Sometimes we let PERFECTION stop us from being successful…
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Avoiding this marketing mistake will
- STOP your clients from challenging your prices
- will cause your clients to value you as the professional you are!!
- will keep your clients coming back for more
Go here to listen to this 4:31 video clip>>> 20 Salon Marketing Mistakes To Avoid!!
PLease leave a comment if you found this video helpful!
Stay Amazing,
K.L. Horne
What is your salon/barber client worth to you as a haircare professional?
How much?
Knowing this number will ABSOLUTELY put you in control of your business.
Knowing this number will separate you from the competition.
Knowing this number will “shed new light” on your existing and future clients.
I’m talking about the LIFETIME VALUE OF A CLIENT (LVC).
I love talking about this subject because of the impact it could have on your
overall business.
It’s simply the amount of profits you’ll earn over the customer’s “lifetime” of doing business with you.
Until you as a salon professional (marketer) knows how much a client is worth, you’ll never know how much you can afford to spend to get a new client, and how much you can afford to spend to keep your current clients happy and buying from you again and again.
Here’s the formula:
Lifetime Value can be determined a couple of different ways.
- The average purchase amount…
- Multiplied by the average number of times a customers buys per year…
- Multiplied by the average number of the customer continues to buy…
- ***Plus, the monetary value of their referrals***
(Your prices/fees) X (the average number of visits to your salon per year) X (the average number of years a client remains loyal to you and your salon)
= THE LIFETIME VALUE of a Client
Check this out…
One of my best client John gets his haircut twice a month.
Thats:
40.00 x 2 = $80.00 per month
80.00 x 12 = $960.00 per year
960.00 x 7(average number of years as a loyal client) = $6720.00
This number represents the gross amount of value;
but do you get my point?
Knowing this number allows you as a salon/barber professional
to know how much you can spend on advertising to get more clients.
Knowing this number allows you to know how much you can
spend to retain your current clients.
If it cost me a $1,000.00 to get a new client…I’m still ahead $5,720.00 based
on the John example above.
God forbid…
If John leaves my salon, that would be a $960.00 DROP in my gross yearly income!!!
… a $6,720.00 DROP over 7 years!
Do you see how important it is to know and understand this number(LVC)?
You can play with this number ALLLL DAYYY LONGGGG and come up
with different scenarios.
Grab your calculator and start playing with that number.
You will be amazed
Talk to you soon,
K.L. Horne
PS: I forgot the most important part!!! SUPPOSE YOUR BEST CLIENTS REFERRED MORE CLIENTS LIKE THEMESELVES?
Just suppose in the “John example”, that John referred 3 people like himself?
That would be 3 x $6,720.00 = $20,160.00 gross profit
This means John is worth even more than what he spends himself.
The bottom line is.. John is worth a lot of money!!
“Are You Doing Enough To Get The Business You Want As
A Salon Professional?”
Ya know…
I have been guilty of this same mistake that I find other
salon professionals and solo-preneurs making everyday.
That mistake is—thinking that employing only one marketing idea will drive more revenue into my business.
What I mean is having only one marketing tactic at work when
I should have as many ways as possible at work.
The deal is that you must have a lot going on in order for you to
have a lot coming in.
To have only one marketing idea at work for your business is
prehistoric.
The "movers and shakers" in any industry that you can think of have
many ideas and marketing methods at work.
Think about Trump,Diddy,Oprah,Coke and Pepsi.
All of the above have dozens of marketing principles and ideas
at work. While they are asleep, they have ideas at work.
The beauty of this is that there’s a number of marketing ideas that you
can engage that aren’t expensive at all.
- Blogging-today you can go online and create a blog that allows you to have instant internet presence. This medium enables you to connect with your customers or clients instantly. The blog also allows you to discover more about your market.by taking polls or obtaining information thru online questionnaires.
- Networking events are still in my opinion the best way to put yourself and your business on the map. But networking is an art. It’s not so much about giving your cards out. Its more about taking their cards and following up.
- Appreciation Days, if done correctly can cause a new flood of prospective clients into your salon.
- Ezines are another low cost or no-cost way to connect and establish more business.(see below to subscribe to my ezine)
I recently got involved with a company that allows me to go online
and send a physical greeting card(at a dollar per card) to my clients and prospects.
(If you would like to more about this greeting card system, send me
an email at Kevin@barberandbeautyprofessionals.com and I will
give you a Free Gift Account to try the system out)
This is yet another marketing idea that’s at work for my salon.
All of the above are ways that you can be start NOW.
One reason why we sometimes only do a little is because we get lazy.
If you are satisfied with your current income…cool.
But if you want more…you gotta do more.
It’s as simple as that.
The beauty of this is that you can turn up
the marketing whenever you wish.
You can begin to start earning more money whenever you wish.
You can enhance your lifestyle whenever you wish
How?
By doing more marketing!
Marketing is everything!
Talk soon,
Kevin ‘KL’ Horne
According to the Law of Compensation our income will be a reflection of:
1) The need for what we do;
2) Our ability to have a positive impact on your clients;
3) And the ease or difficulty in replacing us.
We are so blessed to belong to an industry that will always have a need for barbers, cosmetologists, manicurists and estetician. As long as hair and nails grow, there will be a need for us.
That’s great!
But the question is…
HOW?
How do we get PAID!
How do we fill our schedules with happy,prosperous clients everyday?
How do we get to charge more for our services without loosing clients?
How do we become "stars" in the industry?
HERE’S HOW!
By adding genuine value to what we do as salon professionals!
Don’t just give a haircut, but add an experience to the haircut.
The sky is the limit as to how you can turn an ordinary haircut or color appointment into an extraordinary salon experience;and I don’t mean a new style or cutting technique!
What are the visuals that your clients see when sitting in your chair?
Do you have pictures of "possibilities" at your station, on your salon walls?
Do you have pictures that stimulate your clients’ imagination?
Do ‘YOU’ reflect abundance and wealth?
Do you reflect ‘MORE’?
Is your conversation ‘ABUNDANT’?
Your clients are thirsting for leadership, abundance, and hope.
Inspire them!
Inspire them to go for their goals.
When you do that, you transcend the usual stylist/client relationship or barber/client relationship.
This is when you become more valuable and irreplaceable to your clients.
Offer that, and you will never have to worry about having a booked schedule of happy clients.
Do that and you will never have to worry about charging more for your services.
Do that and you will feel worthy of charging more for your services.
Do that and you will sell more salon hair products.
Do that and you will become irreplaceable.
The entire planet is going thru tough times today and you as a professional
will do the world and yourself good by encouraging and inspiring
your clients to "Live MORE."
Not only will your clients look and feel great, that good energy will come back to you multiplied in ways you would not believe.
Cut, color, inspire!!!
Talk to you soon…
K. L. (Kevin) Horne
