{"id":109376,"date":"2022-05-09T19:26:50","date_gmt":"2022-05-09T19:26:50","guid":{"rendered":"https:\/\/www.phorest.com\/blog\/inflation-the-experience-economy-new-data-insights\/"},"modified":"2022-10-11T11:39:25","modified_gmt":"2022-10-11T11:39:25","slug":"inflation-the-experience-economy-new-data-insights","status":"publish","type":"post","link":"https:\/\/www.phorest.com\/au\/blog\/inflation-the-experience-economy-new-data-insights\/","title":{"rendered":"Inflation, the Experience Economy & New Data Insights to Keep Your Clients Coming Back"},"content":{"rendered":"\n

With inflation rates reaching record levels, many businesses will be dealing with a more price-conscious customer. In the United States, inflation is at the highest level since 1982, while the Euro-Zone saw a 7.5% rate in March, with experts predicting that it still has more to climb.  In fact, you may even be thinking of raising your own prices<\/a>\u2013a precarious position that even the most business-savvy salon owners can fear.  Phorest carried out a price sensitivity analysis with over 1,300 salon customers, across 9 countries, to find out exactly how much pricing matters to the client of 2022. And guess what? Price matters, but it\u2019s not a deal-breaker.<\/p>\n\n\n\n

Phorest found that only 32% of consumers are drawn to a salon because of price, behind referrals (52%) and reputation (36%).<\/strong><\/h3>\n\n\n\n
\"\"<\/figure>\n\n\n\n

However, price still remains a top reason a client would choose to <\/strong>move salons<\/em><\/strong>, ranking third:<\/strong><\/h2>\n\n\n\n
  1. If their preferred service provider left (29%)<\/li>
  2. If they moved and the location was no longer convenient (27%)<\/li>
  3. Price\/affordability (25%) <\/li><\/ol>\n\n\n\n
    <\/div>\n\n\n\n

    So, while price is not the ultimate factor in keeping your clients coming back, it can become a factor in why someone would consider leaving. Still, it\u2019s important to remember that a salon isn\u2019t just any business. And your clients aren\u2019t strictly rational economic robots. That haircut, manicure, fresh set of lashes, facial \u2013whatever your clients come to you for\u2013 plays a more important role than what it is at face value.<\/p>\n\n\n\n

    In the face of inflation, it helps to look to the frequently cited \u201cLipstick Effect<\/a>\u201d coined by Leonard Lauder of Est\u00e9e Lauder, in the early 2000s. It refers to the phenomenon when, even in difficult economic times, we continue to seek out small luxuries. We may forgo a new car or a flashy holiday, but we will treat ourselves to a latte, a trip to the cinema\u2013or a visit to the salon. Like lipstick, a trip to the salon is symbolic. <\/p>\n\n\n\n

    For many people, it\u2019s a source of confidence. It represents freedom, agency to transform their appearance.  It\u2019s self-care. It’s a sanctuary. You are providing far more than just a service, you are providing an experience.<\/em> And the more you can elevate this experience\u2013drawing your clients away from the transactional thinking of other day-to-day tasks\u2013the less you will need to compete on price. Tapping into this emotional side, building positive memories, is how to gain your clients’ loyalty. <\/p>\n\n\n\n

    <\/div>\n\n\n\n

    In our research, we asked clients:<\/h3>\n\n\n\n

    \u201cIf you could wave a magic wand, what would you want to see from your salon?\u201d<\/strong><\/h2>\n\n\n\n
    <\/div>\n\n\n\n

    The top two categories of response were about price (because honestly who wouldn\u2019t want a free haircut if magic is involved<\/em>) and \u201cin-salon experience.\u201d These were basically neck and neck\u2013with only a handful of responses in the difference.  Ranging from massage chairs to champagne, to a piano in reception, some of the most popular answers within \u201cin-salon experience\u201d  related to making their time in the salon, as one respondent wrote, \u201ca little bit more luxurious.\u201d<\/p>\n\n\n\n

    These included:<\/h3>\n\n\n\n
    <\/div>\n\n\n\n
    \n
    \n
    \n
    Amenities<\/strong><\/td><\/tr>
    Coffee,tea
    Snacks
    Beer
    Cocktails, mocktails
    Hot towels
    Comfortable seating

