Raising your prices is a scary thought, isn’t it?

You know your customers won’t like it, but it’s something you have to do to not only compete with other eyelash companies and artists but also to keep growing your business.

So how do you increase prices in a way that not only allows you to retain your current customers but also attract better quality leads in the future? 

Here are a few tips to help you out.

Before increasing your prices, you need to analyze the existing market rates and how you compare with them. Look at the other lash artists and salons providing services that are at a similar level to yours. Note down their prices and the value they’re offering against it.

Do an honest appraisal of your own services as well. What’s your competitive advantage and the one thing that truly makes you different from your competitors?

Having a clear answer to this will help you convince your customers faster once you increase your prices.

No one likes surprises, especially when it’s about money. So don’t shock your customers with a sudden price increase. Instead, prepare the ground for change by bringing small but meaningful changes to your services and brand’s appearance.

Brands often make changes to their packaging design or product features before raising prices. It doesn’t cost much but has a psychological effect on the customers and decreases their resistance to price change.

You can apply the same strategy to your business. For example, you could renovate your salon, change its color theme or completely rebrand your business.

Announce the dates from when your new prices will come into effect and encourage customers to take advantage of the remaining time. It would not only increase your sales in the short term but also prepare your customer base for the eventual price hike.

It is a classic reframing technique that many leading brands use to reduce any resistance to price change and reframe it as an exclusive offer for the existing customers.

Once the new prices come into effect, you might see a small number of your customers leave you for a competitor. It’s natural, don’t worry too much about it. Research shows that most people are reluctant to change their service providers only because of the price. 

But to reduce any chances of customer churn, offer exclusive discounts on bundled services for a limited time period. Doing so will incentivize your clients to try your services once again and keep them attached to your brand.

Price increases are growing more common and acceptable as long as they are well thought through and not seen as a way to merely increase profits. They are part of growing your business, and we can't let ourselves avoid dealing with price increases. Instead, we should attempt to use them strategically to increase your selling potential. 

Using these tips can help you avoid client confusion and potential frustration when raising your lash service prices.

Price increases are growing more common and acceptable as long as they are well thought through and not seen as a way to merely increase profits. They are part of growing your business, and we can't let ourselves avoid dealing with price increases. Instead, we should attempt to use them strategically to increase your selling potential. 

Using these tips can help you avoid client confusion and potential frustration when raising your lash service prices.