4 Ways to Increase Your Bottom Line This Holiday Season

It’s the most wonderful time of the year: a time when spending is up and customers are coming through your door in droves. It’s also a time when you want to increase your bottom line as you take care of as much of that holiday spending as possible. If you want to increase your bottom line this holiday season, these tips will help.

1. Up-sell your products. When a customer comes in looking for one product, let them know that you want them to get even more out of their shopping experience and offer others with it. Up-selling is a great way to increase your bottom line–but you have to do it right! This includes waiting to up-sell until a customer has decided for certain that they’re going to make a purchase, offering an item that’s relevant to the original purchase, and discounting the up-sell so that it’s financially worthwhile for your customer to make the purchase immediately instead of putting it off for later.

2. Give add-on services. It’s easy to offer a customer an additional service that goes along with their package. For example, a customer coming in to have their hair done for a holiday party might be interested in having their makeup done at the same time for a discounted price. If you’re doing a bikini wax, adding on a leg wax for a lower-than-usual price may appeal to your customer. These add-on prices may substantially increase your holiday revenue.

3. Offer gift cards. When you don’t necessarily offer a tangible product, but rather services, it can be hard to attract holiday customers. The solution? Offer gift cards so that you have a gift your customers can put under the tree. Order your gift cards here! 

4. Put together package deals. During the holidays, it’s all about the savings. If you want to attract customers, offer a package deal: a manicure and pedicure on the same gift certificate for a lower price, an all-inclusive beauty package for the holidays, or whatever else you think will appeal to your unique customer base.

Increasing your bottom line during the holidays can help improve your shop’s outlook for the coming year. By following these four simple tips, you can increase your bottom line this holiday season. You know what your customers want–now, all you have to do is give it to them!

Calculating the Lifetime Value of a Client

Do you have clients who have been coming to you for years, and then have other clients who come for a couple of appointments, only to never be seen again? Most of us shrug it off as no big deal, but when you realize the value of a lifetime client (the actual $$$ that client brings to you over their lifetime with you), it may make sense to reach out to past clients you haven’t seen in a while to try and get them back in.

To calculate the value of a lifetime client you would do the following:

  • Estimate how many times one client visits you per year on average (EX: 5 times per year)
  • Estimate what your average ticket is (EX: $75.00)
  • Estimate how long you typically retain clients (EX: 4 years)

So if a client with an average ticket of $75 visits you 5 times a year, then that single client brings in about $375. If you typically retain clients for an average of 4 years, multiply $375 per year X 4 years and you get $1,500. This would be your typical lifetime value of one client. ONE. It’s a little scary to think what you lose when a client stops coming!

With that said, what discounts or special offers would you do to gain just one more retained client? What could you do to contact them to get them back in? Do you know when their birthday is? How about their anniversary? If you have no client info records, that is a whole other topic, and will be addressed in an upcoming blog.

Reactivating old clients and getting them back into your schedule is also the cheapest way to build your business quickly and effectively. They already know who you are, they’ve been to you before, all you need to do is figure out how you can get them back in your chair!

Think of it this way – they are sitting in someone else’s chair. Why? If they are going to sit in any chair, it needs to be yours! Start today with an action plan on how you can make this happen. Your wallet will thank you!

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