Get a watermark-free, fully customizable competition study in our business plan for an esthetician practice
In the dynamic world of beauty and skincare, understanding your competition is crucial for carving out your own niche.
This blog post will guide you through a systematic process for conducting a competition analysis for your esthetician practice. We'll cover how to pinpoint both direct and indirect competitors, assess their services and marketing strategies, and identify opportunities for your practice to stand out in the beauty industry.
If you're looking for a ready-made competition study that's fully customizable, be sure to explore our esthetician business plan template to give your practice a competitive edge.
What is exactly a "competition study"? Should you make one for your esthetician practice?
A competitor study for an esthetician practice involves a detailed examination of other esthetician businesses in your vicinity.
This includes direct competitors, such as other esthetician practices or beauty salons offering similar services, and indirect competitors, like at-home skincare product sellers or online beauty influencers.
The goal is to grasp their strengths, weaknesses, strategies, and performance to pinpoint opportunities and threats for your own practice.
Why do estheticians conduct competitor studies? Simply put, knowledge is power.
Knowing the competitive landscape helps you sharpen your own services and client experience.
For example, if you find that most local estheticians focus on anti-aging treatments, there might be a niche for acne or holistic skin treatments that you could fill. Or, if you notice a lack of online booking options among your competitors, introducing an easy-to-use online appointment system could set your practice apart.
The advantages of a comprehensive competitor analysis, like the one outlined in our business plan template tailored for esthetician practices, are numerous. It steers you clear of competitors' mistakes and highlights service gaps you can exploit. It can spark innovation in your treatment offerings, customer service, marketing efforts, and the overall client journey.
Furthermore, understanding your competitors can inform your pricing strategy, ensuring your services are competitively and appropriately priced. It also keeps you nimble, allowing you to adapt quickly to changes in the market.
Should you conduct a competitor study if you're launching a new esthetician practice? Absolutely.
Starting without a grasp of the competitive environment is akin to navigating without a map. A competitor study sheds light on the route, aiding you in overcoming obstacles and capitalizing on opportunities. It's a crucial element of your business planning, setting the stage for a strategic approach that focuses on not just entering the market, but excelling in it.
Is a competitor study useful for you? Undoubtedly, especially if you want to make savvy decisions that will distinguish your practice. Whether it's carving out your unique selling points, pricing your services right, or choosing the most impactful marketing tactics, a competitor study equips you with the insights to make those choices confidently.
It's not merely about tracking what others are doing; it's about figuring out how you can do it better or differently to attract and retain clients.
How to conduct a competition study for your esthetician practice?
To conduct a competition study for your esthetician practice, start by gathering information on local competitors by looking into their service offerings, pricing, customer reviews, and marketing strategies.
Then, compare these elements with your own practice to pinpoint what sets you apart and where you might enhance your services or client experience.
We also offer a concise competition study template that you can customize with your own data in our business plan for an esthetician practice.
To simplify the process for you, here's a 10-step action plan to create a relevant competition study for your esthetician practice.
| Step | Action | Details |
|---|---|---|
| 1 | Identify your competitors | List local esthetician practices and beauty salons that offer similar services within your target market. |
| 2 | Analyze their service offerings | Compare their treatments, specializations, and package deals to yours. |
| 3 | Evaluate their marketing strategies | Examine their social media presence, advertising campaigns, and promotional activities. |
| 4 | Assess their customer service | Read through customer feedback and testimonials to understand their service quality. |
| 5 | Study their visual branding | Look at their logo, clinic ambiance, and overall aesthetic appeal. |
| 6 | Check their online presence | Review their website functionality, search engine optimization, and online booking system. |
| 7 | Understand their pricing strategy | Figure out how they price their services and if they offer any membership or loyalty discounts. |
| 8 | Monitor their customer engagement | Observe their interaction with clients on social media and review platforms. |
| 9 | Identify their strengths and weaknesses | Based on your research, determine areas where they outperform or fall short. |
| 10 | Leverage findings to improve your practice | Utilize the insights gained to refine your services, marketing, client relations, and more. |
What should be included in a competition study for an esthetician practice?
