Brand Value
In a slow economy, many business owners experience frustration over how to sustain their business. However, it’s important to keep the faith and hold on to your brand value.
Although it’s tempting to respond to the current economy by dropping prices, there are other options available to day spa owners. Be creative and look at ways to repackage or bundle your services to attract more spa guests. Here are four tips:
First, we have found at Iatria Spa and Health Center in North Carolina that creating membership plans for our clients is an effective alternative to slashing prices. It provides a discount for a spa guest’s continued business, but it also boosts our bottom line. This has helped our brand rather than compromise it, because it offers our clients an option they can afford.
Second, improving inventory management is a process that can typically save money for a business. A couple of years ago, we analyzed and reworked our inventory management process. This helped us figure out where to cut unnecessary steps and how to spend the extra time planning correctly. The improved inventory process has made a positive impact on our profitability.
Third, you can boost productivity by making sure you invest in employees when they rise to the occasion. Allowing an all-star worker the time and support to take a much-needed vacation is a low-cost way to increase their loyalty and service to the company.
Finally, continue to focus on delivering excellent customer service. This is an area that adds value without spending money. Although everyone is feeling the economic crunch, clients come to a spa to escape the challenges of daily life. If your business is experiencing a slow period, remind your staff that this provides them the additional time to pay close attention to detail and show clients that you appreciate their business.
The bottom line is don’t be afraid to look for new ways to make your brand value work. There is always a solution!
Erika Mangrum
Owner, Iatria Day Spas
iatria.com
DAYSPA Advisory Board