In this eye-opening episode of Medical Millionaire, host Cameron Hemphill dives deep into the crucial aspect of understanding and targeting the right demographic for your med spa or aesthetic practice. Whether you’re an established practice owner or just starting out, this episode provides invaluable insights on how to analyze your market, define your brand identity, and tailor your marketing strategy for optimal results. Key topics covered:

• Analyzing local demographics and affluence levels
• Choosing between high-end boutique and high-volume business models
• Aligning your practice’s offerings with your target market
• Leveraging real estate data to inform your marketing strategy
• Adapting your social media presence to reach your ideal clients
• The importance of consistent branding across all touchpoints

Cameron shares real-world examples and actionable advice to help you refine your med spa’s positioning and marketing approach. Learn how to avoid the pitfalls of trying to serve everyone and instead focus on the demographic that aligns with your business goals and values.

Transcript

This is medical millionaire the podcast, helping your Med Spa increase in status, visibility and profitability. Join your host as he dispels myths, shares trends and gives you actionable steps today that will take your medical practice to the next level. Here’s your host, expert marketer and founder of growth. 99 Cameron Hemphill,
Hey, what’s up, everybody? Cam Hemphill, here your host for medical millionaire. Hey guys, thank you so much for taking the time to tune into the podcast. Our goal is to give incredible value and insight into the esthetics market. So if you’re a practice owner, you’re thinking about becoming a practice owner. You have one location, 10 locations, I don’t care. This podcast is 100% designed for you, and we want to help you go to the next level. My team and I, we have consulted with some of the top practice owners all over the country for years, and we see ones that have cracked the code and figured it out. We see ones that are struggling to figure it out, even though they’ve been in business for years and they can’t figure out how to manage their profit margins. We see ones that are just doing a phenomenal job on social media, understanding how to run ads, understanding how to market, understanding how to manage inventory, costs, employees, rooms, all of that stuff. Being a practice owner is challenging. Being a business owner and entrepreneur is challenging. You’re gonna have great days. You’re gonna have bad days. But bottom line, you need to understand running at practice is the same thing as being a business owner. And I think a lot of people really cannot wrap their heads around that, right? You go to school, you spend all this time, money, effort, energy, on your craft. Very, very intelligent people understand the body more than I could ever even wrap my head around. But running a practice like a business is very, very different, and that’s where I see people cross the chasm and accelerate and understand they know their numbers. They know their top line revenue, they know their bottom line revenue. They know how to manage inventory costs. They invest in technology. They know their market. They know how to hire employees, when to fire employees, when to fire themselves from certain activities and turn those objectives to others. These people are really coming into their practice with a game plan. Okay, so what I want to talk about today, I want to get into the weeds of understanding your market. And I don’t care if you’ve had your practice for years and maybe you’re just doing fine. You love your profit margins, life’s good. Or if you’re looking to get into the space, or you’re looking to expand into other markets, or maybe other local markets as well, you need to understand the demographic that you are marketing to. I mean, you could be in a location, for example, let’s let’s take Salt Lake City, Utah, right? That’s where I’m born and raised. There’s areas in Salt Lake City that are affluent, and then you could literally drive 10 minutes and be in a market that’s not nearly as affluent. So it’s interesting where you’re trying to drive traffic from, right? So if you have a practice and you can just you say, Okay, I’m in 123, Main Street, you guys obviously know your local market way better than you know I would, depending on you know, the research that you have done, right? If you drop a pin on that, and you’re to draw a radius around that. Where do you want to pull people from? Where do you not want to pull people from? Because I know in Salt Lake City, if I was to drop a pin downtown Salt Lake City, and that’s where my practice is. And I’m saying, You know what? I want to pull people from, 20 miles, 30 miles, 50 miles. And I draw that radius around my specific location, there is definitely pockets where maybe I would not want to pull people from. Maybe you need to look at specific zip codes instead of a radius, right? So when you’re running, for example, Facebook ads, Instagram ads, you can do it for a radius, or you can actually get super granular and filter by zip code. The reason I take the Salt Lake City example, obviously, that’s where I’m from, but I know based upon that local demographic, depending on the practice that I am and the people that I want to serve, there could be areas that I want to target, right? So if I’m a practice owner, and my objective is to say, You know what? I want to target to the affluent. I want to be elite. I want to have higher ticket item sales. There’s going to be areas in Salt Lake City that I’m going to want to target in areas. I’m not going to want to target, and that’s going to completely change your brand. That’s