MARKET RESEARCH
Are you wondering what your salon needs marketing research for? What if I told you it’s already part of your routine? I’m just going to show you how to do it better!
A new company comes in to offer you samples or a demo of their Keratin Hair Treatment. You’re happy with your current Kerain, but there’s is less expensive and they claim works better. BOOM! You are now faced with making a decision, which will require MARKET RESEARCH. Granted this example is on a smaller scale, but it shows you why you should finish reading my article.
The bigger question in your salon might be should we raise prices? Are we ready for a second location? Should we add a new treatment menu? You get the idea, there are a lot of decisions to be made in a salon, any business really.
Following the 5 Steps of Market Research will allow you to find or create the right information you need to make the best decision.
- Identify a research
- Design your Research
- Conduct a Study
- Analyze the Results
- Share the Research Insights
Let’s jump back to the Keratin decision and walk through the five steps.
- Identify research a research need: What is the burning question? Which Keratin is better for my salon?
- Design your research: Define your audience and how you will study them. My stylist will perform the new keratin on a few models. I will research the new company and confirm pricing.
- Conduct a Study: This is where you do whatever you defined in #2 Stylist performs their “experiment” and we gather feedback from them and the models.
- Analyze the Results: Review all of the data you have gathered. Do my stylist like the product enough to make a change? Does the company have good reviews? Is there truly a saving?
- Share the Research Insights: We’re not reciting everything we learned, more an overview to help the team make a smart decision. Two of the three models had amazing results. We could launch the new Keratin at a lower introduction price.
Before you get carried away.
Know there are a few “rules” to consider.
Make sure we are researching things that are relevant, meaning useful to our business. EXAMPLE: Knowing if your customers like Disney might be on your mind, but how will that help your business? That brings us to “rule 2” What will you do differently with the new information? If finding out 92% of your customers like Disney means you will add a Disney Nail Art Menu, you may proceed, LOL “Rule 3 Make sure the cost of the research is worth the benefits of the information it provides. Rule 4 Have Fun making great decisions with the right information!