The Economy & Its Impact on the Aesthetics Industry

Resources:

• Podium: Platform providing AI-powered communication solutions for lead conversion and patient retention. In Touch with Terri listeners get their first month of Podium free. Click Here!

• Terri Ross Consulting: Terri Ross Consulting

• Patreon: For Terri Ross's business and sales mentorship program, visit Patreon.

Terri Ross is a seasoned expert in the medical aesthetics industry with a notable background as a former Fortune 500 executive. She is an international speaker, Founder and CEO of Terri Ross Consulting, and Co-Founder of the 4S Summit, a sales and business mastery workshop for aesthetic professionals. Terri is highly regarded for her dedication to educating and supporting professionals in enhancing their operational efficiency and profitability within the medical aesthetics sector.

Episode Summary:

Welcome to Season 10 of "In Touch with Terri," where Terri Ross dives into pressing topics affecting the medical aesthetics industry today. As the landscape shifts amidst economic uncertainties, Terri addresses key factors influencing patient behaviors and revenue. In this compelling episode, she explores how aesthetic practices can pivot and evolve in response to these changes, armed with strategic insights and practical advice.

Navigating the economic downturn, Terri Ross discusses the significance of understanding market trends and patient behavior shifts in the aesthetics industry. With inflation and rising costs impacting consumer spending, Terri emphasizes the importance of comprehensive treatment plans and patient retention strategies. Practitioner education is critical in offering diversified services that cater to patients’ needs while maintaining profitability. The episode underscores leveraging technology like Podium's AI-powered communication platform to enhance lead conversion and streamline operations, ensuring practices continue thriving amid industry challenges.

Key Takeaways:

• Economic Impact: Aesthetic practices are experiencing significant shifts due to economic downturns, with patient spending tightening and non-essential treatments seeing a decline.

• Strategic Planning: Practices that embrace change through comprehensive treatment plans and diversified service offerings can thrive despite economic challenges.

• Technological Adaptation: Leveraging platforms like Podium to convert leads and improve communication efficiency is vital for sustaining growth.

• Sales & Retention: Continuous education and sales strategies are crucial, placing emphasis on long-term treatment planning and establishing trust with patients.

• Social Influence: Awareness of trends like "filler fatigue" and the evolving landscape of social media marketing is essential for maintaining a competitive edge.

Notable Quotes:

• "Practices that understand what's happening, that understand the trends...now more than ever can adapt, be agile, and come up with a strategic plan to not just survive, but thrive."

• "Patients will find the money...they have a problem, you have a solution."

• "It's not an expense. It is absolutely an investment that yields the highest return because you will have the methodologies to know how to do it."

• "If your team is not held accountable to the KPI...challenge the process."

• "We want patients to be educated. I want you to have a long-term treatment plan."

Join Terri Ross as she delves into the evolving dynamics of the aesthetics industry. Tune in for more insightful content that can empower you to harness opportunities and strengthen your practice's position in the market. Stay connected for future episodes filled with actionable strategies and expert guidance.