As the pressure of the COVID-19 pandemic eases, it’s time to look ahead at what the “new normal” means for your business. Although the beauty andpersonal care industry has been effected in the wake of the COVID-19 pandemic, the impact has not been as severe as in other industries. With fewer lockdown restrictions in place, the market should see a return to discretionary spending behavior among consumers. According to the latest market research, the outlook for the medical aesthetics sector is positive. Projections estimate that the energy-based non-invasive aesthetic treatment market is poised to grow by $1.21 billion during 2020-2024.
It might seem counterintuitive, but now is the best time for you to invest in your clinic so that it’s prepared to take advantage of this surge in growth. Throughout the pandemic, we’ve provided strategic support to our partner clinics and offered advice on how to weather uncertain times. Going forward, we’re committed to supporting your business by equipping you with the most cutting-edge technology in the medical aesthetic device market and through our robust industry research. Read on for the biggest shifts to expect after the pandemic and the strategies that are going to optimize your clinic for success post-COVID.
We’ve discussed how the pandemic has changed consumer demand and expectations during the pandemic, but what about after? Our projections show that many of the shifts in consumer sentiment that have occurred in the last year will continue. Two trends in particular should be of interest to clinicians: a shift toward non-invasive procedures, and a greater demand for safe and reliable products and services.
As the effectiveness of non-invasive energy-based aesthetics technology has increased, so has demand for these procedures. Post-COVID, minimally invasive treatments for anti-aging, face lifting, and face rejuvenation are going to prove more popular than ever. There has been a remarkable growth in the demand for non-invasive and minimally invasive aesthetic practices while the inclination towards conventional surgical procedures is reduced. Additionally, the Work From Home phenomenon has put increased focus on the face, boosting interest in facial treatments. Looking good on Zoom and other videoconferencing software is now of everyday concern for many. According to the International Society of Aesthetic Plastic Surgery 2019 report, around 276,069 procedures of facial rejuvenation were performed in 2019 in the United States alone, and this segment can expect growth of $2.57 billion over the next four years. Clinics can capitalize on this growing market by advertising their facial treatment offering and highlighting the non-invasive benefits of all of their aesthetic services.
More than anything, the pandemic has brought personal health and safety concerns to the forefront. Your clinic is no doubt already aware of this and staying on top of the new measures that have been in place since reopening. The aesthetics market has witnessed a major consumer shift toward safe and reliable products as a result of these concerns, and this will continue post-COVID. Increased competition in the medical aesthetic market affects this issue as well: according to the NSW Health Care Complaints Commission (HCCC), complaints about cosmetic procedures being performed by unlicensed providers have increased. What does this mean for your clinic? Going above and beyond the required health and safety regulations is a must, as well as ensuring that your staff is certified and well-trained. Above all, the best way to foster consumer trust and loyalty is by offering the safest and most effective aesthetic treatment devices on the market.
Post-COVID, the aesthetic market is projected to experience an upswing in growth momentum, but investing in your clinic during uncertain times can be a tough decision. One of our partner clinics did exactly that. So far, the investment has paid off.
Health Point Laser Clinic specializes in aesthetic treatments and cosmetic procedures for skin care, anti-aging, hair removal, and more. They offer a comprehensive suite of services to address a multitude of aesthetic concerns, including weight loss and body contouring. Their business model relies on ensuring a high treatment success rate and patient satisfaction by using only the latest in medical aesthetic technologies, which is why, when founder Scott Fader (BHK, CSCS) was looking for a device for non-surgical fat reduction and skin tightening, he chose Venus Bliss™—right in the middle of a pandemic.
Fader was looking for a device with a transparent pricing model, and one that would give him a 4-6x return on his investment over time. He was already familiar with Venus Concept devices and knew that Venus Bliss™ could achieve this because after bringing Venus Viva™ into his practice, the device paid for itself in six months. Health Point Laser Clinic started offering Venus Bliss™ treatments in August of 2020. Within four months they had sold over $87,000 worth of Slim & Smooth with Venus Bliss™ packages, and are now on track to break even on the device in less than a year. Even though Kelowna isn’t a major urban center, with a population of just over 132,000, interest in Venus Bliss™ treatments is strong.
This case is not an anomaly; clinics with Venus Bliss™ all over North America are showing high usage, meaning the patient demand is there. That demand has been strong despite the pandemic, and going into 2021 Fader is confident their strong sales will continue to grow. “This is an industry that has been outpacing the economy every year,” he says, and our projections say the same.
Without a doubt, the pandemic has led to unforeseen challenges in the aesthetic industry. Even with the positive outlook on the horizon, your practice may be struggling. Let us help. With our Practice Enhancement Program, you’re not just getting our cutting-edge medical aesthetic technology. Our devices come with ongoing support, at no extra cost to you. We want your practice to succeed, and we do that by sharing our expertise with you.
As part of the program, you’ll have the benefit of one-on-one attention from industry experts to develop a customized strategy tailored to help your business flourish and grow. You’ll get comprehensive support in the following areas:
Strategic planning and clinic efficiency strategies, including clinic protocol and best practices, patient retention strategies, and data collection and analysis
Ongoing marketing support, including guidance on SEO and SEM to promote your online presence, social media strategy, and other promotional avenues
Finance and profitability planning, including effective pricing strategies, guidance finding and implementing new sources of revenue, and customized tools for financial analysis
Clinical and technical support, including complimentary clinical training on Venus Concept devices for you and your staff, as well as ongoing technical support
Invest in your business now so you’ll be ready when consumers resume their aesthetic visits. Contact one of our experts today. We’ll make sure your clinic is ready for post-COVID success.