The last few years haven't been easy on any of us, and rumours rife with impending recession warnings can be worrisome for entrepreneurs. However, according to several economic forecasts and reports, Australia may be able to escape the global slide into recession.
As a lash entrepreneur, you may have just emerged from the financial crisis of the pandemic, and the current uncertainty may not be any consolation to you. We won't be surprised if the news of an economic downturn is already making you nervous and apprehensive about the future of your business.
Here we discuss why being in the beauty business gives you an upper hand and understanding the nitty-gritty of recession-proofing your business by retailing your products as the most trusted way to keep your business sailing through any storm.
The Lipstick effect
According to Investopedia, "The Lipstick effect happens when consumers' incomes fall, they will forgo big-ticket luxury goods purchases that they can no longer afford and instead spend their (reduced) discretionary income on smaller luxury items." The Great Depression era also saw the only industry thriving under the economic slump was the beauty and cosmetic industry. Staying true to the axiom, "History repeats itself," chances are you may be able to weather another storm if you plan ahead and stay focussed. Did you know there was a 70% increase in sales of eyelash-related products online in 2021 compared with 2019? Good, hey?
Here is a list with the best practices to save your Lash Business from Recession:
Understand your clients
Reviewing the behaviour of your clients is essential. Maintain a logbook where you jot down their special days- birthdays, anniversaries, and planned holidays. It would be good practice to scribble any vital information you derive from the casual conversations you may have with them. Creating suitable aftercare kits and understanding their buying power allows you to retail products to your clients. For example, our oil-free under-eye serum is highly effective and recommended by lash artists worldwide. Try soft selling with our sachet packs, which can be an excellent way for clients to test the product results without the commitment to spending upfront.
Focus on customer experience
A business without good customer service won't go a long way. As a lash artist, your job is to provide beautiful envy-worthy lashes and give clients an experience they will never forget. Educating them about lashes and recommending products that instantly show results will help them build trust in your business and skills. This also provides an additional opportunity for word-of-mouth business for you. In the beauty business, customers are picky about their beauty artist; if you nurture that relationship with your excellent lashing skills, great customer service, and highly effective products, you can rest assured you have established your business to sail through a crisis.
Resolve your client's problem
Just like how you start your day with coffee from your favourite local coffee shop, go to a therapist to help with your mental health, or reach out to your friend when you want to be heard, as a lash artist, you want to be the go-to person for your client to resolve their lash issues. Whether returning clients or new ones, it is worth asking about their beauty routine. Regardless of whether they are ready to commit to lash aftercare or are addicted to makeup or face creams, you will provide them with a customised solution to their problems, and a means to retail those products on a recurring scale.
Have a Retail Spot
You may be operating from home or commercial space; having a retail corner is a great way to upsell or cross-sell. Ensure it is an aesthetically attractive corner. Strategically create your retail space in an area that is easily accessible for your clients to browse through the products. It could be near the till or waiting area. Create bundle packs to save time and help clients make informed yet quicker decisions. Keep the product line and instructions visible and straightforward. Divide them into categories like Skin and Lash Care/ Makeup and Lash Care/ Accessories for Beautiful Lashes etc. These cues will help them be sure of what they want.
Invest in good Website and Marketing
We can't emphasise enough the importance of marketing your products and having your own website. In this day and age, where the world is at your fingertips, having an online store and linking it to your Facebook and Instagram pages make it much simpler for your clients to buy your products rather than physically buying them from your store. Think of the times they are travelling or haven't remembered to pick up their products during their appointment; having an online store provides them with the assurance that they can order it from you when they want to, and you are also giving them an added service. You could deliver the products yourself by picking a slow business day at work if it is a local customer. Sending monthly newsletters discussing the benefits or sharing reviews on the products is a positive reinforcement of the products you are selling.
Considering the Lipstick Effect is still a part of consumer shopping behaviour, post-2020 is about buying quality products. Studies have reported that customers would buy one expensive product instead of three of a lower value. Therefore, as your new business strategy for 2023, your focus should be not only on selling a variety of helpful lash aftercare products but also products that are of high quality and have a visible impact on their application.
Prolong Lash has always been a big advocate and patron of the well-being of the lash industry. We are constantly trying to find ways to bring the community together to provide the opportunity to help each other and grow economically independent. Our products result from the needs our lash community has expressed to us. From replacing baby shampoos with a highly effective oil-free cleanser, to resolving the difficulty of using non-lash compatible eye creams and makeup that would otherwise be detrimental to lash retention, Prolong Lash aftercare products are exclusively formulated for lash extensions and do not compromise on quality and efficaciousness of the products. As a result, they can be an excellent way to retail your clients in 2023 and open an extra income stream for you.
Additionally, by becoming a Prolong Lash Partner Program member, you can buy our products at wholesale prices and sell them at a significant mark-up of up to 60%.
What are you waiting for? Recession-proof your business now!