I work a lot with distressed businesses in the health and wellness space. No matter what other circumstances have led to the need of an intervention, there is ALWAYS one aspect we have to redesign to set the business up for long-term success.
Virtually every health and wellness business has this problem: modalities or techniques are the centerpiece of the business offer and USP, rather than the offer of a solution the clients are actually looking for.
This issue permeates every aspect of the business from pricing through planning to our marketing. When we offer a modality or technique or something as abstract as a “signature facial”, it is a hit and miss because people are not actively seeking a treatment. They are looking for a solution. Now in our minds, we think treatment and solution are one and the same. But consider the inner dialog that happens prior to a health and wellness visit. What clients are actually looking for, are solutions to the problems that are at the top of their list – not a modality or technique, not a fluffy name or technical jargon.
And so we discover a number of challenges:
Communication – We are asking the customer to interpret what we offer and translate it into a possible solution for their problem. In this time of sinking attention spans and increasing distractions, that is a losing strategy.
Marketing – It’s hard to aim your marketing and advertising at those who need your service because you basically have to “mass market” to increase the chance of randomly reaching a client.
Competition – When you sell a modality, you can be listed, copied, compared, reviewed, and are a perfect target for Groupon and competition on price.
Reputation – It’s much harder to be a small fish in a big pond than a big fish in a small pond.
Profit – When you sell modalities you have to stay within the competitive price range. Your profit is limited no matter how good you are.
So if you want to shift your business toward growth and sustainability, consider moving away from selling treatments, modalities, and techniques and start offering solutions to the problems your clients are presenting you with. Create solutions not service menus.
When you become a solution provider instead of a service provider, you break free from many limitations.
Nicolay H Kreidler
Nicolay H Kreidler is an entrepreneur and strategic consultant in the health and wellness space who focuses on distressed businesses, investor – owner – operator relations and work / life balance challenges.