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This Week’s Question: How To Compete With MediSpa Botox Discounts
There is a particular medispa near me that is hurting my practice revenues. I know I’m losing Botox patients to them because they undercut our Botox prices and I’m not willing to play that game. I am a plastic surgeon and believe I should be fairly compensated, yet, I don’t want to lose patients. What do you suggest I do?
Hello Dr. W,
That is an excellent question and one I get often.
When it comes to the decision-making process of a cosmetic patient, many variables are involved.
For example, when I interviewed cosmetic patients for my book, “Your Aesthetic Practice/What Your Patients Are Saying”, I asked them why they chose one practice over the others and here is the criteria they used:
But it was also dependent on the procedure they were having done. If it was surgery, credentials, experience and reputation were typically more important than price.
However, when it was a procedure the cosmetic patients deemed as a commodity (as in anyone could do it), then price and convenience were more important.
I, personally, had to choose between the above criteria this past weekend. I had a friend coming to town for the Memorial Day weekend and we both wanted Botox so I called around to get us an appointment.
Only the high-end medispa nearby was going to be open so I went with them. For me, it was about availability and convenience more than price so they got me and a new patient.
It was also a very nice experience. They saw us on time, they were friendly, the injector was gentle (no bruising) and we had a super efficient check-out so we would definitely return again.
In today’s competitive world where the cosmetic patient knows they have a choice, it’s becoming more about convenience. A majority of Cosmetic Patients are willing to pay a higher price for the convenience factor so that’s a reality that affects you.
The point being, it’s time to consider what else you offer, OTHER THAN PRICE, that makes it worth it for new patients to check you out and for your current patients to stay loyal to you so they don’t wander off to your competitors.
Perhaps it’s time to implement a loyalty program for your returning patients so they get special pricing. Or, expand your hours for busy patients. Or be sure their visit with you is on time, efficient, and friendly.
What have you done in your own practice to compete against Botox Discounters?