    Atmosphere<\/strong>
    Better lighting
    Modern decor
    Relaxing environment
    More space
    Air conditioning 

    Entertainment<\/strong>
    Wifi
    TVs
    Video game station
    Better magazines<\/td><\/tr><\/tbody><\/table><\/figure>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n

    Long live the experience economy<\/strong><\/h2>\n\n\n\n

    Living through the pandemic has starved many of us of novelty and real, tangible experiences beyond our screens. Getting out of the house is more of an event than it ever has been. So why not maximise the opportunity? Welcome your clients back in style. <\/p>\n\n\n\n

    While cleanliness remains important, there is also a real call to return to some of our pre-pandemic ways, before many salons had to banish amenities in favour of sanitation. We\u2019ve been navigating \u201csterile\u201d spaces for over two years now and are missing the personal touch. Many are now eager for the modest joys we\u2019ve been deprived of: to sip a coffee, flip through a magazine, make small talk with their stylist and suspend their worries for a while. <\/p>\n\n\n\n

    Your in-salon experience and your client relationships work together <\/strong><\/h3>\n\n\n\n

    It\u2019s practically a cliche at this point, but relationships matter. This is why referrals, not a cheap price tag<\/em>, are by far the most significant driving force in winning over new clients. What you offer on your service menu is only part of the equation. In addition to the many hats a salon owner or staff member already wears, they are also a host. The experience you offer in the salon reinforces the strength of your relationships with clients. The thoughtful details you can offer, whether that\u2019s a drink or a nice place to sit, demonstrates that you want the same things that you\u2019d want for any guest you are hosting at home: for them to feel welcome, comfortable and to enjoy themselves. <\/p>\n\n\n\n

    Raising your prices is a normal part of running a business <\/strong><\/h2>\n\n\n\n

    Your clients live in the real world too. With the cost of everything else going up, a price increase from you shouldn\u2019t exactly be a total shock.  However it may feel even riskier, understandably, after all the back and forth of lockdown. Yet, there is still no way around it. To survive inflation, you will need to charge enough to remain profitable and keep your business growth on track. <\/p>\n\n\n\n

    What the last two years have shown us is that the salon is a beloved part of \u201cnormal\u201d life. Many people feel that they\u2019ve already buckled down and already missed out on the things they love. Now they want to keep coming if they can justify it.  So lean into their desire to indulge. What can you do to make their visit feel like an outing<\/em>? By adding a bit of magic to your salon experience (even something small and cost-effective ) you can time your price increase with a sense of added value. What is it that Mary Poppins says?<\/p>\n\n\n\n

    Just a spoonful of sugar helps the medicine go down. <\/p>\n\n\n\n

    <\/div>\n\n\n\n

    Digital Tools for Client Retention… <\/strong><\/h3>\n\n\n\n

    Prompt clients to rebook at just the right time with Phorest Salon Software\u2019s automated messages<\/a> and smart marketing tools<\/a>, available from our leading salon & spa software<\/a> system.\u00a0<\/p>\n\n\n\n

    To learn more about how Phorest can enhance your client\u2019s experience, increase their loyalty and help your business grow, book a demo<\/a> with our team. <\/p>\n\n\n\n

    <\/div>\n\n\n\n

    Follow the Phorest Blog for more industry trends and insights<\/h3>\n\n\n\n

    #TogetherWeGrow<\/p>\n","protected":false},"excerpt":{"rendered":"

    With inflation rates reaching record levels, many businesses will be dealing with a more price-conscious customer. In the United States, inflation is at the highest level since 1982, while the Euro-Zone saw a 7.5% rate in March, with experts predicting that it still has more to climb.  In fact, you may even be thinking of … Continued<\/a><\/p>\n","protected":false},"author":40062,"featured_media":109284,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5602,5439],"tags":[5804,11173,11174,7732,6716,11175,5876,11176],"class_list":["post-109376","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loyalty-sales-marketing","category-uncategorized-au","tag-experience-au","tag-experience-economy-au","tag-inflation-au","tag-price-increase-au","tag-prices-au","tag-pricing-strategy-au","tag-raising-prices-au","tag-self-care-au"],"acf":[],"yoast_head":"\nInflation, the Experience Economy & New Data Insights to Keep Your Clients Coming Back | Phorest<\/title>\n<meta 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