Does Competition Help Or Hurt Your Business?

It’s a natural reaction to worry a little when you hear about a new medspa or aesthetic practice opening near you.

Will they take my patients? Will they undercut my prices? Will they offer something I can’t?

But while it’s natural to worry that competition will hurt your business, you should also think about how competition can HELP your practice as well. In fact, competitors can be a blessing?

Did you ever wonder why new car dealers often build next to each other, and even join together to promote their dealerships in an association like the “Motor Mile?” It’s because they know that typically, there are plenty of customers to go around, and the more they can make them aware of where to shop, every dealer gets more business.

So competition, even if it’s next door to you, can help. Because it makes more people aware of aesthetic treatments and what they offer.

Let’s go back to the car dealers for a moment. Many dealers spend tens of thousands of dollars each month on advertising, because high-interest consumer products like cars require constant promotion. Most smaller businesses can’t afford to spend like that.

So when consumers start see ads or websites or blogs or social media posts from several different companies offering aesthetic services, it makes more impact that from just once source. Research shows that to cross over a minimum threshold of awareness, a consumer must see a message about a product an average of three times. There are still many potential aesthetic patients who aren’t even aware of the service, much less individual practices. So more messages mean more awareness that can build the patient base for everyone.

But still, even if another practice is helping spread the word about aesthetics, you still have to deal with facing it head on. And that can also benefit your business.

Direct competition means that you have to bring your “A” game for every patient. You have to stay on top of education, on top of contacting and following up with prospects, on top of patient care and communications.

If you do that, you don’t have to worry so much about the competition. And if you’re performing that well, then something else important happens:

Your current patients tell their friends about the amazing care and results you provided. Then your patients’ friends start asking you for appointments.

Because you took competition seriously. And made it work to your advantage.

Project Glammers LEAP was created to offer the training, business acumen, and products needed to transform businesses and lives. If you’re a member of Project Glammers LEAP, log in to check out the latest in video instruction, courses, and more. If you’re not yet a member, click here to learn more.  

Irene Gladstein, M.D., F.A.C.S.

Irene Gladstein, M.D., F.A.C.S.

With her innate passion for the industry, a keen artistic eye, and fervent work ethic, Irene Gladstein, M.D., F.A.C.S., has established herself a true leader in aesthetics.

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