Med Spa CEO Podcast Episode Summary

Title: 3 Simple Levers to Boost Revenue and Make Q4 Your Best Yet
Host: Heather Terveen
Release Date: November 13, 2024

In the third episode of the Med Spa CEO Podcast, host Heather Terveen delves into actionable strategies designed to help boutique, results-driven med spa and aesthetic practice owners maximize their revenue, particularly as they approach the critical fourth quarter of the year. Heather’s mission is clear: to empower med spa owners to achieve financial success without sacrificing personal well-being, enabling them to provide abundantly for their families while delivering exceptional patient experiences.

Key Topics Covered

1. Introduction to Revenue Boosting Strategies
2. The Three Simple Levers to Increase Revenue
3. Deep Dive into Average Visit Value and Lifetime Customer Value
4. The CARES Consultation Process
5. Implementing Structured Consultations for Long-Term Success

1. Introduction to Revenue Boosting Strategies

Heather opens the episode by reflecting on her personal journey of learning to balance business growth with personal life, emphasizing the importance of strategic planning. She shares insights on how overengineering the end of the year can lead to burnout, advocating instead for a balanced approach that allows for both professional success and personal fulfillment.

“I used to over engineer the end of the year... I always have to remind myself to leave that margin because it's just a busy time with my family.”
— Heather Terveen [02:15]

2. The Three Simple Levers to Increase Revenue

Heather outlines three fundamental strategies—or "levers"—that med spa owners can control to boost their revenue:

1. Increase the Number of Customers
2. Increase the Average Patient Visit Value
3. Increase Lifetime Customer Value

She notes that while many practitioners focus heavily on attracting more customers, the latter two levers are equally, if not more, critical for sustained profitability.

“There are three things within your control that you can do to boost revenue... Number one is you can increase the number of customers that you have coming to you.”
— Heather Terveen [05:30]

3. Deep Dive into Average Visit Value and Lifetime Customer Value

Heather emphasizes the importance of not just bringing more clients through the door but also enhancing the value each client brings during each visit and throughout their relationship with the practice.

• Average Patient Visit Value: Increasing the amount each client spends per visit through high-value offers and upselling strategies.

• Lifetime Customer Value: Encouraging long-term loyalty and repeated business by providing exceptional experiences and ongoing care plans.

“Simplicity is next to godliness... I like to make business simple.”
— Heather Terveen [06:45]

4. The CARES Consultation Process

To effectively leverage the second and third revenue levers, Heather introduces the CARES Consult Process, a structured framework designed to enhance client consultations and drive both immediate and long-term revenue growth. CARES stands for:

• C: Clarify

  • Uncovering the client’s main goals, desires, and problems.

• A: Affirm

  • Restating the client’s needs to ensure understanding and build trust.

• R: Recommend

  • Presenting tailored, high-value service packages that meet the client’s needs without overwhelming them.

• E: Explain

  • Using metaphors, analogies, and stories to make recommendations memorable and relatable.

• S: Show

  • Providing visual aids such as before-and-after photos or lookbooks to illustrate potential outcomes.

“The CARES consult process was built behind the integration of not only my experience personally selling, but also the backbone of what I know it takes to actually communicate and persuade effectively with humans.”
— Heather Terveen [20:10]

5. Implementing Structured Consultations for Long-Term Success

Heather elaborates on the significance of a consistent and strategic consultation process. She explains how the CARES framework ensures that every client interaction is purposeful and aligned with the practice’s revenue goals. By standardizing consultations, med spa owners can provide a uniform experience that enhances client satisfaction and loyalty.

“Having a consistent consultation process and experience that goes beyond the haphazard consult process many of you have... ensures that you increase that average patient visit value and that you increase that lifetime customer value.”
— Heather Terveen [15:50]

Heather also shares her academic background in communication, highlighting how her studies have influenced the development of the CARES process. Her approach is rooted in psychological and communication research, ensuring that the consultation techniques are both effective and scientifically sound.

“All communication is designed to either inform, persuade or have somebody take an action on something.”
— Heather Terveen [12:30]

Conclusion

In wrapping up the episode, Heather reinforces the necessity of pulling all three revenue levers—attracting the right number of clients, increasing the value per visit, and enhancing lifetime customer value. She urges med spa owners to adopt the CARES Consult Process to create a consistent, high-value client experience that not only boosts immediate revenue but also fosters long-term loyalty and profitability.

For listeners interested in further developing their consultation processes, Heather recommends her program, Get Five Figure Consults, as a resource to master the strategies discussed.

“Ensure that you have a very dialed in consult process is the way to ensure that you increase that average patient visit value and that you increase that lifetime customer value.”
— Heather Terveen [28:05]

Notable Quotes:

• “Simplicity is next to godliness.”
  — Heather Terveen [06:45]

• “All communication is designed to either inform, persuade or have somebody take an action on something.”
  — Heather Terveen [12:30]

• “Having a consistent consultation process and experience... ensures that you increase that average patient visit value and that you increase that lifetime customer value.”
  — Heather Terveen [15:50]

• “The CARES consult process was built behind the integration of not only my experience personally selling, but also the backbone of what I know it takes to actually communicate and persuade effectively with humans.”
  — Heather Terveen [20:10]

Resources Mentioned:

• Get Five Figure Consults: A program by Heather Terveen designed to implement the CARES Consult Process and enhance consultation strategies for increased revenue. heatherterveen.com/forward/consult

• MedSpa Advantage: A program aimed at helping med spa owners grow revenue and profits while regaining personal time. heatherterveen.com/apply-to-learn-more

This episode is an invaluable resource for med spa and aesthetic practice owners looking to refine their consultation processes and implement simple yet effective strategies to boost their revenue, particularly as they navigate the busy and critical fourth quarter.