Often we see posts here and on other forums, where nail tech's worry about their prices. That's understandable and you may be happy to know that setting prices correctly is one of the most difficult and important decisions for any business! :lol:
Although being a nail tech means you can have a very personal relationship with your clients (but remember to keep it professional!), remember that at the end you are in business and it's up to you to decide what prices you charge for the quality of service you provide, and also taking into account both your education and experience.
What does "cheap" actually mean?
Well for most of us, a product or service that is cheap has an inferior quality. So in effect this means that the quality of the product or service is lower that the client expects!!
This is quite different from being "low-priced", where the quality meets expectations but the price is lower than the competition.
What does "expensive" mean?
Well perhaps surprisingly as we tend to think that cheap and expensive are at opposite ends of the price spectrum, expensive also means that the quality of the product or service is lower that the client expects for the price paid. So both cheap and expensive mean that the customer is getting less quality than they are willing to pay!
What all of us in business strive to achieve is a good or fair price - one that compares well to the competition for what we actually deliver - and that allows our business to make enough profit so that we can save for a rainy day and future expansion.
The importance of "Perceived Value"
There's another aspect to all of this and it's called "perceived value". When the value perceived by the client is high then they feel they are getting more than they pay for, and that gives them a good feeling and also builds customer loyalty. When the perceived value is low, you are in trouble!
To understand how perceived value can affect price, think of those celebrity hair stylists in London that charge up to £500 for a service. Is their work really very much different from a very experienced and talented hair stylist in Bristol? The reason why some people are willing to pay this amount is because the London stylist has an extremely high perceived value. That image is created by location, salon design, customer service from the moment the client walks in and in just about everything the clients sees, touches or hears about that salon. In addition the stylist most likely has worked on their own image and created something of a reputation and celebrity profile for themselves through clever marketing and positioning.
Make an informed decision about price
So to come back to the original point, rather than think about cheap or expensive you need to look at your local competition and compare your services, location, education and experience to theirs. Then you can make an informed decision what price to charge.
Explain your price!
If your price is that much higher, it's very important that you explain why in your marketing. It's equally important to explain exactly what each service you offer actually includes. Most nail salons do a very bad job of this, their price lists simply list the services instead of explaining what they provide for each service and how long it takes.
Your price list and website should also describe your experience and qualifications and obviously if you have been placed in any competitions. (getting a place at competitions is very useful because you have been judged by experts and this acts as a reference). If you receive positive customers comments about your work, add these to your website and use selected comments in your price list as well.
Remember that most customers don't mind paying more - provided that you explain!
Never, never try to attract customers with low prices! You will only get those people that either want a deal or frankly are simply too dim to understand what you do and provide. Plus you will have filled your appointment book with idiots who are constantly demanding and frustrating, rather than leaving space for customers who are willing to pay a fair price. As a business-person, you also have the right to refuse to poor paying business. Choose your clients wisely and only accept those that value what you do and who you are.
How to make more money
Finally, if you want to make more money there are several things that you can do:
1. Work on reducing your service times. With practice and using the right techniques it's possible to make an excellent refill and balancing in just over 1 hour. Most nail techs take much longer and are limiting the number of clients they can service each day.
2. Develop your skills. Never stop getting education and investing in yourself. The more certificates you can put on your wall the more you can charge - plus you will make even higher quality nails.
3. Enter competitions. By taking part in competitions you will not only make better nails and reduce your service time, but also benefit from having experts judge your work so that you can improve further. If eventually you get placed or actually win, that is not only a terrific marketing story but it also helps you to stand out against the other salons in your area.
I hope that this information helps!
All the best,
Bob
Although being a nail tech means you can have a very personal relationship with your clients (but remember to keep it professional!), remember that at the end you are in business and it's up to you to decide what prices you charge for the quality of service you provide, and also taking into account both your education and experience.
What does "cheap" actually mean?
Well for most of us, a product or service that is cheap has an inferior quality. So in effect this means that the quality of the product or service is lower that the client expects!!
This is quite different from being "low-priced", where the quality meets expectations but the price is lower than the competition.
What does "expensive" mean?
Well perhaps surprisingly as we tend to think that cheap and expensive are at opposite ends of the price spectrum, expensive also means that the quality of the product or service is lower that the client expects for the price paid. So both cheap and expensive mean that the customer is getting less quality than they are willing to pay!
What all of us in business strive to achieve is a good or fair price - one that compares well to the competition for what we actually deliver - and that allows our business to make enough profit so that we can save for a rainy day and future expansion.
The importance of "Perceived Value"
There's another aspect to all of this and it's called "perceived value". When the value perceived by the client is high then they feel they are getting more than they pay for, and that gives them a good feeling and also builds customer loyalty. When the perceived value is low, you are in trouble!
To understand how perceived value can affect price, think of those celebrity hair stylists in London that charge up to £500 for a service. Is their work really very much different from a very experienced and talented hair stylist in Bristol? The reason why some people are willing to pay this amount is because the London stylist has an extremely high perceived value. That image is created by location, salon design, customer service from the moment the client walks in and in just about everything the clients sees, touches or hears about that salon. In addition the stylist most likely has worked on their own image and created something of a reputation and celebrity profile for themselves through clever marketing and positioning.
Make an informed decision about price
So to come back to the original point, rather than think about cheap or expensive you need to look at your local competition and compare your services, location, education and experience to theirs. Then you can make an informed decision what price to charge.
Explain your price!
If your price is that much higher, it's very important that you explain why in your marketing. It's equally important to explain exactly what each service you offer actually includes. Most nail salons do a very bad job of this, their price lists simply list the services instead of explaining what they provide for each service and how long it takes.
Your price list and website should also describe your experience and qualifications and obviously if you have been placed in any competitions. (getting a place at competitions is very useful because you have been judged by experts and this acts as a reference). If you receive positive customers comments about your work, add these to your website and use selected comments in your price list as well.
Remember that most customers don't mind paying more - provided that you explain!
Never, never try to attract customers with low prices! You will only get those people that either want a deal or frankly are simply too dim to understand what you do and provide. Plus you will have filled your appointment book with idiots who are constantly demanding and frustrating, rather than leaving space for customers who are willing to pay a fair price. As a business-person, you also have the right to refuse to poor paying business. Choose your clients wisely and only accept those that value what you do and who you are.
How to make more money
Finally, if you want to make more money there are several things that you can do:
1. Work on reducing your service times. With practice and using the right techniques it's possible to make an excellent refill and balancing in just over 1 hour. Most nail techs take much longer and are limiting the number of clients they can service each day.
2. Develop your skills. Never stop getting education and investing in yourself. The more certificates you can put on your wall the more you can charge - plus you will make even higher quality nails.
3. Enter competitions. By taking part in competitions you will not only make better nails and reduce your service time, but also benefit from having experts judge your work so that you can improve further. If eventually you get placed or actually win, that is not only a terrific marketing story but it also helps you to stand out against the other salons in your area.
I hope that this information helps!
All the best,
Bob
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