The right pricing strategy for your laundromat can increase customer loyalty and boost your brand’s reputation. A well-rounded, nuanced approach can set your business apart and help you drive revenue.
Perform a Market Analysis
A market analysis can help you formulate the right pricing for your business. An analysis is an effective way for you to leverage your strong points while differentiating from your competitors. To conduct an analysis:
- Keep an eye on industry trends: Knowing what’s new or what customers demand can help you make an informed decision on pricing.
- Customer demographics: Understanding your customers’ preferences goes a long way to help you implement the right pricing strategy.
- Know your competition: Familiarizing yourself with the competition and improving on areas where they’re lacking provides you with an opportunity to price your machines competitively. Ideally you would want to be the price leader by offering a better experience then your competition.
- Determine your cost: Include items like rent, labor, utilities and equipment payments,
Keep a Fluid Laundromat Pricing Strategy
When you tailor your prices and break down your services, you offer your customers higher levels of convenience. You may charge by the weight of their laundry and allow for longer washing and drying times for an added fee.
Consider How Other Factors Can Influence Your Pricing
Pricing isn’t the only quality to keep in mind about your laundromat, and lower prices won’t always bring in more customers. End users also value other factors like safety, cleanliness, snacks and Wi-Fi, age of the equipment and customer service.
Include Loyalty Programs
Loyalty programs are a powerful tool to differentiate yourself from competitors. The key is to keep things simple. Complex loyalty programs require you to have staff on hand and explain the system to consumers, increasing your labor costs. An easy loyalty program is the best way to foster customer satisfaction.
Determine the Right Pricing Strategy With Setomatic Systems
Selecting the right pricing for your laundromat depends on various factors. Adding other considerations to your strategy allows you to stay ahead in the industry while making your brand recognizable and memorable to end users. Setomatic Systems leverages our more than five decades of experience in the laundry industry to bring you payment software solutions that drive revenue.
End users can pay with their debit or credit cards in an easy, contactless payment process directly at your washers and dryers with our SpyderWash Payment System. Our simplistic loyalty program requires no applications or complicated registrations, allowing your customers ease of use while enjoying loyalty benefits.
Have more questions besides pricing? Read our article about being a new owner of your own laundromat.
To find out more, reach out to us online. You can also call us at (516) 752-8008 today.
