Key Performance Indicators, KPIs for short, are the most effective way in which to evaluate the success of either a business or an activity, such as a marketing campaign, new treatment launch, or other initiative that you implement in your aesthetic business.
It’s all well and good to have new ideas about how to make more profit for your business, but no matter how great the ideas are, if you don’t properly analyse their performance against a set of bespoke standards or aims, then you could be throwing time, money and effort after a bad idea and never realise. We all like to think we make the right decisions about our business, but often you cannot truly know if something was a correct decision until you have seen it all play out and are able to evaluate what happened. The sooner you can do this, the better.
KPIs for aesthetic businesses will vary, but in the main there are some key achievements which will give you a very good idea about how well your business is performing, how successful you are and how successful you will be if you continue to do what you are doing today. Understanding and evaluating KPIs is a skill you can learn during a BTC Training Workshop with Dr Harry Singh.
Harry, a dentist and aesthetic practitioner, who turned his career to full-time facial aesthetics well over fifteen years ago, has learnt how to create and maintain a profitable aesthetic business and now shares his skills with others. During his workshops, he teaches delegates the good, the bad and the ugly of running an aesthetic clinic and how to make sure that you get it right. Dr Singh has also recently published a book entitled ‘Let Go of the Handbrake’ which will not only accompany his training, but also become your business ‘Bible’. To grab yourself a copy, simply visit www.letgoofthehandbrake.com.
The main KPI for any aesthetic clinic is patient retention; without your client database coming back to see you regularly, you may as well lock up and go home. Everything else you measure will be related to how well you are retaining your paying clientele. You will learn how to monitor and analyse your KPIs on a monthly basis and how to keep an eye on the core five KPIs, which include:
1. How many enquiries are you getting per month?Analysing this will help you to determine how effective your various lead generation techniques are. Using the 3Ms of Marketing, which we have previously discussed, you can work out which methods keep this KPI high.
2. Enquiries are great, but what percentage are converted into appointments?Analysing this will help you to determine how good your reception staff, who are answering emails and telephone calls, are at turning enquiries into clinic visits.
3. An appointment gives you a consultation, but what percentage of those visits result in an actual treatment and spend in your clinic?Analysing this will help you to determine if you, or your staff, are good at delivering consultations which lead to suitable treatment recommendations and take up by patients.
4. Does the patient come back again?Analysing this will help you to determine your patient retention based on their experience of your clinic, the staff, the treatment, the results. If any of these elements are poor, they may not come back again. Do you ask patients to complete satisfaction surveys?
5. Do they tell their friends and family?Analysing the percentage of your patients who refer others towards your services will help you to determine if you are meeting, or exceeding, patient expectations so much that they are telling anyone who will listen about how good you are!
BTC courses will provide you with templates, mechanisms and all the know-how you need to make KPIs work for you and your business. Call 07711 731173 or email firstname.lastname@example.org
Call 07711 731173 or email email@example.com for more information on why you should choose BTC to help you achieve a successful aesthetic business.back to blog