When it comes to the salon business, there are plenty of missed opportunities to sell products. According to a soon-to-be-released study from Professional Beauty Association (PBA), 44% of consumers will generally purchase a product recommended by their stylist, but 71% of respondents were not offered a product on their last visit.
This and other findings are part of Business of Beauty: Maximize Your Profitability, a new study that the association is calling the first comprehensive industry research on the salon retail environment. Offering a look at consumer trends and how the industry must adapt, the study is designed to help dramatically increase retail sales within salon outlets, grow overall profitability and create a higher degree of customer loyalty.
“Results from the Business of Beauty study are monumental and are a wake-up call to the industry on multiple levels,” noted Steve Sleeper, executive director of the Professional Beauty Association. “I expect many in the industry will need to re-examine their business practices, and PBA will be an active partner in helping the industry adapt and grow.”
The study will be released at the upcoming PBA Symposium, which is part of PBA Beauty Week, July 18-21, 2009 in Las Vegas, NV. In addition to providing a comprehensive overview of the salon retail experience, identifying where consumers want to buy products, what products they are looking to purchase and the role of the stylist in the retail process, the symposium will examine what “best in class” salons are doing to maximize profitability from their retail outlet.
The study also found that while it comes as no surprise that supercenters and discount retailers are popular, 46% of respondents have increased their purchases of beauty products at these outlets during the past year, while salon purchases are on the slide.
The symposium is intended for professionals from all sectors of the beauty industry, from manufacturers to distributors.
More info: www.probeauty.org/beautyweek