Industry • Best Practice
Jan.18,2022By Boulevard Staff
Curating a medical spa price list can be difficult ground to tread. You want your prices to reflect the value of the service, but also be competitive. Establishing the true value of your service over another medspa comes down to what you provide for a client that they don’t. That intangible or quantifiable je ne sais quois, so to speak.
But how do you do it? Simply researching competitor pricing won’t cut it anymore. Let’s break down how to craft medspa pricing and even medspa memberships the right way.
No one should try to do everything all the time — especially when it comes to operating a successful business. Even if sensory deprivation tanks are the latest trend, your current space may not accommodate such a roomy item. By identifying what services you should offer vs. can offer, you will be able to further refine your pricing structure, too.
The best way to think about it is when you go to a chain restaurant with a more affordable menu that’s 4 or 5 pages long vs. a small local joint with a more expensive one-page menu. They might do fewer things, but they do those things really, really well. That’s what justifies the cost of the service.
Going to a day spa is much more about relaxation whereas medical spas offer high-end treatments that often provide longer-lasting results. Instead of offering low-cost, high-volume services such as massages or eyelash extensions, medspa pricing must reflect the more technology-dependent and results-oriented nature of the services. You may find it helpful to consider your pricing in terms of value “per day” chunks. How long will that laser hair removal last a client? The more time before the next treatment, the higher the fee.
Things like IPL Photo-Rejuvenation, microdermabrasion, and chemical peels typically require more time, expertise, and hardware. Your medical spa price list should reflect these additional factors, accentuating the lasting effects of the treatments. This creates a better value proposition for potential clients as they’ll feel like they are getting their money’s worth.
So much goes into running your own business beyond what the client sees. Factoring in all of your operating costs matters when developing a price list. For many, this includes the increased cost of PPE during the protracted COVID-19 pandemic.
However, this cost is worth it since it shows your clients that you not only value you and your staff’s safety, but you care about protecting your clients, too. Healthy clients can come back for additional services! This is also where being transparent about pricing works in your favor. If your clients can see that they’re contributing financially to their own safety, it makes them feel like a partner in their care.
Everyone knows just how data-driven our modern world has become, but not everyone knows that this includes medical spas and salons, too. Think about it: if you can track how many treatments occur per room per day, you can calculate projected earnings against the cost of labor, materials, etc. This lets you better “zero in” on the right pricing structure for your business.
The concept might not seem too exciting at first, but examining things from a mathematical angle can truly benefit you when it comes to determining medspa pricing. That’s why Boulevard offers reports with a wealth of data to help you improve loyalty, optimize schedules, and get pricing exactly right.
Keeping your finger on the pulse of what’s hot and what’s not is crucial when updating your medical spa price list. If you know stone massages are dropping off, you might change the price, or bundle it in with a more popular treatment and adjust that price accordingly.
Conversely, if you know that cryotherapy is going to explode because of some new study or a celebrity endorsement, embrace that. If you can’t offer it in your spa, pair up with a local business that offers it by offering mutual coupons for clients who visit both businesses. Not only will this help you and your client, but other members of the community, too.
Though you might not be able to find specific data about spa pricing in general, you can find tons of information about the psychology of pricing structures out there. Nothing helps people feel cared for more than tending to needs they didn’t even consider for themselves. By offering refreshing citrus water or a glass of prosecco, you are signaling that this is a place for self-care and “me” time. In addition, these small complimentary items seem like “value-adds” to some clients or “included in the price” for others.
Doing something like putting out a bowl of free-to-take Ferrero Rochers is a small thing that can have a huge impact. These little niceties will come as a delightful surprise that will find its way into their descriptions when they’re talking about your business. Want proof? Literally everyone who has ever stayed at a Doubletree hotel talks about the free chocolate chip cookie.
Everyone wants to feel like they are getting a deal, but that doesn’t mean they aren’t willing to spend money. You can use this to your benefit by incorporating features like monthly memberships, subscription plans, or service bundles into your regular offerings list.
Offering bulk or subscription discounts will get clients excited to whip out their wallets — especially if they can customize their deal. Moreover, you can offer rewards to keep clients coming back with unique offers for birthdays, repeat services, and more. A tip: establish your basic pricing structure first and then consider creating bundles or memberships. This will allow you to better gauge the kind of pricing you should use for these packages!
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