If you have attended any type of marketing class or sales presentation, you have undoubtedly heard of “The 4 Ps.” If you are unfamiliar with them, they stand for: Product, Price, Place and Promotion.
This month, I will break down what each “P”means and how/why you should always keep them at the forefront of your mind when working to improve your salon’s sales.
P No.1: PRODUCT
This is your goods or services, or the meat and potatoes of what your business offers. We are a service-based industry, in which a lot of what we sell is not a tangible item. Yes, of course, we have tangible items such as lotions and accessories, but we focus on selling services. When it comes to offering a product or service, the most important question to ask yourself is, “Does it fulfill a customer demand or need?” It’s a question you have to really think about. Do you have a bed that never gets used or a lotion that just sits on your shelf? These are examples of products or services that have little demand, and you could be utilizing that space and maximizing your salon’s offerings by switching those products or services for something that does fulfill a need or demand.
P No.2: PRICE
There are a lot of things to consider when pricing your products and services. In my opinion, the most important thing is perceived value. No one wants to feel as though they overpaid for something, so make sure your pricing is in line with your competition and the value of the offerings. It is nice to build in a little buffer on your pricing, so you can offer different promos and incentives to generate impulse buys.
P No.3: PLACE
Placement is so key! Not only for your retail products, but also for your high-end equipment. If you walk into any large, successful salon chain in this country, you will always notice they have their top-tier tanning systems placed front and center, with the room’s doors wide open so that customers have a visual of those premium beds from the time they walk into the facility. The same is true with your retail products. If they’re in a glass case, on a shelf across the lobby or in any other less-than-ideal spot, those items are not at the front of your customers’ minds when they are standing at your register. Making sure your retail items grab consumer attention is one of the most important ways to set your salon up for retail sales success.
P No.4: PROMOTION
The fourth and final P is all about marketing, social media and product promotion strategies. The main goal of any promotion is to speak to your consumer through advertising of not only why they need the product, but also why they should be paying a certain price for it. There are so many different social media and promotional ideas I could share here, but we will save that list for another article.
The model of the 4 Ps can be applied to any retail business, new or old. I believe it just allows you to take a deeper look at what you have, how you are marketing it, and readjust if necessary. There is no more perfect time than the New Year to start out with whatever changes your salon needs to kickstart a successful year!