Here is a table listing 10 elements that could be part of a competition study for an esthetician practice.
| Name of the Element | Description |
|---|---|
| Market Share | Percentage of the local market that competitors hold in terms of client volume and revenue. |
| Service Offerings | Range of esthetic services provided, such as facials, waxing, or laser treatments, including any specialty or signature procedures. |
| Pricing Strategies | How competitors set their prices for services, including package deals, memberships, or seasonal promotions. |
| Target Demographics | Key characteristics of the competitors' client base, including age, gender, income level, and lifestyle preferences. |
| Location and Convenience | Physical location of the competition, ease of access, parking availability, and proximity to public transportation. |
| Marketing and Online Presence | Competitors' strategies for promoting their services, including website quality, social media engagement, and online booking options. |
| Client Reviews and Testimonials | Online reputation as reflected in client reviews and testimonials on platforms like Yelp, Google, and industry-specific sites. |
| Quality of Care | Professionalism and expertise of the staff, as well as the perceived quality and results of the esthetic treatments offered. |
| Ambiance and Facility Aesthetics | The overall atmosphere of the practice, including design, comfort, privacy, and cleanliness of the treatment areas. |
| Health and Safety Protocols | Standards and procedures for maintaining hygiene and safety, particularly important in the context of skincare and body treatments. |
Examples of competition studies for an esthetician practice
Below are three different (very concise) examples of competition studies tailored for a High-End Esthetician Practice, a Medical Aesthetics Clinic, and a Holistic Skincare Studio.
If you need something more developed, go check our business plan template for an esthetician practice.
High-End Esthetician Practice Competition Study
| Competitive Factor | Description |
|---|---|
| Service Range | Exclusive treatments using luxury products and advanced techniques. |
| Price Range | Premium pricing, reflecting the bespoke nature of services and high-end products. |
| Location | Prime location in affluent neighborhoods or high-end shopping districts. |
| Customer Experience | Personalized services with attention to detail, privacy, and comfort. |
| Ambiance | Luxurious and serene environment, often with private treatment rooms. |
| Unique Selling Proposition (USP) | Exclusive treatments, celebrity esthetician, or partnerships with luxury brands. |
Medical Aesthetics Clinic Competition Study
| Competitive Factor | Description |
|---|---|
| Treatment Specialization | Focus on medical-grade procedures like injectables, laser treatments, and skin rejuvenation. |
| Price Range | Varies from mid-range to high-end, depending on the complexity of treatments. |
| Location | Accessibility and convenience, often in medical districts or urban centers. |
| Professional Staff | Qualified medical professionals with specialized training in aesthetic medicine. |
| Ambiance | Clinical yet comfortable setting that emphasizes cleanliness and professionalism. |
| Unique Selling Proposition (USP) | State-of-the-art technology, innovative treatments, or renowned medical staff. |
Holistic Skincare Studio Competition Study
| Competitive Factor | Description |
|---|---|
| Service Philosophy | Emphasis on natural and organic treatments, promoting overall wellness. |
| Price Range | Affordable to mid-range, making holistic skincare accessible to a broader audience. |
| Location | Situated in areas known for health-conscious demographics or near wellness centers. |
| Customer Engagement | Focus on building relationships and educating clients on holistic health practices. |
| Ambiance | Relaxing and earthy atmosphere, often incorporating natural elements into the decor. |
| Unique Selling Proposition (USP) | Use of exclusive organic product lines, holistic treatment packages, or sustainability practices. |
You can also read our articles about:
- how to fill a Business Model Canvas for your esthetician practice
- how to segment the customers of your esthetician practice
- how to elaborate a marketing strategy for your esthetician practice
- how to become an esthetician (guide)