6 Reasons You Shouldn't Stock More than One Skincare Range
The question of whether to stock one or more skincare ranges is an important one and needs to be answered from a business assessment, not from an emotional one. In other words, it needs to make sense.
Here’s why you shouldn’t
- To gain the trust of the client, you need to be single minded about what YOU BELIEVE is the best range available at any given point in time. Having more than one cosmeceutical that are similar in outcome is wishy washy. You’re not making a statement about what you believe in
- Double the stock level. When you unnecessarily have say two cosmeceutical ranges, you double the stock levels. Double the stocks levels means double the expense
- You reduce your buying power with each supplier. Eg. If you spend $100,000 a year wholesale on retail skincare, that’s a lot of money to one supplier. $50,000, not so much. And what if supplier have incentive programmes for free stock, rebates and other benefits? It will take you twice as long to reach them. Unnecessarily making it harder on yourself
- Double the training. It’s hard enough to get your team to become experts in one range. Asking them to become experts in two is doubling the pressure and halving the outcome possibilities
- Double the cost training. The cost of training is not just what you pay for a therapist to attend product school. How about the opportunity cost of them not producing whilst attending training? Eg. Training for one therapist once a year. 1 day not serving clients is around $1,000 less that you’ll collect that day, or you need to replace the therapist which means double the wage bill for the day. If you have 3 or more therapists, that’s a lot of unnecessary additional expenses
- Unnecessary increase in risk of reactions. When Dr. Geoffrey Heber (Ultraceuticals) is sitting in his lab developing the next ground breaking product, he doesn’t consult with Dr. Danne Montague King (DMK) to make sure it doesn’t have an adverse reaction to his products, and vice versa. But he does make sure that it works in perfect harmony and heightened results outcomes with his own range. When you’re mixing two cosmeceutical skincare ranges, it’s going to be pretty difficult to predict or secure the outcome of this chemistry experiment
Here’s why you would consider it
- Your salon is in an area where the demand for ‘natural’ or ‘organic’ is high. You don’t want to unnecessarily repel or lose this target market
- If your cosmeceutical range is sitting at a very high price point, again, you don’t want to repel or lose those looking for a great skincare range at a lower price point
- There are gaps in your existing cosmeceutical that you need to fill ie. your range doesn’t have masks or a specific moisturiser for highly sensitive skins. Be careful with this one and do your research (see point 6 above)
You won’t sell more just because you have more skincare ranges. If you’re looking to sell more, consider complimentary but totally different products for the skin such as skin supplements and health products that support the use of great skincare. If you’re unnecessarily doubling up on your skincare offering, imagine what you could be otherwise doing with the unnecessary stock holding? Perhaps buy new equipment? Get a receptionist? Or lets get crazy….have a holiday with your fam?
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