Future proof your salon
Keep calm and carry on. With advice from Timely’s Marketing Manager, Melanie Wallace we explore how to future-proof your salon business for a potential recession.
With a recession on the horizon, the next 12 months could prove challenging for many businesses across the UK. However, if you get on the front foot, you could actually thrive through this period.
Know the ins and outs of your business
Start by looking at the data. Timely’s reporting and analytics features give you the tools to know what’s happening in your business so you can make informed decisions. Timely’s dashboard shows your key business metrics at a glance. This includes staff sales, client retention and rebooking rates, so you can stay across the details of your business in real time.
For more in depth analysis, Timely-powered businesses have access to over 40 reports. For starters, there’s asummary report to give you an overview of how your business is doing. There are also the more specific reports including: stock levels, which clients are top spenders, clients not retained and the future value of your appointments.
The staff performance dashboard provides insights to help motivate your team and set individual targets. This will also give you an understanding of which staff members might need additional training or support. What’s special about Timely is that it takes complicated data and gives it to you in easy-to-digest, customisable formats.
Invest in marketing
During this period, customers are likely to stretch out the time between appointments and look for more affordable options for their go-to treatments.
It’s six times more expensive to win a new customer than it is to keep a current one. Ask yourself: how can I go above and beyond to make my existing clients feel special? This could include a loyalty program, complimentary add ons, exclusive offers, or even a ‘refer a friend program’. Timely’s marketing features will keep customers coming back.
Timely’s automation features will be your best friend. Timely-powered businesses save hours in admin by automatically sending appointment confirmations, review requests and rebooking reminders.
Think outside the box
Before your customers’ spending behaviour starts to change, now is a great time to think creatively about alternate income streams or boosters.
Consider how to add extra value for your customer at no extra cost to the business. Using Timely’s report feature, do some digging into which services are your most popular and profitable. Is there an opportunity to combine any of these services into one package? Add value for the customer by throwing in any additional services that can be done in the same amount of time for the same cost.
Timely-powered businesses are equipped with all the right tools to help them navigate through the pending recession and adapt where necessary.