We all know that retention rate is one of the top indicators of business health, right? But when it comes to improving it, well, that’s a whole different story.
The key to improving your retention rate and stopping your business from bleeding out? Building up a strong retention funnel and understanding exactly how to keep your clients from falling out.
If you’ve been hanging around with us for a while, you’ve probably heard about Britt’s trademark Retention Funnel method, right? Today, we’re going to walk you through the funnel’s four stages so you can discover how to improve your rate and keep your business thriving!
Step #1: Trust
This is when a guest has gone through your marketing funnel and decided they want to make an appointment to see if they’ll fit in your clientele.
This is HUGE! If your marketing funnel is working properly, this guest is a part of your target market, loves your brand and vibe, and is willing to pay your prices. Win-win!
They’ve extended their trust; now it’s up to you to earn it in the first appointment. This always feels a bit like an interview because, well, it is.
Just because they’re physically in your chair doesn’t mean they’re going to stay there, so think about ways to help build trust with your clients (think guest experience and consultations).
Step #2: Nurture
Once you’ve earned a guest’s trust, it’s time to nurture it.
The nurture stage determines if a client will stay for more then three visits. You need to continue to wow your guests with each and every visit so that trust turns into a true bond (usually about six to eight visits before they’re considered loyal).
Clients become nurtured when they feel the love unlike anywhere else. Remember, good hair is super easy to come by these days, so you need to show up and show up BIG. Think about how you can step up your reward programs, amenities, guest experience in ways that they can’t find anywhere else.
Step #3: Loyalty
Stick with us here because this is where the magic happens.
Because once a client becomes loyal, your business becomes more stable. They will start sending you referrals, you can move them into more luxurious services, and they’ll always be happy to pay when you charge your worth.
And, when you’re seeing 12 – 15 new guest requests a month, it becomes scalable. Meaning you can phase out hours that don’t work for you, raise your prices, and more so you can enjoy that dream life you had in mind when you joined the industry.
Step #4: Lead
This stage of the retention funnel is reserved for the top 5% of stylists who’ve maxed out their potential and want to become a salon owner or educator.
But before you move on to a leadership position, make sure you have mastered both your marketing funnel and your retention funnel in full. Having a strong Salon Success System is key to retaining solid staff and turning profit month over month.
Improving your retention rate is key to making your wild, crazy dreams come true, whether you want to be a six-figure stylist who’s home for dinner every night or a badass salon owner who runs the best shop around. Because without a strong retention funnel, you’re risking burnout, overwhelm, and even possibly operating at a loss.
Want to dive deeper into how to build up your retention funnel? Then you’re going to seriously love The Hair Stylist Marketing & Retention Funnel Guide! We’re talking an in-depth map curated for every single type of learning style (especially you, visual learners) that takes you through everything you need to know to cultivate a strong retention funnel. Download it for free here!