MedEsthetics magazines offers business education and in-depth coverage of the latest noninvasive cosmetic procedures for physicians and practice managers working in the medical aesthetics industry.
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BUSINESS CONSULT | © THINKSTOCK 26 MAY/JUNE 2014 | Med Esthetics By Cheryl Whitman Catering to Niche Markets Reaching out to niche markets offers several benefits to cosmetic practices. Most aesthetic practices serve a culturally mainstream popu- lation, and for many years, that was enough to have a busy and profi table practice. However, increasing competition combined with the economic downturn in 2008 conspired to change the situation. Where it was once a challenge to keep up with new busi- ness, over the past several years, many practices have strug- gled to remain profi table. In response, a growing number of cosmetic practitioners are fi lling their books by reaching out to specialty or niche markets. Here are some examples: • A physician in Northern Jersey has strengthened his practice by reaching into the Russian émigré market. • A Manhattan doctor has expanded his business by reaching out to men, one of the fastest-growing patient populations in aesthetic medicine. • A dermatologist in Florida's South Beach area has tapped into his own Cuban roots to serve the Cuban- American market. • A physician in North Miami Beach is reaching out to Or- thodox Jews, offering services that cater to their medical needs, while respecting their faith. • An Egyptian-born doctor north of Detroit is reaching out to the Arab-American market, trading on his linguistic skills and cultural sensitivities to provide distinctive services for that audience. Other examples include physicians in Oklahoma and the Dakotas, who serve Native American patients, while others serve Florida's Haitian community. REACHING NICHE MARKETS There are several factors that make marketing to niche mar- kets an attractive proposal. They often have their own local media, which allows practices to directly reach the target market with distinct messages. In urban areas, individuals in the same ethnic, lifestyle or gender groups, often cluster together. Major cities, such as New York, Boston, San Francisco and Los Angeles, have so many ethnic and lifestyle groups that savvy cosmetic physicians are segmenting their markets and building brand loyalty, referrals and profi ts. There are four primary types of niche markets: • Those based on race • Those based on distinctive national ethnic origin • Those based on lifestyle and orientation • Those based on gender • Those based on age continued on page 79 B u s i n e s s C o n s u l t / A d I n d e x M E D 5 - 6 1 4 . i n d d 2 6 Business Consult/Ad Index MED5-614.indd 26 4 / 1 6 / 1 4 4 : 3 7 P M 4/16/14 4:37 PM