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Know your clients and stop throwing money away!

May 2, 2012

Throwing Money Away

There is no point in throwing money at advertising and promotion if you don’t know whom your target market is and what your long-term plan is. Unless you have a well laid out plan and are able to accurately pinpoint your target market you might as well be throwing darts in the dark.

Retaining Customers

Today’s customer is fickle. A recent study conducted by the NPD group found that only 55% of highly loyal customers (defined by their purchase behavior and attitudinal brand commitment) were still customers of the same brand one year later! With this in mind, ask yourself: Are you doing enough to keep your existing clients informed, entertained and interested in your business? Are you able to track the number of clients who do not return to your salon and do you have a strategy to regain their business?

Attracting New Clients

It is more cost effective to retain existing clients than it is to attract new ones. This is mostly true, but it does not take into account the continual need to entice new clients into your salon. New clients help build your new stylists’ clientele as well as replace non-returning clients and, of course, help grow your business. Generally only 1 out of 5 new clients becomes a regular. Put another way, if you are not currently turning down walk-in clients, you would need to attract up to 1250 new clients over the course of one year in order to build up one new stylist’s column. If you have a good client retention program in place, you may even fill up two or three columns.

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