going to completely change your marketing strategy. That’s going to completely change your cost, your cost per unit, all the services that you guys are selling, where it’s injectables, laser treatments, whatever, like, type of modalities you guys are doing, also with the wellness side of things, that’s going to completely change everything, depending on who you want to drive to your practice. And I see it time and time again to where it’s like, Hey, I’m a med spa owner. I’ll take anybody, right? Anybody is a good fit. And I would challenge you on that, because then you’re just trying to target anybody, and you actually don’t have a clear vision and path of how to draw the right people to your practice. Okay, so let’s take a real use case. I’m a practice owner. I’m in Salt Lake City, Utah, and I want to target the affluent I’m going to target the Wasatch front bench. Maybe I’m also going to target Park City, Utah. I’m going to go to Zillow, or I’m going to go, you know, connect with one of my local brokers in the real estate space. I think everybody has a friend, family member that is in real estate at some caliber. A lot of this data is online, and I’m going to find out where the most expensive homes are. What is the home sales price medium? What is the average day on market for these homes? What are they trading at? What were they trading at? Two years ago? Three years ago, what is the forecast analysis of how they’re going to trade? How many people are moving into this location? What’s the current job market conditions? Right? These are things that you guys need to study. It’s almost like you have to analyze it from a financial standpoint, from a cost of living standpoint, from how much like these people are paying to live here, and how things are moving and trading. In order to target a specific area, you have to understand who you are dealing with, what type of people you are dealing with, what they do for a living, where they like, actually work. Are they in the tech space. Are they doctors like, who are the people that you’re trying to target? Okay, understand the price per square foot of these homes in these areas. That’s going to give you a very clear idea of who you’re going to be marketing to if you’re going to go after that specific demographic, okay, then you’re going to have to deck out your space to target those individuals, right? You’re gonna have to spend more money on build out costs. You’re gonna have to have more fancy, you know, FF and E fixtures, all of the stuff that’s gonna actually draw those people that want to come back, because you need to create a space that is more high end, more of an experience wanting them to come back, right? Maybe you want to target specific country club members, right, where they have disposable income, right? So as you guys understand, like, Okay, here’s the people I want to target. Then you can reverse engineer your process. You can then at that point, say, Okay, here’s what I’m going to do, here’s my price point, here’s my margin, here’s what my competition is doing around me. And then you can start to target those specific areas with the space that you have, obviously, with the personality, the skill set, everything that you guys have, is start to draw those people in from those markets. You can spin up Facebook ads, Instagram ads, and just really pocket specific areas. So when they go pull up their phone and they’re scrolling online, because I don’t care if you are a member at a country club or you’re a member at the local Boys and Girls Club, right? Two different, two different types of, you know, markets there and demographics there. I don’t care. We all scroll on our phones, whether we want to admit it or not, we are all definitely guilty of being on Instagram or Tik Tok or whatever it is, and being entertained. Okay, so, but you need to position your marketing around that. So as you position your marketing, your methodology that you want to target to and please start posting reels and stories like Tik Tok is changing the entire landscape here, the entire algorithm of Instagram and Facebook is following the Tiktok trend. So if you guys are seeing more and more reels coming up on your Instagram profiles and go look at the views like go look at how many unfollowers saw those views. Go look at the engagement on that. That’s where the trend is going. So just a side note here, if you are not on Tiktok and you think Tiktok is about dancing, I’m telling you, you’re dead wrong. It’s not all about dancing. Yes, it’s about entertainment, but it’s also about education, and so start to learn that platform. But back to the point, you can target those specific areas, address your marketing, then pull people in to the demographic you’re trying to like, trying to hit. Okay,
thank you for listening to medical millionaire. I wanted to take just a few short moments and tell you all about growth, 99 unit. University, naturally, if you’re listening to medical millionaire, the success of your Med Spa is extremely important to you, and as it should be. And if you’re listening to medical millionaire, you are obviously looking for the best, most effective ways to take your Med Spa to the next level in both profit and customer success, enter growth 99 University ranging from online education courses all the way to the full suite of marketing and web services. Growth 99 has your Med Spa covered. No matter the challenges that you’re facing, we are ready and able to help you achieve your next level in business profit and freedom to inquire about all of our support services and products. Please visit growth 90 nine.com and while you’re there, click the university link and check out the companion course to this very podcast. Back to the show.
