Let’s talk about data and analytics – it matters. If you are not making data-driven decisions in every area of the aesthetic practice, you are missing important information you need to grow and sustain your practice.
Is having the best “cutting edge” cosmetic treatments enough to have a successful medical aesthetics practice? What is the key to having a successful practice? Well, there isn’t one; you must have the whole set! Knowing what is driving patients to the door (marketing, innovation, consumer demand) is just some of the data you need to determine what treatments, products, and services you should be offering. Understanding consumer demand and what patients are looking for allows you to tailor your marketing, internal processes and proactively address consumer needs and wants! A few facts we learned when researching product preferences:
- Consumers are always looking for new and better-quality skincare products, even if they are satisfied with the products they are currently using. That’s right! 81% of consumers said they keep looking even when what they are using is working!
- Not surprisingly, 97% of consumers polled said provider recommendations are the biggest driver of skincare product and treatment choice over brand marketing. YOU are the experts! And your patients are listening to you.
- 89% of consumers are willing to pay more for high quality products (and services). Yes, cost is a factor, but quality outweighed slight cost differentials every time!
- 88% of consumers said they share information about their skincare products with their family members or friends when they find something that works “as advertised”. They become YOUR ambassadors!
- 82% of RealSelf consumers said they are interested in treatments that combine both microneedling and personalized skincare.
How do you use data, like this, in the practice? Having processes in place to be inclusive of total treatment recommendations, think creating long term “beauty plans” for your patients that include pre and post treatment regimens, combining products and treatments together for better outcomes, and creating maintenance plans to keep happy patients coming back into the office for a long-term relationship.
What other ways should you incorporate data and analytics into your practice?
- Lead Conversion Rates… How many leads are you getting through your website, external marketing efforts or social channels? Of those, how many are converting into actual patients in the practice? Are your well followed social media platforms driving new patients into the practice, only to lose them before they actually get on the schedule?
- Patient Retention Rates (PRR)… We want to be long term partners, not a single treatment stop! Your PRR tells you how well (or not) your team is creating a patient experience that resonates with your audience.
- Inventory Run Rate… YES, you need to do inventory and stay on top of it! Never run out of your best-selling product, or let product fall asleep on the shelf. If you do not know the run rate of your top products, you are not managing inventory using data!
- Provider Utilization… This is the first place to look at how you can increase provider revenue generation or determine if you need to add a new provider to the team!
- Cost of Procedure… Yes, you know the consumable cost, but what does it actually cost your practice to deliver a treatment?
- Social Media Insights… Have you used your insights located within the dashboard of your Instagram account? You may not be aware, but you can find vast amounts of insights within your dashboard, such as engagement, demographics, best time to post content and other useful analytics to help you craft your social media and content strategy.
Learning the language of data analysis will enhance your understanding and empower you to use this knowledge to your advantage. Once you understand the definition of the key phrase “data-driven,” you can start applying this to your decision-making and open doors to impact your aesthetic practice in a successful way.
Still need help unlocking the door? We can help! Did you know as a valued Aesthetics Biomedical® practice, you have a dedicated Practice Development team that can help you determine which key you are missing and help unlock the door to growing success in your practice? Shoot us a message at email@example.com to set up time with a dedicated Practice Development Manager.