When you run a hair salon and have private label hair care products, you can decide the retail price for your products without considering other products available under a different brand in the market. In this article, we will share a list of ways that will help salon owners to decide the pricing of their private label products. There should not be any mistake done in the process by an owner of the salon. There are four thought processes contradict each other since there are ways to look at retailing. Each process is different and matters for a different person.
- Decide the brand name for your private label products
When you put a name on each product that you price it, you move forward in the business and create your brand and level of a salon in the market.
- Decide the gap you are looking to fill
Retailers always provide an opening price point, mid-level price point, and a luxury price point. In the beauty industry, salons have different price points and every salon has set these price points differently. Market professionals won’t recommend having multiple offerings in a single price point as it may put the stylist and client in dilemma. Remember that the client is not interested in buying you; he is rather looking for your premier products within the price point.
- Price your products at least 2 ½ times your cost
When consumers contact manufacturers of a different brand, the traditional markup is double the cost. At present, retailers are selling private label hair care products at a minimum of 3 times the cost. This means your decided markup, which is 2 ½ times your cost, is still less than all. This will bring genuine buyers to you.
How one can fix retailing?
Retail is very much harder than people can even realize. Several opportunities go in the hand of salon owners to generate a quarter of its total revenue in their retail business. The selling of professional products is like loving or hating something. When salon professionals recommend the products they use and love, they don’t sell them. They rather have their own range to showcase. As Private Label brands are cheaper than larger brands, the people are more likely to choose it. The only way to fix retailing is to make the customer happy. If your client is happy to use your range of products, your products will get the buyers.
- You can offer online sale
By selling your private label products on your Instagram and other social platforms among your followers, you can get major clientele.
- Create a selfie station within your hair salon
This selfie station will act as a promotion tool for your salon. Most people love to share their experiences on social media and you can give them a reason with this idea. You get your promotion done; they get a post of the day!
How long have you wanted to start your own brand of private label products? When you have your own range of private label hair care products, you stand out in the competition and tell your customers why they should buy your products. It’s a blissful thing because you know your products and customers- you have a key to success.