Entrepreneurship is a challenging, yet rewarding, journey. However, not all businesses get the privilege of maintaining a strong position in the competitive market.
Competition means having your market for a while. Then, your competitors may win them in the next few months.
Understanding competition can be challenging. It is as complex as other aspects of doing business.
As a business owner, your responsibilities encompass coordinating and monitoring business functions.
Businesses have various functions. For example, it relies on the financial reporting abilities of its accountants for government compliance. Additionally, your accountants also provide inputs to other functions within your company.
Medical spas benefit from accounting. It helps with government compliance and decision-making.
Another business function that is paramount to your business is financial management. Not every business has the liberty of unlimited resources. Financial management can help maximize your financial resources. Moreover, it can help with your profitability.
Your revenue and expenses affect your profits. An incline in revenue increases your profits. A reduction in expenses increases your profits.
Your financial management team can help you control your cost and maximize your income. Additionally, they can help you decide on your medical spa.
For example, they can help make reports on the financial impacts of pursuing or rejecting a project proposal.
Additionally, your inventory and supplies are also vital to your services. There is some negative impact to overstocking and understocking.
Bespoke Beauty MT is a medical spa. It offers a variety of beauty enhancement services to its patients. Additionally, it also offers cosmetic products for sale.
Your products for sale may need extra costs for keeping them in ideal condition. Moreover, it should be in a storage area that preserves and prolongs its quality. The situation is also vital for your supplies.
Inventory is the products you sell. These are products that you put a mark-up on at its cost. On the other hand, supplies are the products you use for your services.
Examples of inventory sold by Bespoke Beauty MT are lotions and body creams.
On the other hand, some of its supplies are syringes, gloves, and dermal filler products.
One of the impacts of overstocking your inventory and supplies is excessive storage and utility costs.
Alternatively, the disadvantage of understocking is lost opportunities.
You may lose the opportunity to service your clients due to a lack of hyaluronic acid stocks.
Another vital business function is customer management.
It focuses on meeting the demands of the market. Additionally, it entails the maintenance of customer loyalty.
There are many possible ways to attain client satisfaction. For example, offering high-quality services may add value to your offers.
The competence of your employees and medical practitioners impacts client satisfaction. It is where experience and training are relevant.
Years of experience in the medical aesthetic market help improve skills.
Aesthetic injection training helps enhance the skills of your medical aesthetic team.
A modernized training school for medical aesthetic practitioners is The Aesthetic Immersion. It offers virtual and in-person learning options. Moreover, it regularly updates its webinar library. Furthermore, it can help you network with other practitioners and mentors in its Q & A sessions.
The Aesthetic Immersion can help upgrade the skills of your medical spa team members.
Skillful medical practitioners increase the chances of accurate results. Additionally, regular training equips your team with knowledge of the latest tools and methods used in the industry.
Another aspect that impacts customer loyalty is competition. Your clients may be exchanging your services for the offers of your competitors.
Competition is one of the challenges for business growth. There are other challenges to business growth. It can come from poorly handled business functions.
Do you know that the medical aesthetic market continues to grow despite the challenges of the recent pandemic?
According to Grand View Research, there is a 14.5% medical aesthetic market growth forecast. The projection covers until the end of the decade.
The potential for your medical spa business growth is highly possible. However, do not get overconfident. There will be challenges on your path despite this positive news.
One of the challenges that you might encounter in a growing market is competition.
Although competition is already present in the market, the growth forecast entails an incline in competition.
Other medical spa owner aspirants would also like to take a significant share in that growing market.
Competition is an external factor that goes beyond your control. However, there are some ways to overcome its challenges.
One of the benefits of understanding your competition is the determination of business points that need adjustments.
For example, it can introduce you to your current weak points. It may entail your marketing strategy. Alternatively, your products and services may be your weak point. On the other hand, it may be your pricing or location.
The marketing mix is also significant in understanding your competition. Does your business have a pricing strategy?
If it does, then there is a chance your competition also implements one.
Other companies would try to source the pricing strategy of their competition. Pricing relates to marketing because it has the power to impact a company image.
For example, some people would see your high-priced services as high-quality. However, not meeting this expectation may not benefit your medical spa. Ensure you meet the expectations of your market. One way to do this is through training your medical aesthetics team. Better services come in the hands of your medical aesthetic team. Ensure they have the competence for the role.
Alternatively, low-priced services may entail low quality. However, its affordability may reach a market who are on a budget.
A low pricing strategy can potentially harm your profit.
Ensure you make appropriate computation in costing.
Leaving a portion of costs may result in a net loss for your business.
Additionally, sudden price increases may not be ideal for your business.
