When it comes to running a lash business, price is often placed at the forefront. How much you charge for your services is somehow linked to your credibility and even legacy as a lash artist. And, many lash artists are uncertain whether someone else charging less than them is a good or a bad thing.
You only have to take a look at any lash forum to see this type of conversation on blast. You know, the constant dialogue that rips cheap lash artists apart like they’re the scum of our industry.
Yet, many of the people going off about cheap lash artists tend to fall into the ‘cheaper’ side of lash services in their city. So many lash artists look at someone’s price point and make a snap judgment on how good they are compared to themselves. Then, they price themselves accordingly. Most tend to price themselves less than their competitors thinking that it’ll help attract more clients seeking cheaper services.
But as I’ve said many times before, being the cheapest lash artist in town doesn’t mean you’ll get more clients than your higher priced competitors
Join me in this episode to discover the truth about price points and why someone else charging less than you is a FANTASTIC thing for your business.
{If you want to listen to the podcast episode on this topic, click on the player at the top of the post. Alternatively you can watch the video below, or read on…}
1. How low priced Vs high priced services impacts the volume of clients needed
Don’t be fooled into thinking charging less is the key to fill up your schedule.
Lower prices mean having to do more work than someone who charges more
Think about it. If a different lash artist charges less than you, they have to make up for the cost difference by the volume of clients they need in their business. This means putting more hours in and spending more on marketing to continuously replace flaky clients who drop off like flies because they aren’t serious about taking care of their lashes.
On the other hand, if you charge higher prices, you’ll work less (if you want) because you’ll need fewer clients to reach the same cost as someone with low prices because you won’t need as many clients to make up the difference.
Let me break it down for you. Let’s say you charge around $50 per fill and your competitor charges $40 a fill. If you both want to make $2,000 in a month, your competitor will need to book at least 50 appointments in a month. So, around 12 to 13 clients per week.
Over on your side of the story, the grass is much greener because you only need to take 40 appointments a month to make the same amount. In other words, you just need 10 clients a week to make the desired goal of $2,000 in a month.
Even with fewer clients than your lower-priced competitors, you’re still able to make more than them and that, my friends, is smart business.
2. Having a variety of price points keeps the industry ALIVE
Do you ever worry that a cheaper lash artist will get more clients than you?
I see this type of concern come up time and time again and I always reassure those lash artists that they’ve got nothing to worry about.
Every industry has a variety of price points. It’s normal
Don’t judge me for this but take toilet paper as an example. You can buy those cheap ones that you find inside the restroom of a gas station and I don’t need to tell you how crappy they are. Their one job is to absorb moisture and let’s be honest, they’re not very good at it. If you’re anything like me, you probably roll a few layers just to get the job done. But hey, they’re cheap.
If you care about the experience more than the price, you’re better off going for a pillow-soft brand of toilet paper that doesn’t crumble as soon as it um…makes contact. This is the type of toilet paper I prefer to use. Specifically, the Charmin Ultra Strong Mega Rolls that give me the whole “walking on a bed of clouds” experience that I seek from my toilet roll.
My parents, on the other hand, are a different story. They only ever purchase the cheap type of toilet roll that you have to layer up to avoid all sorts of unglamorous situations. Both of these toilet roll brands are very successful because they both have their own audience.
They each fill a different need for their respective audiences – one charges less and one charges more – and it’s the same thing in the lash industry. Cheaper lash services cater to a different audience than higher priced artists and that’s okay!
There’s enough business to go around for everyone! It really is just a matter of preference and identifying each audience’s buying decisions.
3. How to get higher paying clients
If you’re worried about raising your prices because you think your current clientele won’t pay higher prices, you’ve attracted the wrong people!
There are two ways that you can tell if a client picked your services based solely on your price. Think back to when they first got in touch with you or landed on your website. If you gave your prices to them right off the bat and they immediately booked, you can assume you were the cheapest option in their line-up of lash artists they were researching. It hurts, I know. But it’s too late to go back in time and change things now!
Another way you can test whether they’re with you for the quality of your work or your prices is to up the price tag. If they drop off, you’ll know they only care about the cost and not the investment.
Price sensitive clients probably don’t put eyelash extensions at the top of their priorities
And if a recession hits, what do you think will be the first expense they cut?
So, how can you attract higher priced clients?
The answer is simple. You’ve got to MARKET to them. Posting a constant stream of offers and deals aren’t going to entice those high-priced paying clients to your business. These are the type of clients that want quality and they’re willing to pay for it.
To show that you’re a serious business, you need to establish your brand identity. Yes, that means having a website and a seamless booking experience with no hiccups.
To put it simply, if you want to attract high price paying clients, you need to charge high prices.
You must know the value that you provide your clients has absolutely nothing to do with your price point. Don’t waste time offering cheap discounts and charging less just to bring in clients. Instead, focus on communicating how your service is different and unique.
Educate your clients about what you are offering them and what your higher prices are getting them that’s different than the cheap lash artists down the street. A high price point will help you weed out the lower priced clients.
Join The Lashpreneur Society Waitlist!
These are all the strategies, biz principles and how to’s I teach inside The Lashpreneur Society where on average – our students are charging an average of 66% MORE than industry averages because they are approaching their lash artistry as a business and are learning how to market themselves to any client at any price point!
If you want to confidently be one of the highest priced lash artists… or heck, even THE highest priced lash artist in your area – I invite you to join me inside of my business coaching program – The Lashpreneur Society! We only open up registration to new members a few times a year and will be opening up the doors in the fall.
If you want to be notified FIRST of when we’re opening the doors again – you HAVE TO GET ON THE WAITLIST! Join the waitlist here.
Have a Good One!
Tara Walsh
The Lashpreneur
