Thriving During Uncertain Times

 “The Only Thing That Is Constant Is Change” Heraclitus

We live in uncertain times or at least that is the message we tend to hear every time we turn on the news, surf the web, or interact with social media. Stories abound about economic uncertainty, threats against our security, weather events associated with global warming, political unrest, and more. The list seems to be endless and a new cause for concern appears daily.

While threats to national security, the economy, and safety have been present as far back as documented history allows us to reference, our experience is limited to our lifetime. Therefore, the world we live in today can feel like it is more volatile than ever before. This feeling is reinforced by our ability to access information from around the globe at the speed of light. Information that may or may not be valid, which adds another layer of stress to an already very stressful life.

Truth be told, people of the world have always dealt with issues like those we face today. In many cases the concerns were much worse and hit closer to home on a more frequent basis. Improvements in medicine, technology, and communication, while they seem to be making things more difficult at times, have made life easier and more comfortable. However, we still can’t help feeling how we feel.

With so many causes for worry, many people find it difficult to invest with confidence in anything that may be perceived as a luxury. While the work done by medical aesthetics providers can be life changing and lead to the realization of a better, happier, and more productive life, when the world around you is telling you that you should be reeling in your expenditures, it can have an influence on purchasing behavior. And let’s face it, except for food and shelter, just about everything else is a luxury. This includes medical aesthetics.

Operating a successful practice during uncertain times requires an understanding of how the economy impacts your clients. The success or failure of local economies or changes in disposable income levels directly influence the demand for your products and services. Therefore, it is crucial for aesthetic practice owners to understand how challenging and uncertain times can impact the purchasing decisions.

By understanding your client’s needs, the challenges they face, and their journey through life, you can better structure your brand presentation, your marketing practices, and the products and services you offer to meet their most important and demanded needs. By doing so you will not only meet the needs of your clients, but you will also help them to feel good, not guilty, about the investment they are making in themselves.

As is always the case, the goal is to make the relationship mutually beneficial. A relationship where the client gains and the practice gains from interacting with each other. This type of relationship is even more important during difficult economic times because there is greater scrutiny about where investments are made, with who, and on what.

People generally have a set amount of disposable income. During times of low confidence people tend to spend less by cutting back on “unnecessary” expenses. Those expenses deemed as unnecessary often sit a few levels above the foundation on Maslow’s Hierarchy of Needs pyramid, which are the safety needs (food, water, shelter).

So how does a practice help clients see their products and services as necessary and worthy of their investment? By helping them see the benefits. Benefits come in many forms. Price can certainly be a benefit. However, most of us view price as a table stake. A table stake can be viewed as something required to gain client attention. Offering the lowest price is not required. Offering a fair price is expected.

That said, offering incentives can help maintain spending levels during such periods. This is where mutual benefit comes into play. The client gains from the incentive and the practice gains from the client choosing to do business with the practice.

Remember, incentives do not always equate to discounted services and products or unusually low prices. Value is a key driver in most consumer decisions. You can add value in many ways other than slashing prices. While price does matter, during uncertain economic times people will discern between offerings based on value as much, if not more, than price.

By being aware of how local and national economies impact sales, you can prepare your practice to handle fluctuations in demand.  Understanding these economic dynamics allows you to react quickly to emerging threats or opportunities resulting from changing consumer sentiment. By staying informed you can navigate economic shifts effectively while capitalizing on potential growth opportunities.

💌 Are you ready to take on an investment partner to help you grow your medical aesthetics practice? If so, we are here to partner with you every step of the way. Fill out the contact form or send us an email at info@baraesthetics.com and we will schedule a call to discuss the possibilities.

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