Mission Possible – An Incredible Career in 52 weeks (Week 11)
Mission 11 Charge a premium amount for your work
This
is probably one of the most important concepts to learn. If salons and stylists are going to be
successful together, they can’t
continue to fight over who gets the largest piece of the pie. Instead, you come up with a fair split and bake a bigger pie.
Charging a premium amount means,
baking a bigger pie. Most
clients fall into two categories,
those that are price conscious and those that are experience
conscious. The price conscious
clients are looking for the best deal.
They are likely to go to a chain salon such as Supercuts, Smart Style, or Regis where they can get a decent haircut at a low
price. This is the fast food of
the salon industry. The experience
conscious clients want quality service with a great experience and they are
willing to pay for it. They want
the gourmet. The problem is most
salons and stylists go for the middle ground, and the middle ground is nothing but a black hole. It’s like walking down the middle of
the road, you’re going to get run
over. If you want to know why so
many salons come and go, this is
it. There is nothing exciting or
remarkable about being in the middle.
You’re not cheap enough to get the price conscious clients (and that is
probably not the type of salon or stylist you wanted to be anyway) but you also
don’t have the revenue to provide the type of service to get the experience
conscious clients. So here is what
you have to do. You must charge
more. You have to set a premium
price. That is the only way to
make the pie bigger. If the pie is
bigger and there is more money to go around, then you can offer more. The experience conscious clients want cool stuff. Design matters, -style matters, and the quality of the experience
matters. If your revenue is up
then you’re making more money and you can offer more cool stuff, -because you’re offering the coolest
stuff, -you’ll make more
money. It’s a Golden Circle. It’s a simple concept but it really
works.