Using Product Promotions to Benefit Your Business
When a product comes out on promotion, it’s very tempting to sell it to your clients at regular price and keep the profits. On the surface, this strategy makes a lot of sense.
While that approach will make you a little extra money in the short term, passing along the promotional savings to your clients can help you steadily increase your long-term income.
Hear us out.
There is a lot of competition for beauty product sales these days. Big box and online retailers are usually able to undercut small businesses price wise, because they deal in higher volume.
Lowering the price of a bottle of shampoo by a few dollars is more than made up for when you’re selling hundreds of bottles a week. It’s difficult for small businesses to compete in this area because every sale (and every dollar) counts.
The number one reason that clients do not purchase their products in the salon is because they can usually find it cheaper, elsewhere.
If you get a price break on a product you can use that “breathing room” to offer a discount to your clients—giving them less reason to shop elsewhere.
Gifts with Purchase
Finally, passing promotions along to your clients goes a long way towards building a better relationship. There is a reason why most major beauty brands offer a "gift with purchase" and that reason is backed by a TON of research.
Customer loyalty is build on positive interactions and perceived value. Giving a gift when purchasing a product helps to support both of these things.
Apart from your skillset, the relationship that you build with your clients is your most valuable asset. Anything that you can do to strengthen and grow them is time and money well spent.
Time saved is money earned
Passing along promotional savings also takes a job off of your plate—namely marketing, sales and deciding which promotions to offer in your salon. Using milk_shake's bi-monthly promotions as a blueprint for your salon’s marketing efforts is an easy, time saving solution.
milk_shake PRO magazine is packed with upcoming promotions and marketing materials that can be used in your salon, immediately.
At the end of the day, pocketing the extra savings from a promotional offer may benefit you in the short term. However, if you are in the position to do so, consider how you could support the long term growth of your business by sharing the wealth a little.