The ongoing economic downturn has affected many industries, but there are several ways the beauty industry can weather the slump
Several industries have taken a hit amid rising inflation. However, the beauty service industry has managed to cope with the depressed economic environment by selling luxury services at an affordable price.
While beauty services can be termed luxury for most a necessity for a few, the industry has gained spotlight in recent years for promoting self-wellness. Raman Chohan, Co-Owner, Victress Beauty Academy, suggests to capitalise on this by incorporating various methods.
“With a brick-and-mortar business, I would recommend concentrating on services that require a client to come back on a monthly basis. For example, nails, lash extensions, brows grooming and facials. Focus on luxury at a bargain that your target market can afford,” Raman says, adding, “Create weekly or monthly specials. During the times of a depressed economy, you must create a need for beauty service.”
However, Raman says business owners must be cautious when making decisions during the global economic downturn. Conducting bi-weekly reviews and understanding the business number will help business owners make quick changes to businesses.
Furthermore, marketing plays an important role for any business to grow. Working with social media influencers to promote a beauty product will help the business. Tweaking marketing styles, such as utilising the world “wellness” can also help run one’s beauty business in this economic environment. Raman explains that the beauty services industry has been evolving into the word wellness and that people want to feel good by looking good.
Most important of all is customer retention if a beauty business has to weather the economic slump. “Focus your attention on your clients and provide the best customer experience. Invest in customer loyalty. Remember word of mouth marketing is free,” Raman signs off.