Are you leaving money on the table? The Quickest Cash Flow Generator is NOT acquiring new clients!

By Chrissy Alger, Senior Coach – The Zing Project

Hello everyone, I am a Salon Owner, Salon Marketer and Salon Coach having successfully run my own Salon business from start-up.

NOT as a technician but purely as someone addicted to business… I am actually a psychologist, who decided to do something different and venture into the salon industry space under the guise of wanting to do more to promote health, wellbeing, and self-confidence (all the things we get when we spend time in a Hair or Beauty Salon).

In this article, I want to help you navigate the challenges we may be experiencing during the current marketing and economic pressures. If you are in any of the industry groups right now, or even experiencing this in your own business, you will understand that at the moment it doesn’t seem ‘business as usual’ at all…

Here are my thoughts on ‘riding the economic’ wave…

All businesses are facing a common problem at the moment: reduced client spending and tight cash flows. So, I understand the urgency to find quick cash-generating strategies as seen in the industry group pages and general business posts. Commonly the ‘SOS’ for salon owners at the moment sounds like……. ‘My books are quiet; how can I get more bookings?’ or ‘Does anyone have a marketing strategy for getting some new clients in the door who will actually SPEND money?’.

And whilst these might be reasonable questions to ask, what most salon owners are failing to understand is that the consistent frequency of appointments and spending that you were once accustomed to CAN be achieved with the clients you already have! It just means that there are some aspects in your business that have to be a little more consistent, or even changed/ overhauled to make this happen.

With this in mind, the quickest way to make more dollars is NOT to acquire new clients, it’s to service the clients you already have at a HIGHER level…

The Illusion of Quick Cash

Many business owners seek new client acquisition as a fast and easy solution to generate cash flow. While it’s true that investing in acquiring new clients can be lucrative, it’s important to recognize that it also requires a significant financial investment. Also, it takes time to make a return on investment for most of these strategies, so it’s not really a “quick cash’ strategy at all. Therefore, if your cash flow is tight, let’s look at optimizing the buying habits and behaviours of the clients you already have.

The Power of Client Retention

Lumpy appointment books? It’s likely your rebooking and retention figures have been ‘lumpy’ also. The consistency of your client visits and the frequency of when this happens is the most effective way for securing your cash flow. If you have been harboring an ‘online booking culture’ then you will be now suffering the effects of this as clients self-selected to cut back on appointments.

The clients are choosing to do this, as they are not invested in a journey or a process. Your service/treatment planning process needs to elicit commitment from clients, and actually have them invested in an outcome that requires ongoing consistency in their attendance. If they are ‘appointment swingers’, that is, they just swing from appointment to appointment, there’s no commitment to this.

Therefore, it makes it SO much easier for them to cancel or stretch out their appointments. Create a client journey via a service/treatment plan that excites your clients and ensures they understand that their results and goals will not be achieved otherwise, and you will find less cancellation and more consistency in their attendance.

The Consultation Process:

One of the most vital aspects of client retention and satisfaction is the consultation process. It’s not enough to deliver a mediocre consultation or become complacent with your clients’ needs. To maintain and increase their spending, you must consistently reassess their requirements, goals, and progress. By reconsulting your clients at each visit, you demonstrate a commitment to their success and provide an opportunity to add value to their experience.

Unleashing the Potential

During every client visit, take the time to review their progress, evaluate the products they’ve been using, and reconnect with their goals. By reassessing their skin, scalp, or hair condition, you can identify areas for improvement and recommend personalized solutions. Additionally, capturing progress photographs can enhance your clients’ engagement and showcase the positive outcomes of your services.

The Consistency Factor

While it’s crucial to reconsult with your clients during each visit, consistency is equally important. By making this practice a standard part of your service, you create a culture of continuous improvement and reinforce your commitment to their satisfaction. Consistency builds trust, strengthens relationships, and encourages clients to invest more in their wellbeing.

So, what does all this mean?

In the quest for quick cash, it’s easy to overlook the goldmine that lies within your existing client base. By shifting your focus from new client acquisition to enhancing the experience and satisfaction of your current clients, you can unlock substantial revenue potential. Implementing a robust consultation process, consistently reconsulting with clients, and maximizing service quality will position you for long-term success.

Remember, the quickest and easiest way to make more money is to sell more to the clients you already have. So, seize this opportunity to serve your clients at a higher level and witness the remarkable impact on your bottom line. Get ready to redefine your revenue strategy and propel your business and your client experience to new heights.

Do you need some help in stabilizing the cash flow in your business?

I would love to help you. Book a support session with me via chrissy@zingcoach.com.au.

Or for more salon strategy, listen to ‘The Salon Hustler’ podcast on all your major podcast platforms and follow me on Instagram; @chrissyalger_zing and Facebook: @chrissyzing.