With more and more med spas appearing, the aesthetics market is more competitive than ever. As overhead costs rise, even a well established practice can see their profit margin dwindling. Many wonder how to increase revenue at their med spa, but are too busy to do much about it.
Good news is that a few simple adjustments and re-worked offerings (NOT huge overhauls) can immediately increase your revenue AND improve your patient’s experience.
To begin, take a hard look at your practice’s operations to see where you could best focus your efforts. Incorporate the suggestions below that best address your needs for improvement into your med spa marketing plan.
Learn the five simple ways to increase revenue at your medical practice.
If your booking rate is feeling stale, it might be time to roll out some fresh new offers.
At the moment, you likely have prospective patients who are on the fence about booking with your med spa. A special offer that gives extra value to your patients can often be the tipping point to those new bookings.
For example, value bundles can be a win-win for both your practice and your patients. In addition to making your patients happy with a discounted price, bundling a series of treatments leads to more bookings overall (aka more revenue) for your practice.
You could also offer a complimentary add-on such as a free facial or skin tightening treatment when a booking is made. Some injectors are offering minor treatments such as lip flips that require a minimal dosage. A limited-time offer, that will soon expire, can often push up patients’ rebooking timelines.
In addition to new patients, provide rewards to your loyal patient base. Consider offering a membership plan that offers exclusive benefits and perks to your loyal customers. Whether you set up a system to accrue points for future services or simply send out special offers or updates, your base will appreciate being the first to know in an exclusive group.
Test out different promotions and bundles. Pay close attention to which offers generate the best patient response. When you find one, stick with it! As you refresh your offerings, you will see your revenue increase!
Price and results are not the only factors that draw patients to your door. If you can differentiate your practice by selling a “spa experience” you will see an increase in your loyal patient base.
But what exactly is a “spa experience”? In addition to providing medical standard results and professionalism, a med “spa” creates a relaxing and rejuvenating experience for its patients.
Try to add “concierge” touches wherever you can. Invest in beautiful and comfortable med spa interior design. Offer complimentary drinks and entertainment. Foster engaging staff that regularly reach out in pre and post-treatment care. Though it might seem small, these touches add up to create an environment that patients will want to return to again and again.
In addition, your patients need to feel you are invested in them personally. Show through each interaction that you are invested in their goals as their lifetime beauty and health provider.
Consider scheduling in-depth consultations to go over patients’ health and beauty goals. Listen attentively. Talk through different treatment options. Come up with lifestyle and nutrition plans to supplement and extend the results gained from their treatments.
Through a carefully curated environment and personalized attention, you can create a “spa” experience that will keep your patients returning again and again!
The faster you respond to marketing leads the better. Your revenue is directly tied to your response time!In fact, according to Harvard Business Review, leads are SEVEN TIMES more likely to result in productive conservations when responded to in the first hour. The odds exponentially decrease as the minutes, hours, and days pass.
Whether it's a welcome email, return call, chatbox response, etc. the longer a prospective patient waits to hear from you, the less likely they are to pursue treatment with your med spa.
How can you decrease or eliminate your response times? Start by automating immediate responses wherever possible and setting up clear booking paths on your platforms.
You don’t always need to launch new marketing campaigns to boost your revenue. First, make sure you are using and quickly responding to the data gathered in your existing marketing channels. Once your response time processes are in place, then you can focus on rolling out new campaigns.
Tighten up your response time and watch your med spa’s conversion rate and revenue increase!
The medical aesthetics landscape continues to expand as new treatments regularly enter the market. The potential revenue is tempting. Who wouldn't want to invest in a hot new market and gain a piece of that revenue pie?
However, many med spas find themselves disappointed when their investments come up at a loss. They find themselves stuck with expensive equipment that is costly to store and maintain. Often the demand for these new treatments just isn't there.
To see an increase in your revenue, avoid the fads and focus first on building out your most profitable services.
For most medical spas, BOTOX and dermal fillers remain the “bread and butter” revenue sources. While the profit margins might be low for individual treatments, the high demand and multiple sessions per patient can develop into a solid revenue stream.
Focus on your BOTOX marketing to build up a loyal patient base. Seek to tighten your patient’s rebooking timeline through special offers and promotions.
As your med spa scales, you might find that it is time to add new offerings. Consider scaling in popular med spa treatments that best match your patient base’s needs and desires, as makes sense. But first, always begin with a solid base of profitable and regularly recurring treatments.
To gain more revenue, your med spa needs more exposure. It goes without saying, that the more people you can reach with your marketing, the more new patients you will see coming through your door.
There are many arms of marketing that can expand your reach. As this is the beauty industry, Social Media Marketing is likely the most critical campaign to showcase your results and create an online community.
Prioritize building up social platforms such as Instagram, Facebook, and TikTok to solidify your presence in the beauty industry. Partner up with local influencers, invest in video content, and run promotions that keep your base engaged and aware.
In addition, email, text, and PPC marketing are all powerful campaigns that can build awareness and convey information to prospective patients. Optimizing your online presence through SEO best practices can also help your practice appear higher in online search results.
An effective marketing strategy is made up of many coordinated marketing efforts. Remember, the more online awareness you generate, the more revenue you will see!
Increased revenue to your med spa doesn't just happen. But some simple adjustments can make a huge difference in increasing your margins.
Take a deep look at your current operations. By cutting out the fat and focusing on your most valuable services, investing more into your generating channels, and taking to heart these other suggestions to maximize the patient experience, the value of your services is sure to increase for your patients. Through a targeted effort you can watch your revenue ceiling begin to climb away from your costs.