Furthermore, the features of the services of your competitors can also impact your strategies. You may need to adjust your services to meet the quality standards set by your competition.
Additionally, you might have to focus on service bottlenecks for improvement.
Furthermore, one of the tools used in the business world for understanding competition is Porter’s Five Forces.
Michael Porter is the creator of Porter’s Five Forces tool. It is one of the widely used business strategy tools.
Here are the components of Porter’s Five Forces:
Your suppliers can impact your competitive advantage in the market.
An increase in the products you use may entail a need to adjust your prices.
Your patients may not be happy with the price increase.
The fewer suppliers in the market means there may be only a few competitors. Buyer power occurs when the opposite situation occurs.
The less number of suppliers means there are fewer problems with competition for your medical spa business.
Competitive rivalry entails studying your competitors. It encompasses understanding their advantages. Moreover, it can also include determining their pricing strategies and position in the market.
Many participants in the competition may drive everyone to lower their prices.
Consider your service quality with pricing out of the choices to gain an advantage.
Equipment improvement and employee training may improve your service quality.
Additionally, you can consider upgrading your facilities or hiring more team members for your medical spa.
Alternatively, a market with low competition can give better pricing opportunities for your business.
However, be on the lookout for the growing market as it may entail new entrants and potential substitutes for your services.
The threat of new entry varies in different aspects.
For example, a business that is easy to enter may put your company at risk of many new entrants.
As a medical spa, your service quality is your treasure. Your processes and the medical aesthetic team can also help you gain an advantage in the market.
Service improvement and regular employee training can help you overcome the competition in this growing market.
There is diversity in the beauty enhancement market.
Medical spas are not the only option in your market for their beauty enhancement treatment.
The different players in the medical aesthetic market have their weaknesses and strengths.
Additionally, medical spas also have weaknesses and strengths.
One of the players in the beauty enhancement market is cosmetics producers. They offer OTC products.
It includes make-up and skincare products.
Make-up includes foundations, blush-on, lipsticks, and eyeshadows.
It helps enhance the appearance of a person. Also, it serves as a cover for skin aesthetic insecurities.
However, it does not resolve it. The effects disappear after washing the face.
Alternatively, skincare products may not produce significant results even after long-time use.
Another option in the beauty enhancement market is surgery.
Plastic surgery helps correct the impact of an injury or medical condition on appearance.
On the other hand, cosmetic surgery does not focus on corrective procedures. Examples of services you can get from a cosmetic surgeon are liposuction and rhinoplasty.
Having these substitutes in the market can be manageable for your medical spa business. Focus on the advantages of your services.
For example, ensure you relay the message of your safe services.
Moreover, relay the long-term effects of medical spa treatments.
Additionally, inform your potential market of the minimally invasive procedures applied in medical aesthetics.
Furthermore, you can inform your market that aesthetic injection practitioners are skillful medical practitioners.
Also, you can inform your leads about regular training and long-time experience of employees.
Communication is one of the ways you can entice your audience to consider your services.
A strategy you can use for communicating your medical aesthetic services is digital marketing.
You are one step close to business growth if you maintain a strong position in the competitive market. One way to do this is with the help of digital marketing.
Digital marketing entails the internet and other digital platforms for communicating your products and services.
It is a communication strategy that helps your business gain a significant presence in the online landscape.
As mentioned earlier, there are many business functions. It may be inefficient when you can outsource some of it.
For example, you can outsource your digital marketing functions.
Really Good Content is a medspa digital marketing agency.
It can help you with medical spa websites, medspa website designs, and medspa content writing.
Really Good Content has a team of experts that can make valuable content for your medical spa website.
Additionally, Really Good Content provides you with appropriate medspa content for your social media pages.
It has a team of digital marketing experts that can help you with medspa article writing.
Really Good Content also offers a service that can help maximize the outcomes of digital marketing efforts.
Really Good Content offers digital accessibility services to its clients.
Digital accessibility allows people with disabilities ease of access to your online content.
Accessible websites allow you to maximize your digital marketing investment.
Really Good Content can help your business grow through its medspa digital marketing expertise.
Additionally, it can help you gain more patients through an automated sales force. Digital marketing can be your sales agent that works 24/7. It does not demand salary increases and benefits.
Moreover, you get the most out of your digital marketing investment through the help of Really Good Content experts.
Really Good Content has various experts in the different scopes of digital marketing. It has a team of content writers, graphic design artists, website design specialists, and SEO experts.
One of its clients even reached the front page of Google. Really Good Content can also help you gain these results with the help of its SEO experts.
Let Really Good Content and its digital marketing experts help support your business growth through faster lead conversion.
Book an appointment now to get your free website audit!