When your skincare line claims to be anti-aging, but has sat on your shelf and collected dust for longer than your willing to admit...it's time for a new retail strategy. Medical Spa Consultant Bryan Durocher of Durocher Enterprises, recently spoke to owners, physicians, and other medical spa professionals at AmSpa's Next Level event in New York. His talk, "The Key Infrastructure and Revenue Producing Strategies" gave attendees the tools to set their med spa up for retail success. 💸
In less than 5 steps, we're going to provide you with Bryan's quick retail solution for your medical spa. Let's get to it...
Step 1 Determine Your Expenses & Cost of Goods
Did you know that your products must turn a minimum of 6-8 times per year to earn your shelf space? This is lesson one of inventory control, Bryan explains, "When choosing professional products to perform service you have to compare the cost of the products needed to perform the service and how much you are charging for the service and does the product cost amount to no more than an average of 12% of the service price charged." For example, if you charge $75 for a superfacial and the product cost is $13 (Cleanser/Toner/Mask/Moisturizer/Eye Cream/Cotton Pads), that's a cost-to-service percentage of 17.3%.
☝️Make it simple...and do the math.
Step 2 Tighten Your Menu
Are you offering services that pair well with skincare? You want to provide treatments that integrate skincare throughout the procedure, so you can send your patient home with retail that will keep them coming back for more. Retail sales are the highest profit center for your business. Put a price tag on everything in your store, from skincare products to speciality chocolates at the front desk...people are really into boutique shopping and will appreciate the shopping experience you're providing them.
Step 3 Understand Consumer Trends
Who is your patient audience? If you're trying to attract millennnials, then you need to understand how the "transumer" audience purchases products. Bryan describes this generation as those that are driven by experiences. "Millennials seek entertainment, discovery, transient lifestyles. They collect experiences and 'snap stories.'" So what "out of the box" retail experience are you providing them with?
Step 4 Create a Retail Environment
Now back to the dusty old, Toy Story- esque retail products you have sadly sitting on your shelves. This is a sad environment that no customer wants to experience. Products should be easily accessible for customers to test out and stimulate all the five senses.
Interested in hearing more retail strategies? Come see Bryan speak at our next show!
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