The Psychology of Pricing - Ruth Lundstrom

In this enlightening episode of the podcast, I had the absolute pleasure of delving into the intricacies of salon pricing and the empowerment of freelancers with the exceptional Ruth Lundstrom. With over twenty years of hands-on experience in the beauty industry and as the pioneering mind behind the Freelance Suite, Ruth offered a treasure trove of knowledge that is sure to transform any salon business.   Our conversation journeyed from Ruth's formative years as an apprentice to her challenging yet insightful tenure managing a salon at Regis. She highlighted the significance of strategic pricing, a factor often overlooked yet paramount to long-term success. We tackled the prevalent fears new freelancers face, particularly the trap of underpricing, and discussed how to establish a profitable and sustainable pricing structure.   Furthermore, Ruth and I delved into the bold move of positioning a salon at the high end of the market, the rewards it can reap, and the cruciality of maintaining profit margins. Ruth's transition from freelancing to supporting others through the challenges of COVID-19 lockdowns led to her creation of an e-guide on pricing and a business-simplifying app, showcasing her dedication to aiding the freelance community.   To cap off the episode, Ruth imparted some indispensable advice for budding salon professionals, stressing the importance of continuous education and impeccable customer service. Her inspiring story of resilience and innovation serves as a beacon for anyone looking to thrive in the beauty industry.