One of the difficulties practices and medspas encounter when seeking to benchmark their businesses is the fact that there is minimal published benchmarking data available. Following are key areas that aesthetic practices and medspas should be measuring along with “best in class” benchmark information based upon our company’s database of information on more than 300 aesthetic medical practices—including plastic surgery, cosmetic dermatology and medspas—that we have worked with over the past 17 years.
Sales & Marketing
In order to determine whether you are over- or underspending on marketing, you need to track the following metrics:
1. Cost per lead. Calculate this by dividing your total expenditure per marketing or advertising initiative by the number of prospective patients who contacted your office through this campaign. The average cost per lead ranges from a low of $75 to a high of $150 per lead.
2. Lead to consultation rate. Divide your number of consultations by the number of leads (phone calls, completed website forms, etc.). The ratio of leads to consultations should be at least 50% but is almost never more than 70%.
3. Close rate. A great salesperson can close 80% of their consultations but it is not unusual to only close 60%. This benchmark is tricky. The higher ratios could mean that the desk is prescreening individuals prior to consultations.
Francis Acunzo is the CEO of Acara Partners, a business development, marketing and management consultancy specializing in medical spas and cosmetic practices.