Hey Reader,
Beyonce and Lebron step into the beauty industry, while Fresha introduced smart pricing. Let's cover a few headlines from across the industry.
Beyoncé's New Haircare Line, Cécred
Did you know Beyoncé grew up sweeping hair in her mother's salon? Beyonce said this about her new haircare line:
My vision is to be an inclusive force of excellence in the haircare industry while celebrating hair rituals across global cultures and helping dispel hair myths and misconceptions on all sides.”
As someone with a very dry and flaky scalp, I recently started using my wife's haircare products. I might have to give this line a try. Read the full article here on The Tease.
Lebron's The Shop Drops a Product Line
Starting April 1st, The Shop Men's Grooming Line will hit the shelves across 1,600 Walmart stores across the country. The Emmy Award Winning Show just keeps going.
The goal of the product range is to offer male consumers “an accessible, solution-led approach to personal care."
Read the full article about the new product line here.
Is Smart Pricing the Future?
*Shout out to @ramos___eduardo for dropping this topic on my radar.
Fresha (booking software) has introduced Smart Pricing. This allows you to create 'surge pricing' where you can increase online service prices during peak periods to maximize value. For example, you could designate all services between 3pm-6pm to be $50 while on Wednesdays it is $40. It also allows the ability to charge more for services outside of work hours.
These are interesting features that spark a valuable discussion. Should you charge more for services during peak hours since the demand is higher? Should you charge more for your services outside of work hours? We'll see if this booking logic becomes a standard across booking apps.
Take Aways
The beauty industry is lucrative. Why else would Beyonce and Lebron invest in this space? It should be a constant reminder that products drive revenue. We have talked about this a lot in this newsletter. If you are not selling products, you are leaving money on the table. Find a product line you like and sell it.
What is your time worth? Smart Booking is a concept you should think about. If you cut after hours, should it cost more? How much more? How will you advertise this so that clients aren't blindsided?
What do you think of surge pricing? Is it something you would try? How would you manage it with your current booking flows?
The topics covered in the newsletters should hopefully spark new ideas for how you can apply fresh concepts and strategies to your business.
Do you want to be featured?
Last but not least, I'm always on the look out for headlines taking place across the industry and would love to feature you.
So, if you are hosting an event or releasing a new product and you want it to be featured in theGuideline, then this form is for you!
Alright, finished with No.58. See you next week!
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Whenever you're ready, there are 3 ways I can help you:
- Monthly Income Tracker: a Google Sheets template to help you track your monthly income
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Written by: Matthew Mendoza
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