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 Cosmetic Surgery and the Financial Meltdown
Volume:3 Issue:8 - November 2008
By now you’ve undoubtedly heard about the global financial meltdown. Leading economists worldwide agree that a recession is to follow and that it can last up to 18 months.
Naturally, what everybody wants to know is “how is this going to affect me?” Generally speaking, in times of economic hardship the first thing we do is to cut back on discretionary spending such as elective and cosmetic procedures.
Doesn’t sound good, does it?
True. Success, however, is determined as much by your reaction to the market as it is by the market itself. Even in times of economic downturn people still do spend on discretionary items, albeit to a lesser extent; the question is: will they spend in your clinic or the competition’s?
Some clinics may have no choice but to pull back on their marketing efforts due to slowing earnings. On the other hand, other clinics are stepping up their marketing efforts to fill the resultant void. The idea is simple: when the pie is shrinking the only way to avoid shrinking earnings is to have a bigger piece of the pie. When markets are declining businesses that don’t react well are less likely to survive.
Here is one strategy that can help you cope with changing markets while holding onto your piece of the pie. Consider the following:
- Cater to bargain hunters – when money is tight more people look for bargains. Consider rolling out inexpensive email promotions aimed at boosting your revenue through lasers/IPL/injections/skin care, etc.
- Stop habitual marketing - think long and hard about where your marketing dollars are spent. Re-evaluate bloated Yellow Pages ads and other print advertising that are expensive and difficult to track.
- Switch to high ROI marketing – focus on cost-effective and high return online marketing including website optimization and email marketing.
- Upgrade and promote your website.
Remember, stock markets will eventually recover and so will the economy. When the dust settles businesses that think strategically and react well will be around to claim a bigger piece of the pie.
If you have any questions regarding KCMC’s internet marketing and consulting services please click here to email us.
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