Running a Business in a Saturated Market
There is a belief in our industry that you cannot charge higher prices because we work in a saturated market. Or, you need to keep your competitive price point because the lash artists in your city charge the same or lower than you.
A lot of you may be stuck in this mindset because you believe that there is no difference between you and the other lash artists in your city. You believe there is nothing that makes you unique or special in comparison to them.
I want to talk about what a saturated market actually means for you in your business, how your potential customers are more savvy in a saturated market, and how to stand out in your city so you don’t have to compete on price with the lash artist next door.
What is a saturated market?
Essentially, a saturated market is when demand for a product or service decreases due to the amount of options. However, in our industry, lash artists use the term “saturated market” and an EXCUSE as to why they are not getting and retaining clients.
They think “OH! There’s so many lash artists in my area, and that is the reason why I cannot get clients!” WRONG: Just because there are lash artists in your area, that does not mean there is a decrease in demand for lash extensions.
Market Saturation vs. Market Sophistication:
THERE IS A DIFFERENCE
Saturation – One way to determine if you are in a saturated market is if you have a franchise location in your city. Which may not sound like it, but it’s actually a good thing!
If there is a franchise in your area, you know that you live in an area where lash extensions are in high demand. The franchise location has done their research and they know that if they open a store in a certain area, that they are guaranteed to see a return on investment.
THIS AUTOMATICALLY SHOWS YOU THAT YOU WORK IN A SATURATED MARKETPLACE.
Sophistication – Which brings me to my next point, if you live in a sophisticated market, you no longer have to educate your potential clients on the value of lash extensions because you know that the demand is already there. However, you now need to educate potential clients on YOUR VALUE AS A LASH ARTIST.
How Do You Stand Out in a Saturated Market?
FIND YOUR UNIQUE SELLING POINT
You need to know who your target audience is: Moms of toddlers? College students? Glammas who travel every other month or who play bridge?
Each of these different markets have different needs from eyelash extensions. Until you have clarity on which target market’s problem you want to serve and how you solve it, you won’t stand out against your competition.
AND MOST IMPORTANTLY: you can’t stand out in a saturated market place if you’re doing everything everybody else is doing.
INCLUDING:
■ Posting up close eye shots that no client knows what the heck they’re looking at.
■ Posting discounts: Done, done and overdone!
■ Boosting posts with no value, no purpose, no objective. Done, wasting money and done!
■ Using your booking software as your website where the only info given is your policies in capitalized letters, and then having your full set price point as the next piece of information. Ineffective and done all the time!
To wrap up, your role and your goal in a saturated marketplace is to know what makes your services a no brainer for the RIGHT type of customer for your business. You do that first by knowing WHO they are, what their problem is and how you solve it. Then – it’s knowing what makes you so unique, so special, so amazing that your target customer makes an obvious decision that you’re the lash artist for her.
In the mean time, go download 20 Ways You Can Stand Out Against Your Competition That Has Nothing To Do With Your Price Point: www.thelashpreneur.com/usp
Happy business building!
Have a good one!
