Determining Which Emerging Technology to Add to Your Growing MedSpa Business

Written by on February 29, 2016 in Features - No comments

The Medspa business model has grown by leaps and bounds over the last few years. In fact, some dental offices have expanded into cosmetic botox businesses. An interesting mix of specialties, however if your practice is oriented towards cosmetic restoration in any way, it makes sense. As a launching point, skin care represents a market share of $96.​5 million each year—and this is represented primarily by skin care devoted to the face, according to Euromonitor Internat­ional. Lucintel market research reports global skin care and beauty markets will reach $264.​2 billion by the year 2017, and premium services and products for the face constitute a healthy percentage of that projection. As for Medspas, who address a bulk of this market, they run the gamut of services. The introduction of new technologies to address the cosmetic woes of the aging baby boomer population and its recession proof demands can make it very confusing as to what new gadgets or techniques to add to your product line of services.

With All the Choices, Where Does One Start the Research?

Assess your current core clientele. Who are they? How much do they spend with you? What is the potential for increasing that annual spend? And what are the areas that have the greatest growth potential for your business? Do you provide fillers, but not medical grade facials? Do you own older albeit working apparatus that have been edged out of the hot, new, hip technology that use the new cosmeceuticals and infusion techniques? Start by asking your clients what their most important beauty challenge is. Start where you have a loyal market, identify unmet needs, address them with a new technology, and model a sales funnel of new clients that match what you have successfully created already. Create word of mouth on steroids by selling a system of beauty care, a program of services rather than just one service at a time.

Emerging medical technologies can be identified by tapping in to what others in your industry are talking about. Being on the cusp by reading trade magazines, attending conferences, serving on boards, and talking to others in your industry is one way to be ahead of the curve. You don’t, after all, want to be the last Medspa to get a new technology. By then, the price points of the service have been eroded by couponing and other competitive marketing mechanisms. No, you want to be on the cutting edge of knowing what’s emerging and the only way to do that is to research ahead of the trend. Are you noting that skin tightening and sun damage are two of the motivations for 90% of your clientele because you are in a resort type area with year round temps of 70 degrees? Then, research the technology that addresses those beauty challenges rather than specializing in a technique that is really geared towards another market. Be smart. Put your location, your clientele and your intellect into choosing your next investment. Perennial challenges in the beauty arena are sagging chins, hair loss, fat reduction, skin rejuvenation or resurfacing, tattoo removal, vein elimination etc. and new machines and products are being released every month to address them.

So, You’ve Found a New Technology, Now What?

You’ve identified that you have a built-in demand for a new product, let’s say a medical grade facial system and you’ve demo’d and spoken at length to the representative for the company. Consider leasing or renting the machine and marketing a special introduction to the system with a package or coupon to your existing clientele. These emerging technologies can be large investments, so make sure your staff is capable of being trained to be the best provider in your geographic area. Nothing erodes interest in a newfangled service faster than an unfortunate or careless delivery vehicle for it. Contact your business manager to discuss whether your business is set to make the investment based on the ROI of visits and planned marketing costs. Create a strategy for launch of the new offering and make a big deal about it. Because, face it, if you have leased or taken a loan for a piece of equipment for your office, the last thing you want to do is see it sitting in a corner unused day after day. Create a specific strategic marketing plan inclusive of heavy digital promotion so you can tie it back to a video or other strong materials the company has to support you. In the old days, you handed a client a printed brochure. Now, clients and prospective clients will google the product, look at videos to see how it’s done, assess reviews to see what others think of it, and read up heavily on the service. In some cases, clients already know what they want when they call you. Hello Beauty Medspa, I’m looking for Hydrafacial MD. It says on your website that you offer it, are there any packages on special right now? By the time you receive that call, you can be sure that prospect has seen videos and a list of other Medspas in your area that offer it as well. At that point, don’t let price be your only differentiator. Service is KEY! Create relationship, offer add on’s, consultations and other merchandising to create a bond with your prospect. And give yourself a pat on the back because you knew the right new emerging technology to get to start the phone ringing.

Introducing a New Service in a Competitive Field

Momma’s Medispa (www.mommasmedispa.com) in Solana Beach California recently went through the process of identifying a new service that was an existing demand for in their business.

Momma’s owner, BJ Brockington explained, “We offer a tremendous diversity of skincare treatments, but we recognized a demand for a non-invasive, medical grade facial. Peels, Rejuvapen, Exilis, and a few others we offer are fantastic but often require some down time as the skin heals and remodels. I did my research and while Hydrafacial MD is not a new technology, per se, their improvements and infusion serums and proprietary skin solutions address the demand we have among our clientele for an immediate and substantial restoration of skin health.” Brockington did her research on other spas in the area and what they were offering, as well as what demand would be met within her healthy clientele. She analyzed the potential for return-on-investment and while she often leases machines for her So Cal location, in the case of Hydrafacial MD, she opted to purchase the machine outright. “I financed it based on my projections for return and so far have not be disappointed.  I put together a marketing package with add on’s and gave coupons earned from other services to put towards a first time trial. With this particular service, once you try it, you love it! Who doesn’t love immediate gratification without downtime?”

Most important when assessing a new service is the competitive environment. If others are already offering the service at highly discounted rates, your investment is on shaky ground. Confirm with the company who manufactures the line that there are barriers to pricing so there is no undercutting and tap as much of the company’s marketing materials as possible. Devote a page to the service on your website, create blogs, take before/after’s and get reviews and testimonials and start building a following of interest on all of your social media. A new service and happy customers will speak for itself and will drive a sales funnel to your door in time for you to make your first few payments on your new investment.

Lori Gertz, the author of this article, is the chief genius at her 15 year old strategic marketing company, Freakin’ Genius Marketing (www.freakingeniusmarketing.com). Her intense focus on brand building is further strengthened by her uncanny ability to weave points-of-difference through all of the tactical solutions, most specifically 1:1 marketing solutions. Her Amazon Bestselling book, Be the News: A Guide to Going Viral With Your Human Interest Story contains even more ideas and resources to grassroots marketing techniques, most specifically media relations. Lori has served as editor, developmental editor and ghostwriter for a number of high-profile individuals in the mind, body, spirit and education fields.

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