If you are a practice that’s saying, You know what? Yeah, I’ll take the affluent market, and then I’ll also take the non affluent market, maybe in this area where the home sales price medium is, you know, 40 or 50% lower, and then you go build a marketing strategy around that. But you’re also trying to target the affluent area where the home sales prices are double that. This makes no sense. All you have as a confused client, a confused patient, and you and you have no marketing, brand identity, no strategy, no unique selling proposition, you’ve completely missed the target. And this is an area to where I where I really see practice owners struggle. They get in the space, they’re like, I’ll take anybody. And of course, I get it. Like, when you get in the space, we’ll take any type of revenue. But sometimes, like revenue, can also be bad revenue, and it can take you down this path long term, to where you don’t even know what your brand identity is. You’ll just take whatever it is, and eventually you’re going to have upset patients and clients, because you’ll have people coming from affluent markets, people coming from non affluent markets, and then trying to serve all right, that’s, that’s not how it works. I mean, just look at it from a simple concept. There’s country clubs for a reason, there’s high end restaurants for a reason, right? They’re creating an experience. They’re creating an environment. Not everybody can, can go to those, unfortunately, right? You know? And then you have, like, food chains, right? Where it’s just, it’s just a different demographic, right? So let’s take the other approach. I know a ton of practice owners that are more like turn and burn, and they retain their patience, their turn and burn. High hike, tons of volume. Low ticket, they’re busy, tremendous amount of volume. It’s like the spot to go, to go get, like, a quick fix, and it’s a pretty dang good treatment, like, it works, it’s affordable. You’re gonna go back. You probably go back, you know, more times than you were to go to more of a high end, you know, more of a boutique high end medical esthetics practice. But I know some practice owners that that’s their brand identity, that that’s the market that they are, that they are catering to, right? And so they do the reverse thing. They put themselves in a location that’s going to say, You know what, I’m going to kind of go to, like lower middle class, if you will, and that’s who I want to hit. Because, look, everybody wants to feel good and look good like we all want more self confidence. I don’t care if you make, you know, $30,000 a year or a million dollars a year, right? We all in our spirits, in our soul, we want to feel better and we want to look better. Some of us obviously do a better job of it. Some of us have more discipline. Some of us, like, you know, actually just have that burning desire more than others. But at the end of the day, we all want to look better. We all want to feel a little younger. We all want to, just like, have that confidence boost, right? So if you’re a practice owner that’s trying to tailor to, you know, the lower demographic, let’s just call it lower middle class, right? And that could change depending on where, wherever you are located, lower middle class could be completely different in Salt Lake City, Utah versus like Miami, Florida, right? So I just, you know, just vision yourself in your current market condition, and take an analysis and say, oh my gosh, after listening to this podcast, like, Cam’s right, like I am kind of bringing in whoever I want, and my messaging is just not quite there, right? So if you want to be the turn and burn with good patient retention, and you want to bring in just more, because there’s obviously more action that’s going to be had in a market like demographic that is going to be on the lower middle class. There’s more people per unit, right? There’s more units in that. Specific cohort, if you will, right? When you start to get above and the wealthier, wealthier, you know, you get into the 5% 1% of, you know, top performance earners, right? And they’re willing to pay, you know, a more expensive price, because they want the experience, and that’s just what they are used to, right? They get the designer bags, and they have the shoes and they got the nice car and they got the nice house. Your husband makes money. They make money. Whatever their financial condition is. I don’t know. I don’t care. It’s just the fact that I’m just coming back to the point that you notice you need to understand who you’re marketing to. You really need to understand the demographic and do a financial analysis on it. Right? So if you want to be like, high volume, high velocity, there is a tremendous amount of money to be, bit to be made in that space, but just understand that’s that’s your brand identity. And who cares, right? Who Cares like, you know, look a mentor of mine back in the day, when I was, you know, getting into entrepreneurship, I learned a lot from this guy, and he’s he owned a lot of businesses that were not attractive, you know, I’m talking like car washes. I’m talking, you know, self storage units. He had a tire shop. You would never know this guy was freaking, just balling. He drove like an old, beat up truck. He just didn’t care, right? But his businesses produced a tremendous amount of income. He knew what his market was. He knew what he was tailoring to and and this gentleman was was extremely bright. And he just said to me one day, he goes, you know, not all businesses have to be attractive. I just care about cash flow, right? And this guy knew his numbers like he was, he’s brilliant, genius, and he just knew his demographic, and he didn’t care, not all businesses have to be beautiful. Now, obviously we’re in the medical esthetic space, right? Like we are selling beauty. We’re selling self confidence. So you obviously, there’s, there is a line there, right? So, you know, but just my point is, is, if you want to go, you know, just be high velocity, right? Just like high volume,
your your there’s your cost per leads go
down like you can spend, you know, low capital on Facebook ads, Instagram ads, you can spend lower capital on Google My Business campaigns. Here’s a little tip for you guys, by the way, and I should just do a podcast on this. The most search query in the past 30 days is Med Spa near me, right? And I’m going to do an entire episode on that, but if you’re bidding on that phrase on your GMB campaign, or if you guys are like targeting that keyword on your site, you’re going to get a tremendous amount of traffic from that, right? So there’s areas to where you don’t have to spend a tremendous money on marketing, because obviously, if you have a higher end practice. You’re going to spend more money on marketing. You’re going to spend more money on your build out costs, your furniture, your fixtures, like your inventory set up, right? All that’s just going to be a little bit elevated, which comes with the elevated price, right? So it’s almost easier to say, hey, if I’m going to get into, you know, the space here, the specialty, or if I just want to expand, come back know your market and then tailor your messaging to that, you know. So take the time to just change up your your Instagram story strategy, your entire social media strategy, your entire tick tock strategy. Take the time to completely change that. And you know you guys will be doing yourself a huge favor of really just growing your practice understanding who you are, who you’re trying to reach and elevate to the next level. So I appreciate you guys. I’m gonna sign off. Thank you guys so much. Hey, if you enjoyed this episode, this podcast, please share it like please share it. That’s one thing I ask you guys have a wonderful day until next time. Happy injecting you.