Medesthetics

JUL-AUG 2018

MedEsthetics—business education for medical practitioners—provides the latest noninvasive cosmetic procedures, treatment trends, product and equipment reviews, legal issues and medical aesthetics industry news.

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BUSINESS CONSULT | By Cheryl Whitman For a medspa or medical aesthetic practice to grow and prosper, it's crucial to fi nd and entice the people in your com- munity who can support your business—particularly if your offi ce is in a highly competitive area. To claim your share of the market and connect with that target base, it's also smart to identify the unique characteristics, or differentiating factors, that set your practice apart from the competition. How can practice owners identify their target markets and entice those prospects to visit their offi ces? The fi rst step is to conduct a feasability study. Identify Your Base A feasibility study consists of two parts—a competitive analysis and a demographic survey. It is used to help busi- nesses identify potential patrons in their regions as well as the number of competitors vying for the same customers. The Demographic Survey: Several sources can help you analyze the demographics of your local area to determine the size of your community, average age, gender breakdown and income levels. Free resources include the U.S. Census Bureau (census.gov), local libraries and your lo- cal chamber of commerce. Paid marketing services, such as Demographics Now (demographicsnow.com) and Claritas (claritas.com), compile this information and create reports for businesses. If you are planning to open a new practice, this informa- tion will help you determine if enough potential clients are in the local area to support your practice. For existing prac- tices, this information can help you refi ne your offerings and marketing strategies based on the age, gender breakdown and income levels in your local community. The Competitive Analysis: Do you know how many other aesthetic practices are competing for your patients? That is the purpose of the competitive analysis. To fi nd your competitors, you can drive around your area, go to the local chamber of commerce, use a Google search, and review business listings and advertisements in local papers and magazines. If your practice is in a large city, look at similar businesses within a 10-mile radius of your location. If you are in a smaller municipality, that radius will expand based on population density: the lower the popula- tion density, the larger the radius of competing businesses. Next, determine which of these providers are direct com- petitors. A direct competitor offers the same services you 20 JULY/AUGUST 2018 | Med Esthetics © GETTY IMAGES How to identify and connect with your target market. HITTING THE MARK

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