Medical spas are tremendously growing as more and more people are becoming invested in the various products and services that are available. The future of the medical spa industry is expected to have a market size of 63.2 billion by 2032. There is room for tremendous financial growth for your medical spa.
Although there is room for growth it is your duty to figure out how your medical spa can be a part of that growth. It takes a lot of brainstorming and in some instances trial and error to determine what works to increase profitability margins and what doesn’t. We have compromised a list of 5 tips that we think will help your medical spa to experience increased profitability.
1. Create a Cost Efficient Marketing Budget
First things first, marketing operational cost can become extremely expensive if there is no real conducive plan or budget in place. After creating your marketing plan based on your marketing strategy the next step is to consider the kind of growth that you are expecting for your medical spa. The level of growth that you are expecting should pretty much give you an idea of how much resources you should allocate toward creating a marketing budget.
Generally your long term marketing budget should range from 2-5% of your annual revenue. However, if you are just starting out you may not be able to allocate as much but you can start with the most cost efficient yet effective parts of your marketing plan. For example you can begin with social media marketing or paid advertising where you are able to allocate your budget based on what you can afford at the time and increase as necessary.
2. Focus on Customer Loyalty
Customer loyalty and retention is what keeps your medical spa in business. Having repeat clientele goes a long way. Consistent clients are much better than clients that visit the medical spa once and never return.
Provide services and an ambiance that keeps your customers returning for more. Your clients’ loyalty to your brand will not only keep them returning but will lead them to encouraging others to visit the spa and use the services on a regular basis as well.
Offer incentives or rewards for loyal patients. Perhaps create loyalty cards to receive a free service or product after a certain number of visits. Patients value the fact that business owners are not only able to take but give back as well. Even create a referral program where patients are rewarded with a discount after referring someone new to the medical spa.
3. Price Your Services & Products Based on Market Standards
Pricing your services and products based on the market is key. You want to be mindful of not charging too little but also not charging too much. Overcharging can lead to clients being more drawn to your competitors who are offering the same exact things but at a more affordable price.
Always keep in mind that it is important to consider the audience that you are targeting while remaining competitive. However, still you must also consider the kind of value and quality that your medical spa is providing. Some patients do not mind paying for an experience along with the offerings that they are receiving so your prices should be reflective of that aspect as well.
4. Create a 1 to 1 Experience for All Patients
Setting yourself apart from others within the industry can make a tremendous difference as well. The medical spa industry is competitive, so you need to make your spa unique to attract patients. Providing your patients with a 1 to 1 experience with personalized plans can speak volume.
Your value proposition should outline the value that you intend to bring to your clients and that should be clearly communicated and marketed to them. When they arrive at your medical spa their overall experience should speak to exactly that. Each patient should feel like the spa is dedicated solely to meeting their needs.
Patients value exclusivity and top class treatment. This alone will continuously keep them coming back and willing to pay at a certain price point even if it happens to be a little higher than your competitors. The medical spa itself should be outfitted with the best in class equipment and designs with top class well trained staff that provide the best overall experience.
5. Offer Exclusive Add-Ons and Upgrades
When a patient comes in for a service encourage your staff to also try to upsell the service or product and encourage the addition of add-on treatments or upgrades. This can help with the accumulation of more funds. If you upsell the benefits and how they can enhance the overall experience patients will be more inclined.
Encouraging an additional upgrade to a service or selling an entire system of a product line versus just one single item can lead to increased revenue over time. You will see your medical spa profits skyrocket from the usual profits that you have been experiencing.
Keeping in mind the level of growth that you will like to see for your medical spa can help with the outlook that you should take when trying to increase profits. Your medical spa’s profitability depends on the amount of time and resources that you are willing to invest. In order to experience the best results it is important to invest and seek professional help as necessary.
At Cindtoro we have a professional team of digital marketing specialists that can help you enhance your marketing efforts and in turn increase your ROI. Book a consultation with us today!
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