One Trick Pony
It is no secret that industry trends can drive business and lead to an increase in demand. However, just as trends can drive up demand and subsequently boost profitability, trends can also have a devastating impact on business. In emerging industries changing demand can lead to volatility, especially for those who are one trick ponies that put all their eggs in one basket. Medical aesthetics is one such industry.
Advertising Brand Names Can Be Bad for Business
Advertising a brand name can be good and bad. If people have a positive opinion about the brand, then you may see a positive response to your marketing efforts. However, the opposite is also true. Before you invest in high-cost technology, do your due diligence. Do not let a salesperson sell you. If it needs to be sold it likely can’t stand on its own merits.
The Role of accountability
The medical aesthetics industry has become wildly competitive. With med spas, wellness centers, facial bars, and injectable studios popping up on what seems like every corner, the lines that once separated each are being blurred. What was once considered operationally acceptable is no longer so. Achieving and maintaining operational excellence requires more than just good intentions; it demands a commitment to accountability at all levels, especially from leadership at the top.