extension service pricing.
But wait there's more! At the end of this blog, I’ve also covered the 12 practical steps to take to help you implement your new pricing model while minimizing the risk of losing valued clients. These steps are designed to guide you through the increase process and facilitate a smooth transition toward a more profitable and sustainable business. So, let’s get started!
10 Signals You Should Reconsider your Lash Salon's Pricing
1. Your lash skills and experience have matured
As you gain more practical experience and expertise in your craft, your skill level elevates. Participating in personal development, advanced training, and certification continues to make you the best Lash Artist you can be. If your portfolio of satisfied clients with glowing testimonials and reviews is growing, then your client perception of the quality and value of your service increases. So, consider this when setting your new service pricing.
2. You've invested in staying on top of lash industry trends
Let's talk about why it's crucial to be the go-to expert as a way of justifying a price increase for your lash salon. Your clients trust you with their eyelashes and they want to know that you're not just great at what you do, but you're on top of the latest trends, techniques, and industry hot topics.
So, the best way to keep that assurance alive is to stay connected through industry socials and forums. This enables you to keep your finger on the pulse of current lash industry trends. Demonstrating your knowledge is a key factor in impressing your clients and assuring them that you're the best at what you do.
Attending industry conferences is a must-do and the good news is that there is a load of great, well-run conferences for you to choose from around the world. So, you’ll need a plan; make a list of conferences and look for ones that encourage the sharing of practical and useful information and tools from industry experts to help you grow your knowledge and your business. Read the reviews, rate them, determine the cost and the time commitment you need to make, and then work towards that goal to get yourself there.
3. Advanced training has elevated your expertise and certification
As you and your team participate in advanced training and/or certifications, your expertise becomes more valuable in the eyes of your clients and your knowledge and experience become inherently more valuable. When your salon is receiving ever-increasing glowing reviews from delighted clients then the next logical step is to adjust your pricing to reflect your level of service excellence.
4. Your Lash Salon is in High Demand
If you're experiencing extended wait times for clients seeking appointments – spanning weeks or even months, this serves as an unmistakable indicator of your services being in high demand. This, in itself, is a testament to your skill and reputation.
However, it is important to recognize that such high demand requires a strategic response. Increasing your pricing structure in this case serves not only to manage the surging demand but also to ensure that you are fairly remunerated for your expertise. A strategic adjustment will align your pricing with the value you offer your clients, establishing a more equitable return when your services are in such high demand.
5. You've exceeded client satisfaction expectations
Set your business up for success, achieving and maintaining service excellence is paramount to your success. It's not just about meeting client expectations it's about constantly surpassing them.
Your commitment to this mission will be tangibly reflected in enthusiastic reviews from delighted clients who have experienced a superior level of service that goes way beyond the ordinary.
Recognize that investing in premium lash products, creating your own hi-end aftercare cleanser range, improving your techniques, or upgrading your salon's ambiance in the pursuit of service excellence is a testament to you offering a high-quality salon experience to your clients, which in turn, commands a price increase.
6. Your clients associate your lash salon with a luxurious experience
The correlation between higher prices and elevated quality is an indicator of both perceived value and exclusivity of your salon and services. Clients tend to associate premium pricing with exclusivity and luxury. Consequently, this perception can attract a distinct clientele that will happily pay a premium for your salon and service experience.
7. Your prices are significantly lower than your competitors
Do your research and regularly review your lash prices with those of your competitors. If you find that your rates are significantly lower for the same level of quality and expertise, it’s certainly time to align your prices with competitor pricing market standards.
8. You are having trouble in meeting your financial obligations
As a business owner regularly reviewing and monitoring your financial position is a must-do! Inflation and economic factors are critical indicators as they directly impact your business profitability. A crucial metric that requires regular scrutiny is your business profit and loss. Should you encounter challenges in meeting your financial obligations, whether for compensating yourself or your staff, it’s a flag signal that you need a strategic adjustment to your pricing menu.
Building a sustainable business requires that you consider setting prices that not only meet your financial outgoing obligations but, also enable you to reinvest in your business. Personal and staff development, salon enhancements, and even your own branded aftercare lash cleanser are things that enable you to charge more for your services. If you'd like to refresh your memory on setting your salon pricing strategy, you can access our blog.
9. Your lash salon consistently receive positive reviews
Pay close attention to your client's feedback and loyalty. If you consistently receive positive reviews and have a strong base of repeat clients who appreciate your work, they are often willing to pay slightly more for your service excellence.
10. You constantly invest in improving the client experience
Investing in enhancing the overall client experience with added amenities, personalized services, or brilliant customer service gives you funds to make these improvements which can make clients feel more valued.
A practical guide to Raising your Lash Salon Pricing
So now you know that you need to raise your salon pricing, but you need the right approach that allows you to implement the price hike but minimize the risk of losing clients and even potentially attract a more loyal and appreciative clientele. Here's a simple step-by-step guide to help you navigate this transition successfully:
- Assess your Current Pricing - You've assessed and compared your pricing structure to industry standards and competitors and determined that an increase is necessary.
- Prepare Your Justification – Be ready to explain to your clients why the price increase is happening. Highlight the improvements and added value they will receive as a result, such as your advanced skills and techniques, your investment in high-quality products, and improved salon amenities which have been a result of your quest for service excellence for our clients.
- Notify the Client in Advance – Transparency is key! Give your clients ample notice of the impending price increase 2 – 3 months is an appropriate timeline. Notifications can be done through a variety of channels such as email or social media, but my preferred option is to start with in-person conversations during their lash service. This approach gives your clients ample opportunity to ask questions and you, time to explain the value you offer in person. Once you've spoken to most of your clients in person, you can follow up with a tasteful flow of emails and social media statements to finalize the process.
- Emphasize your Value Offering – When communicating the increase through whichever channel you've chosen it's important to stress the enhanced value they'll receive. Make it clear that the price adjustment is needed to maintain and elevate the level of service excellence they enjoy.
- Offer a Transition Period – Consider implementing a grace period during which current clients can still book appointments at the old rate. This approach shows goodwill and allows clients to adjust to the change gradually.
- Reward Loyalty – Consider offering a loyalty program or special discounts for a period to long-term clients to show appreciation for their support. An incentive of a free re-fill after several services can soften the blow while they're getting used to your new pricing structure.
- Educate Your Staff – ensure that your staff are well-informed about the price changes and can confidently explain the benefits to the clients.
- Listen to Feedback – Be open to client feedback and concerns. Address their concerns, questions, and objections with patience and empathy. This approach shows that you value their input.
- Maintain Consistency – after implementing the new pricing structure it's wise to closely monitor the quality of your service offering. A focus on continuous improvement will help justify the higher rates.
- Market the Changes – Use your social media channels to highlight the positive changes and improvements resulting from the price increase. Showcase testimonials from satisfied clients who have experienced the enhanced services.
- Monitor and Adjust – Continuously monitor the impact of the price increase on your financials, client numbers, and the number of services you've performed, and if you notice a negative trend be open to making and communicating adjustments you may make.
- Be Aware of Client Loss – Some clients may choose to leave due to the increase, but this is a natural part of the process. When this happens, your focus needs to be on emphasizing the quality of your salon experience and the value you offer your clients. Look to implement new initiatives that attract new clients who appreciate the quality and value of your service offering.
Keep in mind that your ultimate objective as a business owner is to ensure the sustainability of your salon. This involves delivering exceptional service while fairly compensating you and your dedicated team for their expertise and experience. We trust that this blog has provided you with valuable insights and guidance for effectively navigating and executing the sensitive matter of price adjustments for your lash salon.