Stop Dropping Your Prices | SMH Branding
In the beauty world there is tons of competition out there in the skin care, makeup and haircare space. In fact, analysis suggest that in 2022 the beauty industry is projected to increase by 10%. That is a lot of choices for your potential customer to make.
When you are trying to acquire new customers most business owners do everything possible in order to get the sale. They may change their packaging, adjust your website layout and post more on social media. Some may go as far as dropping their prices. Although rebranding is always an option for a new beauty business please never drop your product price!
Building a beauty brand can be a costly endeavor and marketing nowadays is plain old expensive. You will need the additional income to get eyes on your brand. By offering consistent discounts or sales you are cutting your capital off at its feet. Remember the goal is to build a beauty empire and not just sale products on the side! You are going to need that additional income to take you to the next level to gain financial freedom.
Instead of offering a sale to increase your customer base consider these tips below:
Rethink Your Branding
Never forget the law of attraction. You attract what you present. So when are you are thinking about your branding consider your idea customer base. Do you want a customer base that needs a sale to spend money in your store? Or do you want a customer base that only plans to spend $30 and they leave your website spending 3x more?
Give The Illusion Of A Sale
Consider sales before you finalize your product price. You need to give the illusion that you are offering a discount but your actually selling your product at your target rate. For example, say if you are selling a makeup brush that cost you $2.50 a brush. Your goal should be al least a 75% profit margin. That would mean that you will need to sale your makeup brush for at least $10.00. When list your product for sale you need to mark it up for at least 40% more than your bottom line price. So instead of selling your makeup brushes for $10.00 you should list them for $14.00 or more. So when you promote a sale for 30% off the makeup brushes will only be marked down to $9.80. Which keep you at about that 75% profit margin.
Create A Selling Product Description
Why should someone purchase a product from your online store? The answer should never be because I am running a sale or my products are inexpensive. Remember when you are selling products online people can not touch, feel or smell anything. So you need to create an experience for your customers on your website. This means you need to sale them a dream.
Now what I mean by that is you need to be very descriptive with your product details. No that does not mean explaining all the features of the product. What it does means is that you should explain to the customer what this product can do for them or how this product will make their life better. You should be almost writing a story in your product description. For example:
Don't Say This...
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