The recession that has been looming throughout the pandemic may be upon us, and while economists are predicting it will be mild, it’s always a smart move to be prepared. Planning for a recession will look different depending on your practice, but there are a few strategies you can implement—sooner rather than later—to help recession-proof your business. Here are some key ways you can ensure that your clinic thrives during an economic downturn.
In times of financial uncertainty, businesses tend to cut their marketing budgets. However, experts agree that this can spell disaster. Instead, maintain your marketing spend at its current level and focus on tweaking it for a higher return on investment. Since lead generation usually requires a higher spend, you should focus instead on retargeting your paid ads and social media efforts on enticing your regular customers to book a return appointment. Loyal clients are already interested in your services and have a higher intent when viewing your ads. No matter what, you should keep up a robust online presence. Consistency is important, especially during a recession.
Your owned contact list is your most valuable asset when it comes to marketing. These are clients or potential clients who have already demonstrated an interest in your business by signing up for your newsletter for promotions/updates or gave you their contact info after visiting your clinic. If you aren’t already taking advantage of the power of email marketing, now is a great time to start. If you already communicate with your list regularly, they might be used to scrolling your emails and it’s time to change it up with a new design, better copywriting, or by offering more value.
You only have one chance to make a first impression, and these days that first impression to potential clients is made online. An out-of-date, unattractive, or glitchy website isn’t doing your business any favors. On the other hand, refreshing the design and offering a better online experience has the potential to make your business win out over the competition. If you’re not sure what your website is missing, check out what your competitors are doing. If your website looks great but doesn’t seem to be gaining traction, consider hiring an SEO pro to make sure yours is the first site potential clients see when they search for your products or services.
Mild or not, your patients are going to be more price sensitive during a recession. If financial times are tough, necessities will take priority and they’re going to be less likely to splurge on aesthetics. To offset their concerns, offer them more value for their money with discounts, loyalty offers, seasonal promotions, and even giveaways. Not only does this make your services more affordable for new and returning clients, but people will remember your efforts to be considerate of their financial reality long after the recession has passed and they can spend freely again.
When big-ticket sales level out, the most successful businesses diversify. One of the best ways you can recession-proof your clinic is by offering a wider variety of products at a more affordable price so that your clients can still enjoy your aesthetic offerings despite economic uncertainty. A few examples of ways to do this include offering skincare products, starting a loyalty program, conducting educational live streams and webinars, and conducting virtual consultations online.
Holding an open house at your clinic is a great way to attract new and returning clients with minimal spend. A bit of creativity is all you need to make an event feel special, and hosting them gives you an opportunity to grow your email list, offer guests an exclusive deal or treatment package, and get more eyes on your retail offerings—all of which we’ve mentioned above.
Above all, keep in mind that the economy is cyclical, meaning that recessions come and go and the best thing you can do is stay consistent and offer your clients the best aesthetic treatments to help them reach their goals.
Venus Concept is here to help! For advice, guidance, and more, you can always reach out to us. We’re committed to seeing your clinic thrive and succeed, and we want you to know that we’re with you every step of the way.