Of course, you want to make sure your business keeps growing; you want to keep bringing in revenue. But sometimes you get stuck in the process. You feel like you can't hit the bottom line. Today we want to help you out with this business bump. Get ready to write down the four guaranteed ways to increase your revenue!
Getting more leads is everyone's favorite first step. In fact, implementing strategic marketing campaigns is what we do in Everable. We specialize in making more patients walk through your door every month. This strategy consists of building awareness and influencing people through marketing and advertising. One of the best practices to catch your customer attention is promoting "first-timer promotions." Let it be discounts or value-added packages. You want to add value to this package. Referral strategies are another good way to get new customers that are pure gold. Given the mouth to mouth recommendations are the best advertisement you'll find in the market, especially when they come from someone you trust.
Pro tip: Why not try adding gift cards? When people purchase one of these for a special one, you are getting an instant advertisement with a new client! Also, you can promote gift cards for special occasions and holidays.
Increase the average transaction size.
The most common way to achieve this is upselling. When you get a new customer for a consultation, you must have some packages for them to choose the most suitable offer for each client. Here is where you want to use the best techniques and values to upsell the most significant package you offer. Make sure to influence the transaction adding bonuses to the bigger kits, add more value, or maybe offer a discount.
Pro tip: Increase your upselling results with cross-selling! You want to sell your patient something that goes along with the treatment they are getting. Try the problem-solution approach while building rapport with your new client, and you'll love the results. Do you hate wrinkles? I have botox! Can't stand your muffin-top? CoolSculpting!
Increase the frequency of transactions per customer.
This comes down to Increasing the lifetime customer value. Maybe you won't be able to upsell them from the beginning, but how about keeping your customers come back every so often for new or recurrent treatments? You have to be aware of your customer retention rate during the year! How many transactions does your average patient do? Knowing these numbers will let you know the average amount of money a new client means for you over time. An excellent option to build your community is implementing memberships! You want to have a set amount of revenue coming to your business consistently!
Pro tip: Don't forget automation is an excellent tool for keeping in touch with your customers for further selling contact points!
You are raising your prices!
Yes, you can. If you want to keep the same patients, you already have but want to increase your revenue; this is the step you wish to take. Some people will drawback and probably be upset about it. But you should try to do it subtly, a small percentage per month, for example. Perhaps you can just change the prices for new customers. It is widespread for any business to raise prices due to inflation. It's only a part of doing business!
Pro tip: Make sure to set your value, and make your practice THE VIP experience any customer is looking for the service they want. Brand positioning, service design, fantastic customer experience is what you need to make your customer feel the money is completely worth it!
Hopefully, you found what you were looking for to increase your revenue. Remember, we are giving you a general guideline you can change and tailor for your personal needs. If you want to know more about this topic or you have any further concerns, don't forget you can contact us! We'll be more than happy to help you boost your brand to the sky!
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Welcome everyone to the Med Spa Accelerator Podcast! Brought to you by CAS Clinical Consulting & Everable Marketing! We’re excited to bring this podcast to you where we’ll be discussing the latest hacks and best practices in marketing and running a profitable medspa.
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ABOUT EVERABLE:
We Partner With You To Create 7 Figure Med Aesthetics Practices
My name is Luis Trevino and I’ve been where you are. I’ve built and ran a few 7 figure businesses and have been stressed out, overworked, and hanging on by a thread. Despite that, I still love what I do and like you, it was never about the money – it was the passion that drove me towards helping others. However, even if your financials look great, there’s something to be said about the number of hours you work each week…and the emotional toll it’s taking on your family and loved ones.
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