The 60:40 ratio concept was one of the first things I learnt in my career. When I started in the hair and beauty industry 34 years ago, my boss introduced me to the concept of the 60:40 ratio. He said, “once you have established a client base, 60% of them will become repeat customers while the other 40% will come and go. This means that you must continually attract new business to replace those who leave.” To illustrate this, consider my experience moving from Northern Ireland to Hampshire over 20 years ago. When I started working in a salon, I had no clients and relied on the salon to find them for me. However, within six months, I was fully booked most weeks as clients left their previous salons to come to me. Similarly, a member of Locate Your Look recently opened a second salon in a new area without any clients. But after just a year, her business is thriving as clients sought out her services. Therefore, in this constantly evolving industry, it's critical to advertise your business and stay on the minds of potential clients. Even if they don't use your services immediately, they will know where to find you in the future. One effective way to do this is through online marketplaces, which are utilised across various industries from properties (Rightmove) to accommodations (Airbnb). So, if you are a business owner or a self-employed professional within the hair, beauty or wellness industry sign up to Locate Your Look so potential customers can find you. #LocateYourLook
Do you know the 60:40 ratio concept? 🧐 In the hair and beauty industry, it's often said that 60% of customers become repeat customers while 40% come and go. The 60:40 ratio concept highlights the importance of attracting and retaining customers in the hair and beauty industry. While it's important to constantly attract new customers, keeping your existing ones happy and engaged is equally important. Repeat customers are not only more likely to spend more money, but they also help to spread positive word-of-mouth about your business, which in turn can attract even more customers. However, despite the importance of retaining customers, the reality is that there will always be some turnover. This is where advertising plays a key role. By constantly advertising your business and reaching out to potential customers through platforms like Locate Your Look, you can help to offset the loss of those who choose not to return. Platforms like Locate Your Look are especially helpful, as they offer a targeted and effective way of reaching potential customers who are actively looking for hair and beauty services. By having a strong presence on these types of platforms, businesses can maximise their exposure and increase their chances of attracting new customers. At Locate Your Look, we provide all the tools and resources you need to succeed in the hair, beauty, and wellness industry. Join us to unleash your full potential and connect with other professionals in the field. Sign up today! - https://lnkd.in/eFF83BrY #LocateYourLook #hairsalons #beautysalons #growyourbusiness #salonowners #hairstylist #beautyprofessionals
