There are a few hard and fast rules of business that we all know. It is much more expensive to recruit a new client than to keep an existing one. If you want to grow your bottom line, you must either increase the amount you sell to existing clients or you must grow the number of clients you sell to. This article will address how to help retain existing clients and make it easier for them to purchase more series and packages from you.
Affordability Now
It’s no secret that inflation has hit many consumers. With affordability being a major hurdle, it behooves medispa owners to consider ways of making their products and services more accessible to their clients. One way to do this is to proactively offer financing. Doing so puts services within the reach of potential clients who could not otherwise afford it. Don’t wait for the patient to raise his or her hand and say "I can’t afford that," because most people won’t. They will simply walk out of the office and you’ll likely never see them again because they’re embarrassed to admit they need financing. By offering flexible payment options, we provide the opportunity for current clients to purchase the products and services they want today while making payments over time. In turn, that increases sales for your practice and helps generate a healthier bottom line.
Financial Benefits to Financing
Offering consumer financing is not free to your practice, but it does offer increased sales opportunities because the potential for lost sales due to affordability can be avoided during the purchase decision process. Consumer financing shortens the sales cycle, facilitates an immediate buying decision and allows your clients to purchase the products and treatments they want rather than settling for something less. Offering financing adds value for your practice and your clients. It can improve patient loyalty and drive repeat business. Additionally, purchase totals tend to be higher when financing is offered. Services can be bundled with retail products.
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Cheryl Whitman is founder and CEO of Beautiful Forever, an aesthetic business-consulting firm, and the Beautiful Forever University training program for medspas, and author of Beautifully Profitable, Forever Profitable. Contact her at [email protected], 561.299.3909.
