At the beginning of the year we outlined some trends and opportunities for the business of aesthetic services in 2021. In summary, after a grueling year of social isolation and all sorts of problems for small and medium businesses, the market is reviving and development is expected to continue in 2022.
Looking back to look at some specific trends in the segment, we see that the development of the market share of aesthetic services is booming, and not since yesterday! Research shows that global demand for aesthetic procedures increased by 5.4% between 2017 and 2018.
In 2018, 12,659,147 non-invasive cosmetic therapies were performed, while invasive interventions and plastic surgeries were 10,607,227. In the next 5 years, the demand for aesthetic procedures in aesthetic centers is expected to reach a turnover of 50.5 billion US dollars. data from a number of prognostic studies.
How the market of aesthetic services is developing
Globally, analysts predict growth of about 10% in the market for aesthetic procedures for the next 7 years (2021-2028). Turnover is expected to increase to $ 125 billion by the end of the GVR study. Market Watch also predicts similar trends in business climate analysis worldwide.
The tendency for clients to seek and prefer non-invasive procedures to traditional surgery remains stable, which predetermines the growth of the market of aesthetic procedures not only this year, but also in the foreseeable future.
Among the interesting and increasingly sustainable trends today remains the increased interest in aesthetic procedures for men - a phenomenon that we have already written about in the blog of Fashion Point.
According to the latest forecasts quoted in these market studies, the expected revenue from aesthetic procedures for 2021 worldwide will be up to 64.6 billion dollars.
What do these data and forecasts mean for your business?
Experts say that this is a good sign and the trends for the beauty segment are rather good against the background of the general economic situation. Bulgaria, as part of the European Union, does not stay away from global trends, which in short means a steady increase in turnover until the end of the study period.
How can we help our business with the resources we have?
In the current market conditions, only the most enterprising and active businesses survive, which are not afraid to be innovative and creative on the way to their customers.
Internal research shows that aesthetic businesses that collect and analyze the information given to them by their customers are growing by an average of 30% per year. How is this done? By creating and filling in individual information clusters - user profiles or files - you can collect basic information such as name, age, profession, e-mail, phone number, where they found out about your aesthetic center and others to apply a variety of techniques to stimulate customers, additional discounts and promotions, follow-up and invitation to repeat the procedure, collection of authentic feedback and much more.
Personal attitude is highly valued by customers and you as owners and managers of aesthetic business have the unique opportunity to turn a formality into a personalized experience, specially developed and curated for the individual client.
Managing such customer information allows you to track internal trends and create a profile of your optimal target group, which gives you flexible opportunities to invest in advertising, promote your activities and turn your new customers into regular ones.
The right online solution should offer easy customer interfaces to help employees easily track a customer and case, procedures performed, activities, services and follow-up feedback.
Marketing research shows that the real growth of small and medium-sized businesses in the cosmetics and beauty segment is closely linked to retaining a regular clientele, and not so much to increasing unique new customers.
The digitalization of the processes has significant potential in the field of aesthetic medicine. Dedicated CRM software such as Fashion Point can simplify and streamline your workflow and improve customer satisfaction. A CRM system developed for the specifics of your business site allows you to store and manage customer data and personal files with recommendations, procedures, feedback and notes for each of your patients.
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