Setting a price that reflects your value

Setting a price that reflects your value

There is a world of difference between price and value, and it can be difficult to get the balance right. Check out the advice from a high-end operator about getting clients to pay what you’re truly worth.

“I’m not a cheap experience. An initial appointment with me is $300 for a haircut,” explains Jules Peacocke, owner of Lily Jackson Hair & Makeup in inner Sydney.

“In my experience with meeting a client for the first time, you really need time. You need to provide a service that is really going to create something that’s profoundly beneficial to them. I need to know who they are. I need to know what their expectations are. I need to understand what their lifestyle choices are: how they manage their hair, how they want to manage their hair, what they want to look like, what the problems they’re facing in managing their hair.

“Really, what happens is that [a] client sits in my chair and we discuss it all, and that can take half-an-hour, and then the service will begin. From there, I take over complete management of that person’s hair. They never have to think about their hair again.”Man revealing his inner value beneath his shirt

While many people would be aghast at the thought of paying so much money for a haircut, according to Jules, customers are more than happy with her rates given the amount of time and the level of service they receive for their money.

“My clients are booked 12 months in advance. I know what I’m doing with my clients every month for the next 12 months.”

Jules’ business partner Amajjika Kumara explains that a big reason for this is that clients have been disappointed with the service at other salons. By listening to exactly what clients do and don’t want, the pair and their staff can create a much more bespoke experience for each and every client.

And, she says, bespoke experience and service are what customers are willing to shell out the big bucks for – particularly at the higher end of the market.

“I’ve got a ... big clientele of powerful women in business. People that have been advisors in government. They’ve won MBEs or OBEs – they’re very smart women. They are real influencers in their environment,” Amajjika says.

“By the time someone has got to me and they’re willing to spend that much, they’re often traumatised by the experiences that they have had. They are really looking for serious solutions.”

“They need to be able to trust someone and they need to be able to feel that communication, not just their physical hair needs. They need to be able to sit in the chair and understand that we can have a conversation that’s relevant.”

Check out more advice on customer engagement and marketing from one of Sydney’s top hairdressing salons on the My Business Podcast below:

Setting a price that reflects your value
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