May 24, 2019 by Kaeli Lindholm
In this highly competitive medical aesthetic industry, do you have a solid plan for offering a unique retail value proposition to patients? Most skincare available on the market can be broadly distributed by a diversity of retailers including physicians, medical spas, day spas, department stores, or even mass online retailers such as Amazon. It has become increasingly more difficult to control the distribution and subsequent commoditization of retail sales. Investment in an exclusive revenue stream such as private labeled skincare or a highly regulated cosmeceutical line can be a very smart move for some practices.
Here are the top five benefits to offering private label skincare in your medical practice:
1. Exclusivity- A private labeled line will communicate to patients: “This is my expert design. I create custom formulations for my patients to optimize results. I stand behind these ingredients/ products. I am confident these are the perfectly customized products for you, my patient. I understand you and I am an expert at meeting your needs and delivering results. These products are ONLY available here in my practice”.
2. Accountability- One common frustration I hear from clients is the “Doctor fix me” notion. While many aesthetic providers are experienced experts at addressing a variety of concerns patients are faced with, they also understand that there is a collaborative process that must take place between provider and patient to achieve optimal results. By offering products with exclusive distribution providers have the ability to hold patients accountable to their aesthetic care plans and return for B&A photos to showcase results- See my expert tips to Get patients back in for photos.
3. Control- Let’s face it, the US skin care market is a $178Billion industry. The options for patients out there are abundant and overwhelming. To add to that, many products are made with weak or ineffective ingredients that are backed by flashy marketing campaigns or persuasive multi-level marketing distribution models. By offering an exclusive skincare line or a few power play products with medical grade ingredients, providers can keep control over recommended ingredients, outcome management and patient progress with prescribed products.
4. Cost- Patients are suuuuper savvy when it comes to purchasing aesthetic products and services; with the access of limitless information at their fingertips, they can literally find the best deal on a product in a matter of few finger clicks on their cell phone. Paying markups on marketing costs, transfer fees, distribution costs, and commissions are not appealing to savvy consumers. Offering a an exclusive and controlled product line will eliminate these extra costs for patients, saving them a few bucks. When it’s time to re-purchase, they will be back to the office for more versus hunting and pecking for a good deal.
5. Loyalty- In a competitive marketplace, practices must be creative to offer a unique experience for patients. I have worked with practices who were intently focused on driving in new patient business only to neglect the opportunity to nurture their existing clients and turn them into loyal, referring patients. The private line gave them increased return visits resulting in more reason to book additional treatments and establish a client faithfulness to the practice.
For advice on how to go about creating a unique formulation, private
label line, or for effective product lines that have strong regulatory
practices, send me DM.