How to find the right treatment prices for your target audience
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When creating a price list for your services, there are a number of things you need to think about before finalising prices and opening shop.
Location
You’ll need to take a look at your overall target audience and current location. The location in which you’ll be providing your services may lead to an increase or decrease in your original price ideas; as the price people are willing to pay for services will be dependent on the affluency of the area.
If you’re lucky enough to live in quite an affluent area, those seeking treatments are perhaps more willing to pay a little extra for a good service – giving you a little more freedom when it comes to offering competitive pricing.
However, if you live in an area that isn’t particularly affluent, offering cheaper prices, discounts and bundle deals may help to keep people interested and willing to spend their money on your services.
- Cost Efficiency
When it comes to pricing, you’ll also need to think of the time and money it’s costing you to provide it. The cost will need to include the price of the products being used, as well as the cost for your time and skills.
If you’re looking to keep prices low, you’ll need to source cheaper products to use, however this may lead to a less effective service and could drive customers away.
If you buy more pricey products with big designer brands, clients may be willing to pay extra due to the designer labelling.
- Competition & Demand
If you’re not the only beauty wizard in the area, seek out your competition and find out what they’re charging. You won’t be able to beat their prices on every service, but charging a little less on a few will certainly drive customers your way. If you think they’re charging too little, perhaps find your own unique selling point and use this to drive sales at a more expensive charge.
If there are no other beauty services in your area you’re filling a gap in the market. Therefore this gives you the change to price your services higher – with more likely chances of profit – and your clients will happily oblige.
With these three simple ideas in mind, it’s much easier to think how to price your services. The overall goal of any business is to provide a great service whilst obtaining a profit. In order to do this successfully, you must consider how much your company costs to run each year, and how much extra is leftover.