When you are green, you’re growing. When you are ripe, you rot. Those words from McDonald’s mogul Ray Kroc ring true more than 40 years after his passing. Even the most successful legacy aesthetics practices among us benefit from a “green” or startup mindset.
After all, what may have worked within yesterday’s competitive environment may not work today. One of the easiest ways to stay ahead of the competition is to evolve with the latest, substantive industry trends, which make sense to your aspirational patient base. By identifying, scrutinizing, and selecting up-and-coming services or innovations in “timeless” techniques and treatments, your office remains will not wither on the vine, as so many businesses across disciplines and industries do when they stop moving and lean back on what has always worked (but no longer applies to current dynamics and circumstances).
What’s ahead in 2025
McKinsey & Company reports that the medical aesthetics industry is well-positioned to grow by as much as 14% through 2026. Several contributors to the resiliency of medical aesthetics were isolated, including:
- Keen spending from consumers looking for cost-effective answers to neuromodulators, fillers, and other facial rejuvenation products
- More diverse consumer segments, driven by dramatic shifts in the options and acceptance of noninvasive/minimally-invasive treatments
- Demand for procedures that help consumers “look better in selfies” and on dynamic platforms like TikTok.
- The need for “touch-up” treatments to maintain results from noninvasive therapies.
- Manufacturers stepping up their game in patents for next-generation fillers and biostimulators.
- Technological innovations to reach new consumers and buoy loyalty, notably advanced analytics/AI for heightened personalization and segmentation to target groups, understanding unmet needs, and support “dynamic pricing”.
- A largely unsaturated market with abundant “fence-sitters” who say they will try products/treatments over the next 12 months, an indicator of untapped potential.
- Optimization of new business models (like subscriptions for injectables) and integration of surgical aesthetics and at-home offerings.
A closer look at AI, automation
We all know “bots” are not a substitute for talent; however, they are a great complement and support your best work and service. So, it is worth the time to regularly revisit technologies and explore investments in new capabilities or even seemingly simple upgrades.
The smallest improvements can make a big difference in the time your staff may spend on repetitive yet essential tasks. As keen as growth is in aesthetics, the global AI market is exploding at a rate of 20.4% each year. There is no denying the demand for intuitive tools. Get into a habit of regularly assessing for capabilities to help your team and patients. List specific benefits before making such investments.
Also, consider how to communicate investments to the layperson on your website and other content. Opportunities go beyond being more responsive or personalizing communications to patients; they offer significant marketing opportunities when conveying relevant content to the community.
With the help of technology, you can better nurture relationships at every step in the engagement/communications process. You may opt into systems or dashboards that support your ability to manage follow-ups. The potential for human errors (such as overlooking a check-in call following treatment or a reminder to schedule a touch-up) is avoided entirely.
You can also leverage automation as a source of business intelligence. Feedback may be automatically collected to track consumer responses better and inform “next steps” to engage with the patient.
The era of hyper-personalization
Gone are the days of bombarding neighborhoods with flyers to see what “sticks.” Now, it is essential to personalize methods for delivering promos to specific, targeted patients. Personalization is also increasingly detailed and specific due to the emergence of tools (see above) to better understand consumers’ unique needs and personal preferences.
Before potentially wasting money on direct mail that does not resonate, target high-value mailers to specific segments of your community that may have already expressed interest in the services referenced within the content. You will get the biggest bang for your buck this way. Also, be aware of preferred communication methods. The best delivery method for one person may potentially annoy another person.
The virtues of ethical marketing
We encourage aesthetics providers to “think like a B-Corp.” Benefit Corporations are on the rise in the U.S. and Canada. Increasingly, consumers patronize those organizations that are doing the most good. So, there is a strong business case for regularly inventorying how your actions and approaches align with your mission and fundamental principles. Seize upon the marketing opportunities within this desire to partner with authentically sound practices that are doing the right things for their patients, communities, and planet. Your neighbors love to see everything from investments in safe, sustainable products and responsible waste disposal to charitable giving efforts at local hospitals. Consider how your team donates its time, talent, and treasure. Don’t be shy about sharing them! These efforts have the added benefit of “humanizing” your practice.
Telehealth – it’s here to stay!
Lastly, if you have not invested or focused on telehealth services since the pandemic, take a second look. Telemedicine as an industry is projected to grow at 16+% annually through 2030. Assess where you are “at” presently with telehealth capabilities. There may be some gaps in areas such as the viability of the platform used to facilitate virtual visits. Create a list that showcases what you have right now in one column and what you aspire to have (your “goal” telehealth program) in the other column.
Work toward developing strategies to bridge the gulf that exists between the current situation and ideal solutions for virtual care. And do not forget to keep your finger on the pulse of what your community wants. By collecting information through surveys and analytics, you can gain valuable insights into your ideal patients’ most desired features and services.
Sources:
- www.mckinsey.com/industries/life-sciences/our-insights/here-to-stay-an-attractive-future-for-medical-aesthetics
- www.fortunebusinessinsights.com/industry-reports/artificial-intelligence-market-100114
- www.forbes.com/sites/tomokoyokoi/2021/03/02/getting-started-in-hyper-personalization/?sh=6c3d95072b4d
- www.inc.com/chloe-aiello/the-number-of-b-corps-in-us-keeps-climbing-heres-why.html
- www.grandviewresearch.com/industry-analysis/teledentistry-market-report
