skin smart
as necessary etc.What has changed however, is where we eat, where we have coffee and how we travel.We are, of course, the same people with the same needs, we simply see things differently now and as a result spend differently. Glamour has been exchanged for value, practicality and integrity.
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We have learnt to be thrifty, crafty, particular and intelligent with our purchasing, and to consider all of the angles fromthe smallest investment to the largest investment.We respect businesses that provide a good service or product at a reasonable price, and we want to spend ourmoney with people of integrity, people we like and people who share in the same ideas and beliefs which is commonly reflected in their businessmodel.
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If you are likemost businesses, you have done your share of dabbling with discounting over the last couple of years and likely have a pretty refined understanding of your cost of goods and the profit necessary tomake a product or service worth themonetary and time investment. Now is the time to phase out the randomdiscounting programmes and return to a stable, reasonable and practical pricing structure that will continue tomake your loyal clients feel comfortable moving forward.
Being the front-runner in stabilising pricing will be noticeable, as the bulk of the windows and websites continue to be peppered with ‘Sale’ and ‘Discount’.This does notmean that you have to stop yourmarketing campaigns. Simply focus themon your culture, services, key products and reasonable
prices.Most of us are reluctant to be lured into themost expensive restaurant in town for a free appetizer, while at the same time will frequent trustworthy establishments weekly.
The key is keeping your prices stable, reasonable and predictable in a rapidly
changingmarket.Thismakes your clients feel comfortable, and in turn, loyal. Loyal customers are your connectors and will talk endlessly about how happy they are about your business, service and products.
Remember thatmovement of the economy will never erase the tough times that we have experienced; this is part of who we are. It is the same reason why our parents do the things that they do, regardless of what is going on around
them.This fact is extremely important to remember, as this economy has effected and bonded all generations, creating a commonality that will follow us forward for decades to come. Realising this is realising your future.
The realisation of this new culture is why there aremany businessesmysteriously surviving, andmoreover thriving, in this new
environment.They get
it.These are the businesses that had great customer service and fair pricing before the economy sunk like a brick, and continue with the same principles
today.As importantly, as the economy continues to shift in a likely upward direction, they will continue with the same integrity. It is interesting how it takes an economy like this to really realise and expose the positive characteristics of great businesses that have stayed the course, have stood by us, represent us, support us and nurture us regardless of how tough things get. Does this describe your business?
stable predictability
The likelihood of our economy improving is
eminent.As it does, you will find new businesses popping up as fast as they previously
disappeared.As consumer confidence becomes stronger, pricing will increase with demand, and discounting will be a thing of the past.You can see this coming as clear as day.With this in mind, the time to get set for the next chapter is now.
David Suzuki is President of Bio Therapeutic Inc., and has been an active licensed member of the aesthetic industry for 20 years. For more information,
telephone 01788 220 458 quoting Guild News or visit
www.bio-therapeutic.co.uk
84 GUILD NEWS
For more information circle enquiry card
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