August 20, 2010, Newsletter Issue #257: How to Price Your Salon's Tanning Lotions

Tip of the Week

Deciding how to price your salon's tanning lotions is a very important factor in determining how well the products will sell. Before you decide how to price them, it is always a good idea to conduct a break-even and return-on-investment analysis of your business. Once you are aware of your break-even point, you can start figuring out how much higher you must price items to start making a profit.

In general, tanning lotion manufacturers will suggest a retail price of about 50 percent higher than the price you paid for them. The suggested retail price is a good starting point to work with as it will allow you to increase the price or decrease it to offer the customer a discount.

It is important not to make the tanning lotion prices too high or customers will automatically be turned off. When you are trying to make a sale, suggest a more expensive lotion to the customer letting them know that that particular lotion will give them the best results. If they object and say they wish to spend less, you can move down a level and offer them something a little less expensive.

Many times, when your tanning lotions are priced correctly, you have the option of offering your customers a discounted bottle of lotion upon the purchase of a tanning package. You will still get a profit from the sale of the lotion and you will also open the door for future sales with the customer.

Another good idea is to keep your salon stocked with sample packets of tanning lotions. You can sell these packets for just a few dollars apiece, allowing your customers to try various types out before buying a larger, more expensive bottle. Selling sample packets of tanning lotion is a good way to get future sales for your salon.

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