Our hearts are with every person who has been affected by the coronavirus (COVID-19) pandemic. Though uncertainty is our new norm, the coronavirus is teaching the medical aesthetic industry vital new lessons each day.
Focus on what you CAN control.
“When it feels like life is out of control, that’s a sign for us to pause and remember what we can control — and that’s our reaction,” says Fran Acunzo, CEO of medspa810. A seasoned entrepreneur, Acunzo has extensive experience running numerous aesthetic practices during recessionary periods; he led the charge of turning around 25+ locations through the 2008 recession. “Your primary job right now is to remain calm and clear-headed, and to be totally transparent with your employees.”
Aesthetics has serious staying power.
Though many medspas have had to close temporarily, those who have been able to stay open are reporting stronger than ever bookings. “Self-care is paramount during times of stress,” says Acunzo. “Medical aesthetic services like Botox® have become fundamental to our self-care concept, and are no longer considered extravagances.”
Reinforcing Acunzo is a recent report from Suzy, a leading intelligence platform, on COVID-19’s impact on consumer purchasing trends. The report, entitled “Coronavirus and the State of the U.S. Consumer, Part 2,” was initially presented on March 20 to business leaders across several key industries. Of the 866 consumers surveyed, 54% were no longer considering “big-ticket” purchases like homes, cars and trips in the next three months. Instead, consumer focus was on “survival” and “sanity” consumables — and, most telling, beauty products were considered a “sanity” consumable. According to WordPress, Google analytics shows similar findings. As COVID-19 has unfolded, advertisers in the beauty and personal care industry are seeing better Google performance, while other industries, such as travel and hospitality, are showing poor results.
Whether medspa services qualify as a “sanity” consumable is a topic for debate for some, but we’re pretty sure here at medspa810, after spending years in this industry, that any medspa client would agree. Even from a behavioral science standpoint, the demand for aesthetic services is unlikely to wane any time soon. Simply put, “Human nature includes a desire to be attractive, writes Daniel B. Yarosh, in his article, “Perception and Deception: Human Beauty and the Brain,” published last March in Behavioral Sciences.
Adaptability is our strong suit.
While brick and mortar offices have been on pause, medspas have compensated by offering unprecedented customer service opportunities. From virtual consultations and online shopping to gift cards, discounts and curbside pickup, customers are essentially being rewarded for their patience and loyalty during this difficult time. “Medspas can incentivize spending now, while the medspa is closed, by offering time-sensitive sales on procedures and products,” explains Acunzo. “Clients can save big by buying treatments now and then undergoing their service at a later date, when life returns to normal.”
Though it’s a trying time, COVID-19 has brought the world closer together, and is helping us learn new coping strategies for staying strong and vibrant in every aspect of our lives. From all of us here at medspa810, we wish you well, and we are here to help you!