If you’ve been in the beauty business for any length of time, you already know that it’s about more than weekly and monthly appointments that keep clients looking good. It’s about being a beloved part of client’s lives, forming a cornerstone of communities and support networks. Keeping those connections alive in tough economic times doesn’t mean you have to go into the red, but it does mean you should start thinking about what kinds of changes you can make to meet customers (and their bank accounts) where they are.
Think about the menu of services you currently offer. Which offerings are the big luxuries, the ones that people save and plan for months to have done? If the recession continues unfolding as it’s predicted to, these are the types of services most likely to start dropping off your appointments calendar. Which services are the little luxuries that regulars get on a weekly basis, and that passers-by from the street are most likely to drop in and try on impulse? These are the offerings that will likely remain the most stable.
That’s all good to know for anticipating what kind of impact the recession is likely to have on your bottom line. But don’t stop there. Knowing what we do about the lipstick index, start thinking about how you can make those big luxuries a little more affordable: How can you make the fur-coat equivalents on your menu cost more like the little-splurge-won’t-hurt luxury lipstick equivalents?
Could you trade out a few costly products from a skincare routine with more affordable ones, or simplify a treatment so it only requires one employee’s attention instead of two? Remember, this isn’t about trying to get one over on clients by quietly scaling back the experiences they’re accustomed to. You should be upfront about the economy-friendly changes you’ve made to your menu, because you made them to ensure clients don’t ever have to stop being good to themselves. The basic human need for self-care bears no correlation to whether the big economy line is going up or down.