The beauty industry has had a difficult 2020 and 2021 resulting in losses that we never imagined. But as tradition has it, the final quarter of the year is where losses can be recovered both small and large. Spending effort and time on developing a sales and marketing plan for your beauty business before the end of 2021 will therefore help you to boost revenues, attract new clients, and improve retention - a great start to the fast-approaching upcoming year. However, jumping right in without proper preparation may not provide the intended outcomes. A sales and marketing plan is important regardless of the type or size of your beauty business, and it will only help you in achieving your business objectives quickly and effectively.
Many beauty business owners believe it is not worth the effort to create a marketing strategy. They're too preoccupied with their everyday responsibilities, problems, and struggles to devote a few hours to put down what appears to be so apparent that it sounds like a horrible joke. Let's be honest: developing a beauty company marketing plan isn't something you should do just because Internet marketing experts instructed you to. It should be a record that enables you to keep track of your marketing efforts.
Below, we have listed several steps to take into consideration when looking to boost year end sales for your beauty business.
1. Assess the results and performance of last year
Before deciding on how you wish your beauty business to appear in the final leg of 2021, it's critical to consider how your business performed in 2020. Determine what functioned well, what didn't, and what would benefit from a few adjustments. Monitor, evaluate, and analyse your company's KPIs and utilise your results to set the framework for your next year's strategic goals. Here are a few things to pay attention to:
· Total income for the year and month-by-month earnings
· Number of new clients gained
· The total number of customers
· The number of people who follow you on each social media network
· Visitor count on the webpage
This program will provide you with an assessment of your company's health and present condition. Evaluate these figures and see how they connect to your marketing activities. Did you get the most reservations when you went all out with your marketing initiatives, for instance? When you adopted a specific approach on social media, did you see a rise in interaction and followers?
All these questions will assist you in developing a sales and marketing plan for your company that is based on your last year's insights.
2. Conduct a SWOT analysis
SWOT is an acronym for Strengths, Weaknesses, Opportunities, and Threats. This easy-to-follow framework is a tried-and-true method for recognising and handling any issues that arise in your beauty business. A SWOT analysis for your business identifies what you're doing well so you can capitalize on it.
How to create a SWOT analysis for your beauty business
Do you have a nice group of people working for you?
For instance, you understand one of your biggest assets is your team. You've assembled a great group of creative and punctual employees who are all well-liked by your customers. It is never a problem to provide outstanding customer service.
Here, you must be completely honest with yourself. Nobody is an expert in every field. And if you've been in the business for a while, you've probably gone out of popularity someplace. For example, you could believe your business is in fantastic shape when it really needs to be updated. Alternatively, your lack of technological confidence might indicate that your internet marketing approach is ineffective.
Are there any major trends that you think could be problematic? A rival, for example, may have recently released a new beauty therapy. Their much-anticipated new product may render your existing line obsolete. Alternatively, legislation may have altered, indicating that attitudes about a particular therapy have shifted. As did those who were drawn to sunbeds. Other risks might include the ubiquity and availability of mobile services, as well as other salons establishing nearby and undercutting your pricing.
Are there any recent trends that you can capitalise on? Perhaps a new office building is about to open nearby. Hundreds of people will be going there for employment, as you are aware. You're probably aware that ladies enjoy pampering themselves after a long day at work. In summary, understanding your hair salon's target market and current trends, as well as how they affect you, can assist you in adapting to threats and opportunities.
3. Finalise the budget of your business
Consider the money you spend on advertising as an investment rather than a cost. You could have a good idea of how much you spent on marketing in 2020. You know where you want to go now that you've defined your goals. As a result, you should calculate how much you need to raise your marketing budget. As a general guideline, you should set aside at least 5% of your total income for marketing purposes. Consider raising your marketing spend to 10-12 percent of gross revenue if you want to expedite your company's growth.
Keep in mind that the decision is yours to make, and only you are qualified to create a budget that is reasonable.
4. Set marketing objectives
What impact do current trends have on your beauty business? The objectives of your marketing plan are to look forward and see what kind of landscape you'd want to paint. What are the goals of your company's marketing strategy? You should compose a statement outlining your goals to assist you in deciding what you want to accomplish. Give yourself a target to hit in order to achieve your objectives. For instance, if you increased the proportion of your customer base by 20% in the first two years, aim for a 10% increase this year.
5. Create a financial plan
Whatever your business marketing strategy objectives are, the majority of them will require a financial investment. This might entail investing money directly or dedicating time to meet with them. Things might quickly spiral out of hand and fail if you don't have a sound financial strategy in place. 'Money pit' is a term you've undoubtedly heard before. You must set aside money for each marketing plan in order to properly manage your budget and resources. Also, don't forget to make use of the free resources available to you (remember about training staff to cross-sell). Remember that when you arrange your business earnings, you're investing in your company.
6. Increase customer loyalty
Did you know that a higher improvement in client retention may result in a higher increase in revenue?
This is enough to comprehend why client loyalty is so important for the success of your business. Existing clients, particularly in the beauty sector, are the bedrock of your company. Treating them well will not only help you retain strong client relations, but it will also help you recruit new ones. Furthermore, acquiring new customers is approximately 6 times more expensive than maintaining an established customer base.
7. Observe the performance of your business
As you can see, you'll have a lot on your schedule in the following months. To stay on top of things, you'll undoubtedly require a management strategy. You'll have to keep track of how things are progressing (or not functioning). Then you'll have to take whatever steps are necessary to keep everything working smoothly.
In the end, you'll have a healthy balance sheet and be the greatest in your industry.
Are you struggling with putting an effective sales and marketing plan together for your 2021 final quarter sales? Talk to us today to help you achieve your year end targets for your beauty business or brand