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#007 - The Number 1 Reason Profit is Eluding You

Aug 07, 2019

You wouldn’t go to the dental hygienist every six months and not do anything between visits. You would brush your teeth every day, floss and maintain dental hygiene between visits.

You wouldn’t go to the gym just once to lose weight. You would go regularly, eat well and then maintain both these habits to keep the weight off.

These are two obvious examples of addressing areas of our lives that are important to us and yet somehow the same principles are not communicated to our clients regarding what is required to treat acne, ageing skin, pigmentation…all skin concerns and conditions.

There are a lot of people out there, (a lot), from all walks of life; from wealthy to poor, from educated to uneducated that do NOT know that treating skin conditions and concerns is a life-long commitment. It’s a now and forever life activity. It’s NOT, a treatment, product or two this week and ‘poof’ that’s it, problem solved. And yet…..this is the impression the media gives consumers. And through lack of ‘real’ communication, it’s the impression a lot of therapists leave them with.

TV commercials, blogs and magazines give the consumer the impression that there are quick fixes and even long-term fixes. And no matter how much the consumer buys (and proves otherwise), they keep believing and buying the next ‘miracle promiser’. “It’s cheap. Why not give it a try?” Over and over and over again. If these very consumers spent less on non effective products and invested in the ‘real’ thing, their results would be different as would your profits.

The need is there and the money is there but the UNDERSTANDING is not there. Have a look at the current, past and future predictions for the skin care market value in the US.

Note: It’s important to note that Australia, follows American trends in this industry. We just don’t have the figures available to us.

Currently the global skincare market is worth around $130US billion dollars. BILLION, NOT MILLION!

Size of the global skin care market from 2012 to 2024 (in billion U.S. dollars)*

Here are the top 10 leading skincare brands and their worth in 2012 (Source: Forbes Magazine). 

  1. Olay $11.8 Billion
  2. Avon $7.9 Billion
  3. L’Oréal $7.7 Billion
  4. Neutrogena $6.2 Billion
  5. Nivea $5.6 Billion
  6. Lancôme $5.1 Billion
  7. Dove $5 Billion
  8. Estee Lauder $3.7 Billion
  9. Biore $3.3 Billion
  10. Shiseido $2.9 Billion

When you look at the graph and see that the 2012 market was worth $99.6 Billion, the above 10 brands, worth $53.6 Billion combined, represented 54% of the market.

Notice there isn’t a single cosmeceutical range mentioned, a single skincare range that is active and effective, providing any kind of authentic results. I wonder how much of the true anti-ageing, cosmeceutical and paramedical market is worth? I couldn’t find any research on this but I would hazard a guess that it is sitting around 2%. If more, it would only be by 1 or 2% more.

The money is there. The demand is there. People DO WANT TO LOOK YOUNGER FOR LONGER, SOONER. They’re desperate for it. We know it. Heck, they’re even undergoing treatments that may take a few lines away but render them monstrous-looking! How about the continual and steady growth and consumer spend on Bottox and Fillers? Women are even getting their nursing degrees for no other reason than they want to inject. Not save or even help the sick….inject!

I realise this blog could be ‘resembling’ a rant but I want you to put my little antics aside and realise and appreciate that:

  • First and foremost, your competitor is NOT the salon or skin clinic down the road. Truthfully, they are your ally and if anything, this segment of the industry needs to work together not against each other
  • What YOU do, is a fraction of what’s available out there. There are billions of dollars being spent on broken promises. Why? Massive marketing budgets. Your cosmeceutical and paramedical ranges prefer to spend their money on science, clinical studies and quality ingredients. There’s minimal left for mass marketing. And even if there was, they’d reinvest in the science of it all.
  • There’s a lack of information out there about what is REALLY available and what is REALLY possible. Salons and skin clinics are not at all doing a really good job of this. Not really
  • There are millions and millions if not a few billion dollars left on the table, ready for you to grab, conquer and retain
  • The potential of your profitability is truly extraordinary. Possibly unimaginable to you but if you play your cards well, the unimaginable is really quite imaginable

I’ve been coaching for a lot of years and the problem I see recurring over and over is the same. The salons that I have coached and ‘get it’ are killing it and reaping the rewards they deserve. The rewards YOU deserve and may not be getting.

What you and your therapists need to place major focus on is that results can ONLY occur with an initial intense a course of treatments, ongoing skin prescriptives, maintenance monthly treatments and then a second and sometimes more intensive course of treatments within the year. Rinse and repeat. It’s a now and life commitment. If your clients truly understood this, then you wouldn’t have to sell as hard, promote as hard and face the degree of challenges you face.

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