5 Ways To Handle Price Objections
GET THE MONEY YOU DESERVE IN YOUR BEAUTY BUSINESS
One of the greatest struggles that beauty entrepreneurs, or entrepreneurs in general face, is pricing your products and services to get the money you deserve.
You have to walk the line between prices that reflect your level of experience in the industry, encourage your customers to trust your expertise, compete with the local market, overtake your overhead, cover any additional education, etc.
And then you have to deal with price objections: when people look at the price you've put on your business and tell you that it's just too much for them.
I've been in the beauty industry for over ten years, so I want to share five ways that you can handle price objections and get paid the money that you deserve.
Let's get into it!
1. Communicate Your Prices Clearly
If you're raising your prices or not, make sure you're clearly communicating your prices to your customers.
The worst thing is when you get a customer who's gone through the whole process, only to get to the end and go, "I didn't realize it would be so much...that's too expensive."
If you're clearly communicating your prices from the very beginning of the process, you limit the probability of this conversation.
When raising your prices, always communicate that price increase clearly. Wherever you post on social media, make an announcement there. Keep it simple and obvious so that whoever sees it can't miss it.
Send an email blast and make sure it's noticeable in your salon, studio, or online store! This will help keep any price objections to a minimum.
But they will still come! So what can you do when they do?
2. Listen To Price Objections Calmly
When handling price objections, make sure that you listen to them calmly.
It's super easy to get emotional when people treat your business in a way that you see as disrespectful. A lot of people don't think about the fact that this business is your livelihood. It’s how you make your money, feed your family, and keep a roof over your head.
They just see this service that they have to exchange their money for. Clients' instincts will be to hold onto that money.
What you don't want to do is let your emotions carry you away. Check out this podcast episode I made on Anger In The Beauty Business for more tips for keeping the emotions out of your business.
So, when people object to your prices, listen! It might be helpful to develop a sort of script that you use to handle price objections so that when you're listening to them, you're not thinking so much about what to say that you lose track of their actual objections.
3. Treat Price Objections As Questions
A price objection isn't a no. It's not a red light; it's a yellow light.
If your client has price objections, it means they have questions about your product and service. When you're listening to their objection, look out for what these questions might be.
I don't have the money can mean how is your product/service worth this money? What will it do for me? How will it benefit me?
It's too expensive can mean I do not see the value clearly. Can you help me understand the value better?
I don't think it's my time can mean why do I need this product or service? How will it help me?
Got any common price objections that you're struggling with? Text me at 310-388-4588 and let me help you out with them! Seriously, text me!
4. Don't Over-Explain
Over-explaining will always be the nail in the coffin. Do not over-explain.
We over-explain because we get nervous. We're on the wire, the client is right there, and we want the sale, but they're not sure. How do we better explain our products and services to the client, so they see the value?
Stay calm, keep your emotions out of it, and keep your explanation simple.
You know your product; you know the worth.
Like I said earlier, a script could be beneficial. If you face some common objections, write them down. Figure out how you could eliminate these objections earlier in the process and think about what works best when facing these objections.
5. Uplift and Support Your Products and Services
When in doubt, focus on uplifting and supporting your products and services.
You know why you got into the business and why you believe in it.
You know its worth, and you understand its value better than anyone.
Focus on what you know and stick with the facts.
Are you struggling to turn strangers on social media into actual paying clients?
Check out my FREE guide on the EIGHT types of content you should be making that are guaranteed to turn strangers into clients!
If you're looking for additional professional help with your beauty business, our coaching program, Pretty Rich Bosses, helps entrepreneurs just like you make their dreams a reality every single day.
Whether you're new in the industry looking to build a solid foundation or have been in the beauty business for years and are ready to hit high dollar targets or expand your influence, our team of beauty industry professionals can help you get there.
This program is about more than just goal setting and positive thoughts. We teach you how to implement actional steps that will help take you to your goals and beyond.
Every coach on our team is a beauty entrepreneur who makes a living off their beauty business every day! We have the experience, we've done all the trial and error, all you have to do is let us help you!
Sign up for a free consultation call with one of my advisors and find out how we can help you in your business today!
You don't have to do any of this alone.
Sheila Bella is a marketing expert and beauty business coach, as well as the President of The American Academy of Micropigmentation and founder of the Pretty Ambitious Summit.
She is considered a leader in the world of permanent cosmetics and beauty having built a 7 figure beauty business in 3 years.
In 2019, she pivoted to the online coaching industry and grew her online program, Pretty Rich Bosses, to 7 figures.
She works with beauty entrepreneurs every day, helping them create the businesses and lives of their dreams!
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