17
Feb
2020
17
Feb
2020
Having had the experience of building a £1 million turnover aesthetic clinic, alongside talking to hundreds of clinic owners though our Consulting Room Membership, and working with our HydraFacial customers, we know that the No.1 factor for commercial success for aesthetic businesses (small and large) is their attitude to price and how they value themselves and their services.
During ‘normal’ trading conditions, we see clinics struggle with pricing – using discounts that further erode margins and ignoring packages that add value for the client but maintain profitability for you. These simple strategies, linked to easy payment options, are, in our opinion, the key to predictable, repeatable earnings if done correctly.
Having traded through the 2008 ‘Great Recession’ (as it is now known), we saw competitors who didn’t understand the numbers in their business discount aggressively, as they were hungry for cash as demand softened, and many of them are not trading today.
Many of you reading this will not have raised prices for a long while – and may be fearful of raising them in the near future. We love Warren Buffet’s quote on this (if you don’t know who he is, he is one of the most successful long-term investors on the planet):
“If you've got the power to raise prices without losing business to a competitor, you've got a very good business. And if you have to have a prayer session before raising the price by a tenth of a cent, then you've got a terrible business. I've been in both, and I know the difference.”
Getting to grips with and being confident and bullish with pricing strategies is SO IMPORTANT when your competitors will be discounting and your team and everyone else around you will be focussing on the negative financial implications of a recession.
This is why we have recorded a webinar with Robin Waite – who wrote the book: Take Your Shot that focusses on pricing and packaging strategies.
Robin highlights the devastating impacts of uncontrolled discounting that can destroy the profitability of your business, and discusses why many business owners struggle with raising prices and how they can overcome this.
In addition, we discuss the benefits of packaging strategies for aesthetic businesses and how this can provide predictable repeat income for your clinic/salon.
Consulting Room feel that this is so important for everyone to review, at this time, that we are providing:
For access to details on how to get the free slide-set, book, and advice, please watch the webinar: below.
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