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 22 JULY/AUGUST 2018 | Med Esthetics offer, is using the same concept or has positioned itself in a manner similar to how you have positioned your medspa or medical aesthetic practice, has a medical director with the same expertise and/or has a similar facility. Think about how you can establish a competitive advan- tage. Be creative. Your challenge is to discover wants and needs in your community that your competitors are not fulfi lling. For example, do you offer unique treatments or services, better pricing or a superior facility or location? Can you boast ample or free parking, more convenient hours of operation or more impressive credentials? Understand Your Target Market Now that you have identifi ed your unique attributes and target patient base, you need to learn more about who your prospective patients are to develop targeted marketing mes- sages. For example, how old are they, where do they live, what are their income and educational levels, what are their hobbies, and what health issues or aesthetic concerns are they likely to have? Consider where they get their information. Do they watch TV, use social media, print media or radio, or do they rely primarily on word-of-mouth? (This is more likely in a small town.) Also consider how they communicate (via phone, email, text messages and/or social media). Once you get an understanding of their demographics and habits, pay attention to what they value (e.g., family, fi nancial success, happiness), the type of lifestyle they have or aspire to, whom they admire, and the challenges they face, such as stress, long hours or signs of aging that make them feel less competitive in the workplace. The easiest way to obtain this information is to ask your current patients. Send patients a survey asking them to share their experiences at your practice. Also ask why they chose your practice. Most of us have heard of the 80/20 rule—80 percent of your revenue will come from 20 percent of your clients. For even more targeted feedback, ask your top 20 percent —either personally, by mail or during a special focus group event—why they chose you as their provider. This will give you insight into your differentiating factors and also provide information about whom you should target. Differentiate Your Practice Now put your information to work with targeted messaging. Make a list of the things that you do differently (and better) than your competition as well as the services you offer that they do not. To differentiate your practice from its nearby competitors and appeal to your target base, you may decide to expand your offi ce hours, create new treatment packages or design new advertising materials highlighting your unique attributes and how they can help your most likely prospects attain their aesthetic goals. Identify community events that tie in to your differentiating factors to increase your exposure in the area. Remember, you cannot be all things to all people. Instead, fi nd your niche, fi nd your target patient base and focus your efforts there, especially if your practice is located in a highly competitive market. Cheryl Whitman is founder and CEO of Beautiful For- ever, an aesthetic business consulting fi rm. Contact her at, 561.299.3909. © GETTY IMAGES Your challenge is to discover wants and needs in your community that your competitors are not fulfi lling.

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