From quick and easy ways to boost your profits, to totally rethinking your business, he’ll be sharing some of the most valuable lessons he’s learnt throughout the course of his successful career…
Let’s be honest, it’s getting harder to make retails sales in the salon. The rise of online stores and aggressive discounting –coupled with a tougher economic climate –means that sales are in shorter supply. However, selling products in your salon is not just a ‘nice sideline’, it’s an essential way to boost your bottom line. If you’re marketing and promoting effectively, a strong retail offering can add up to 20 to 30 percent of your overall profits. To protect that in come stream, it’s important to sell smart. Here’s how…
BE CHOOSY
The most important decision you’ll make is choosing a product line you truly believe in. Do you rate its performance, do you love its branding, is it good value for money? Also, does it align with your brand and vision? There’s no point going with a high-end, premium name when your niche is more mass market. The more you and your team swear by what you’re advocating, the more you’ll sell. Simple.
STRIKE THE BEST DEAL
Negotiate your terms with your product suppliers. You’re the customer here and you need to strike the best deal or shop around. Once you’ve signed on the dotted line, it’s important to assess things annually and re-negotiate if you need to –just like you would with a rent review. Also, ask if they offer performance-related retro payments? This way, the more you sell, the more you’ll get back.
INCENTIVISE YOUR TEAM
Get your team on board with retail sales and make it worth their while to shift stock. In my experience, people won’t bother to sell something for nothing, so I incentivise my team with 25 per cent of every sale. It’s ultimately money in your pocket too. Educate your team on products and performance. Your suppliers should be offering training, so make sure you access this to keep your team knowledgeable and up-to-date. When they start genuinely raving about a product, your clients will be far more likely to buy it.
CREATE A SHOWCASE
For the ultimate customer experience, your clients need to see, touch, smell and enjoy the products you’re recommending. Equally – and this is a massive obsession of mine – your retail display should look immaculate. Position it prominently in the salon and make sure your clients can pick up and browse every product. It goes without saying that your products should be clearly labelled, priced, dusted, and aligned.
KEEP YOUR STOCK UNDER CONTROL
Never keep more stock than you need. Products in your store cupboard instead of on the shelves hurt your cashflow by tying up unnecessary funds. Advanced salon systems these days make stock control easier than ever. You should know what’s coming in, what’s going out and when you need to re-order. Assess and review regularly which are your big sellers and cut any products that are taking up space but not making you enough money
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