As aesthetic medicine becomes increasingly competitive, performing a competitive analysis of your existing or prospective private practice or medspa becomes increasingly important. A competitive analysis allows you to evaluate your own practice’s strengths and weaknesses, identify your competitors and determine the differentiating factors between your business and similar businesses in your region. In this article, we will explain how to perform an annual competitive analysis.
Developing a comprehensive competitive report requires a three-pronged approach. First, you must take stock of your own practice. This requires honestly evaluating your practice through the eyes of your patients. Second, you need to identify who your competitors are, and finally, you must evaluate your competitor’s practices from the perspective of a patient.
Cheryl Whitman is an author, speaker and national cosmetic marketing professional with more than 35 years in the aesthetic medical spa industry. She is the founder and CEO of Beautiful Forever Consulting where she leads a team of executive-level consultants and business professionals to assist providers in expanding their existing practices and launching new profit centers. Contact Cheryl at [email protected], 561.299.3909.
