Calculating your barbershop pricing can be tough; the price you place on the heads of your customers won’t cost them their lives, but it will definitely cost you yours. You devote your days to delivering a service with your skills and deserve to be paid as such.
Restructuring prices in your barbershop can happen for lots of reasons, for example an increase in rent or bills, shop refurbishments, new services or simply to match your growing skill level. Price increases may lose you some customers, however not everyone will be your customer for life, and it’s crucial to think about the success of your business in the long run.
Creating a picture of the price you should charge for the value you can bring will help you assess your worth – here's how...
Barbershop Pricing (As You See It)
Brand Positioning – That cheap Stone Island puffer on eBay may be the bargain of the century, but it could also be poor quality rubbish. Price says something about the authenticity and quality of the purchase.
Competitive Environment – Surveying the competition is healthy. You may choose to price mid-range, bottom range or even lead the market – but don’t make your competitors’ pricing a straight-jacket.
Price Sensitivity – It’s likely that you are more price sensitive than your customer base. Think about where your target client shops, what they wear and where they spend their leisure money. It may help you make a judgement.
Cost of Service – Fixed and variable costs are a huge part of the equation, so keep a close eye on them, or before you know it you’ll become a charity.
Inflation – The price of many goods and services go up, so why not your services?
Value (As Your Customers See It)
The true value of your barbershop and services isn’t set by you, it can only be perceived by the customer. With this in mind, it’s worth finding out if what you think your customers value and what you think you are delivering are the same thing. Things to consider include:
Location, Location, Location – In your converted garage or on the high street. There is value in both depending on your target market.
Service Experience – The artisan coffee, the carefully curated music playlist, the speedy WiFi, the welcome smile – it all makes a difference.
Skills and Training – Updated skills, broad creative horizons, competition wins and regular education should be shared with customers so that they can value them.
Job Experience – Long experience doesn’t always equal a high price, but shared experience and professional advice can help raise it.
Environment – The beautiful premium barber chairs and sleek (spotless) interior, the amazing branding and comfortable waiting area – these things can all add value.
Range of Services on Offer – From line-ups to manicures and everything in between, there’s a customer for it all. Find out more on how to level up your barbershop services here.
Ease of Access – Great parking, appointments, walk-ins, queue management, opening times, online booking, contactless payment – anything for an easy life adds value.
Reputation – Those 5 star reviews, amazing word-of-mouth, handsome Instagram gallery of work all take the risk out of a cut for customers and they are willing to pay for it.
So, now and then, take a view on your price vs value to see if you have the best balance for you.
