One of the questions our course delegates are keen to discuss is that of pricing their botox and filler treatments.
Getting the right price is key to a successful business. Too high and you could deter patients. Too low and you risk looking ‘cheap’ and at worst, becoming unprofitable.
A study into common cosmetic surgery procedures puts pricing into a very important local context.
Local Economic Factors Outweigh Supply and Demand
A study has been published investigating the pricing of common cosmetic surgery procedures. This has long been thought to work no differently to that of most products and services. The laws of basic economics and supply and demand say:
- more customers wanting procedures with few suppliers = high prices
- few customers and lots of suppliers = low prices
However, cosmetic surgery procedures are more specialised and the research study found that there are other factors influencing price.
10 plastic surgery practices were reviewed from each of 15 USA cities of variable size. The average prices of common procedures were compared with economic and demographic statistics.
The average price of cosmetic surgery procedures was found to correlate strongly with local factors such as population size, cost of living and cost of property (to buy or rent). There was also some correlation with income. However, there was virtually no correlation between the pricing of procedures and the density of suppliers (plastic surgeons) in the area.
The conclusion was that cosmetic surgery pricing is less about supply and demand and more about local economic factors.
Pricing of common cosmetic surgery procedures: local economic factors trump supply and demand.
Richardson C, Mattison G, Workman A, Gupta S.
While this study was about surgical procedures, it could well have implications for the non-surgical treatment sector.
Perhaps we, as practitioners, should be less concerned about the presence of competitors and more interested in the cost of living and housing?
At the end of the day, every town and every area has a unique set of demographic criteria. In setting up a business it is vital to understand your own local market. What others do is interesting, but you might need to adjust your own pricing and business strategy to suit your own patient base.
Cosmetic Treatments Training
Botox and Fillers Courses, Manchester
SkinViva Training Academy offers a comprehensive range of botox and fillers training courses designed for medical professionals such as suitably qualified and registered medical professionals who wish to learn and build on their skills in delivering these procedures.
Courses start at foundation level and delegates can progress through to advanced skills with further training.
As well as the core practitioner skills, delegates benefit from business advice and support during and after the course.
SkinViva Training Academy was established by Dr Tim Pearce MBChB BSc (Hons) MRCGP. The SkinViva Training team upholds high standards of clinical training providing a combination of fully-supervised practical experience together with essential theory.
For further information, to discuss which course is right for you, to enquire about availability or to book a training course please call 0161 850 2491, or email email@example.com.