The Benefits of a Tiered Pricing System for Laundromats
As a laundry owner, there are countless costs associated with doing business in the laundromat industry, including utilities and commercial laundry equipment. In a competitive market, how can you keep up with the evolving expenses that it takes to run a successful washateria? If your region has seen increases in utility costs or competition, implementing a tiered pricing system is an important business decision that you should consider. Tiered systems let you charge various vend prices for different wash cycles, allowing you to collect more for your store’s costly products, like hot water. Offering countless benefits, a tiered pricing system allows you to grow your laundromat’s bottom line, in-turn staying more competitive within the industry.
Increased Vend Prices
One of the most attractive benefits of a tiered system is the ability to charge a higher price for different wash cycles. This increase allows you to help offset the price of utility rates, which makes up a large portion of monthly expenses for laundromat owners. Even if your region has seen an increase in utility rates, tiered pricing will grow your return on investment over time, allowing you to allocate more money towards different business initiatives such as upgrading your commercial laundry equipment. If you’re considering increasing your vend prices through a tiered system, Martin-Ray Laundry Systems recommends keeping one wash cycle, such as the cold water wash, the same. This decreases your customers’ shock to the rise in prices and presents them with a familiar dollar amount to fall back on.
Differentiation from other Laundromats
In today’s competitive self-service laundry industry, it can be hard to differentiate your business from your competitors. To truly set your store apart from the rest, you need to take your tiered pricing system one step further. For the wash cycles that cost more money to use, give your customers a truly upgraded experience if they’re willing to pay a premium for the service. Some of Martin-Ray’s recommendations include providing free laundry soap that gets automatically injected into the machine and extending the time of the wash cycle to ensure that items are getting a deep clean.
Boosts Customer Satisfaction with Your Laundry Facility
Laundromat owners know that a high level of satisfaction is what makes a loyal and repeat customer base. When your store offers a tiered pricing system, it gives all levels of patrons a vend price they are looking for. From the value-focused customer to the one that is willing to pay a premium for a quality wash, your different pricing levels will attract a broader range of clientele.
Tiered pricing systems are an emerging trend within the coin laundry industry and offer many benefits to laundromat owners, like increased return on investment and customer satisfaction. If you’re looking to boost the success of your washateria, then consider partnering with Martin-Ray! With more than two decades of experience as a commercial laundry distributor, Martin-Ray Laundry Systems provides clientele with the business services they need to continuously grow their laundromat. If you’re looking to differentiate your coin laundry facility beyond commercial laundry equipment, contact us today to learn more if you’re located in our sales & service area!