Recession-Proof Ready?

by | Mar 10, 2020 | Leadership | 0 comments

Between the coronavirus and the volatile stock market, an impending recession could be on the horizon. Elective services in particular can experience a downturn during these tumultuous times.

So how do you recession-proof your aesthetic business now? Here are some strategies to consider…

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For any business, employee retention is key. Focus on your team and provide them training in new areas (or advanced training!) to enhance their skills while you enhance your business. At the end of the day, clients will keep coming back to a talented team.

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This is an ideal time to focus on your physician-referral marketing and your strategic B2B partnerships (think- hair/nail salons, massage spas, fitness centers). Assist each other through cross-promotion!

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If you’re thinking about cutting your advertising budget, think again. There are lots of economical marketing options with email, social posts, and more. However, you may want to take a different slant. For example, rather than advertising luxury, advertise necessity. This way, your messaging is in line with the growing economic concerns.

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It might be tempting to follow the path that other competing businesses are taking in the event of a recession, but it is better to listen to your customers. Ask them directly what they need, and offer varying services with different price points- AKA the good, better, best model. Most clients value your treatments as personal investments, so they’ll figure out a way to budget accordingly.

Start NOW to put a plan together for how you will address slowing business, and you will be ahead of the game. Even if you don’t actually use the plan🀞, the exercise alone will highlight some new opportunities for your team & business. πŸ’‘

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