Most of the time when a new medical device is being added to a practice, the physician and team do a tremendous amount of research on the technology, the efficacy, and the outcomes for the procedures. But what often doesn’t happen is full-fledged research to determine if they will be successful implementing and launching the new services into their market. An expensive piece of equipment is not a “field of dreams”, an “if you add it they will come” approach will only produce minimal sales results.
When launching a new service it is necessary to conduct a certain amount of internal and external analysis.
The internal analysis should includes:
• Checking facility requirements (space, electrical, lighting, HVAC)
• Insuring your ability to secure financing
• Reviewing staffing and training needs
• Assessing your Practice’s ability to develop and launch a marketing plan.
The external analysis is somewhat more complex and should include:
• Identifying the size of your market
• Conducting competitive analysis (including pricing review)
• Assessing your market’s potential
• Estimating sales projections.
In today’s ever changing world of cosmetic medicine, the Acara Partners team truly believes that an aesthetic medical practice or medical spa needs to stay on trend and thus be adding new services on an as needed basis. For sustainable success, it is important to be the “first mover” in your market with new services. Don’t be the “competitive responder”, the practice that is adding the service because everyone else is now offering it.
There is inherently more risk with this approach, but as they say in business, “the greater the risk the greater the reward”. Contact the experts at Acara Partners today!