Everyone is busy trying to get a vaccine in their arms to protect themselves and others against the Coronavirus. This trending and important topic got me thinking about another type of vaccine people need to have to protect their medical aesthetic businesses.
Let’s face it, since the Coronavirus hit, maintaining a healthy business has had its challenges. It’s been tough for many medical aesthetic clinics, medical spas, and wellness centers. Some managed to stay afloat, some experienced growth, and some unfortunately vanished.
What about you? How healthy is your business currently and are you giving it the vaccines it needs to protect it against business disruptions?
You are probably thinking, “Vaccine for my business? What are you talking about Dori?”
Businesses go through ups and downs. Your responsibility as a leader is to make sure the lows don’t go too low, and the highs get as high as possible.
In this episode of Dori Talks, we’ll explore your business’ illnesses and viruses, and what vaccines it needs to stay healthy and profitable.
Here are some common medical aesthetics viruses you need to address:
Not every lead is created equally.
Who are you attracting to your business, the broke people, or the affluent that can afford what you are offering?
Do a lead lab test to see how healthy your lead generation is. Find out:
- How many qualified leads you generate per month?
- How many do you convert into a consultation?
- What is the average revenue per consultation?
- What is your retention rate?
- And what is the lifetime value via your membership program?
If you have the leadosis virus, the ideal vaccine is called the Millionaires’ Circle!
Here are the facts: Medical aesthetics do not offer essential treatments. You may think you do, but you really do not. That is why focusing on generating QUALIFIED LEADS makes a big difference in your conversion rate and your success.
You must focus on attracting the affluent consumers, who have the discretionary income to pay you, to afford you!
I encourage you to get your Millionaires’ Circle vaccine and address your lead-osis virus now.
Lack of Profititis
There is a big difference between gross revenue and net profits.
When we review P&L statements with new clients, often we see depleted profit lines. This is a very bad virus and if it’s not addressed, it can cause cash flow problems and lead to failure and bankruptcy.
Profititis is caused by a lack of sales; in particular, retail sales. Retail sales is one of the biggest problems facing the medical aesthetic industry.
Your clients come in for treatments, but in most cases they leave empty handed, and you think you did good by them. You did not. Once they leave you, they will go to the drug store to buy their cleansers, creams, Vitamin C, retinol, and so on. You are helping the department stores and the over the counter sales people instead of your own business and truly helping your clients with your professional recommendations.
This disease needs a vaccine now.
The ideal vaccine for Profititis is, Don’t Sell, Recommend!
This is a must-have vaccine to help your sales soar!
Discover and implement the P.R.I.D.E. system and watch your profits grow.
Retail sales are more profitable than your treatments, yet most don’t focus on retail.
Do the math:
You buy a cream for $50, and you sell it for $100.
You pay for shipping and handling, and commission to the team. Let’s say a total cost of 15%, you net about $40.
How many clients do you place see per month? If each person walked out with just one or two products, how much more profit will you make? I had Heather from Colorscience on Meet the Experts and we were discussing how some practices are generating one million dollars in retail sales. That’s about $500K in net profit.
This virus is causing you poor financial health, but here is the good news: it’s fixable with Don’t Sell Recommend and the P.R.I.D.E. system.
The Lackadaisical Virus
This virus sneaks into your business without you noticing, and it will get worse and worse as the time passes. Before you know it, you will have an entire team who is infected with the Lackadaisical Virus.
It spreads like wildfire. Having an entire team that is not interested, with no vigor or determination, lacks enthusiasm, no interest or desire, and who are lazy and unmotivated is enough to kill any business.
What can a leader do combat this virus?
Train your team. You’re probably thinking, “That is easier said than done.” I know you have challenges.
As a leader, I know you have challenges fitting everything you are attempting to do within the hours you work.
There is not enough time in the day to come up with training materials to help your team.
Designing effective business training for your medical aesthetic team is a huge undertaking.
So how can you address this virus even though you don’t have what you need?
The ideal vaccine for the Lackadaisical Virus is the Recipes for Success team training program!
Tap into 20 vaccines, 20 modules that are guaranteed to put life and positive energy back into your medical spa team and motivate them to reach a higher level of success.
The 20 modules are delivered as webinars, transcripts, and podcasts, catering to every learning style on your team. Providing this training to your team and implementing its content will prove to be the best vaccine to kill this virus.
Within a short period of time, you will start noticing the changes in the culture, desire, efficiency, sales, cross marketing, enrolling consumers into your membership program, and more…
Investing in your team’s business education always pays off. Give it a shot!!
Clogged Revenue Arteries
This is the worst disease of them all. If not addressed, it will be as if the arteries in your body are blocked. Your heart will stop, and then you will be done. Expired.
Revenue arteries need to be free of blockage and be flowing with revenue.
This virus becomes unmanageable due to the fact that you are running your business under the a la carte business model, instead of a recurring revenue model.
What is the difference?
The a la carte model is when a consumer comes in, gets one or two treatments, and then leaves. Then you’ll pray for them to come back one day.
The recurring revenue model is when consumers come in, and your team shows them why it’s important to enroll in your VIP program so they can gain the best results possible on regular basis. Not only every once in while.
The vaccine for this disease is to implement a recurring revenue model. This is your best insurance against any business disruptions.
How do you clear the artery blockage? By implementing the C.O.P.I.E. recurring revenue model and system.
Imagine revenue coming in on a monthly basis without having to spend a huge amount of money on marketing. Imagine having enough money to pay all your monthly financial commitments and way beyond.
Imagine generating six figures per month just from your recurring revenue model. How happy and stress-free will that make you feel?
So what can you do now?
Get a business physical, be honest about your business’ health, and identify what’s keeping you from being healthy. What viruses are you fighting? What vaccine do you need to make your business healthy again?
I just went over four bad viruses, but there are even more viruses that could be blocking your success. Let us help you identify them and prescribe the right vaccine for your business.
You have choices to make. You can:
- Hope your business will get better on its own and keep your fingers crossed.
- Get the vaccines you need and begin your journey to recovery.
To help you, we have set aside some time for my team to get on a Zoom meeting with you so they can learn about the viruses you are battling, make the right diagnosis, and bring you back to health.