SpaTrade has released the top seven trends from their Path to Profitability for Day Spas report. The report provides detailed reviews of the top trends and spells out the highly lucrative tactics being used by the most successful and innovative spa businesses. To prepare the Path to Profitability for Day Spas report, the SpaTrade research staff interviewed dozens of the industry's top spa owners, managers, consultants and vendors, to gather the best in profitability tactics for 2003.
Top 7 Trends Impacting the Spa Industry
1. Better, Cheaper, Faster
"Better, Cheaper, Faster" is a slang phrase used in the hi-tech industry to explain the speed at which competition drives product improvement Spas must provide the highest quality services for their price, in the most efficient time frame to be competitive.
2. Niche Equals Rich
Finding your niche means "being something to someone and not everything to everybody." Spas must define their role within the market place; develop a clear identity and fulfill a particular need. This means owning a space in your customer's mind.
3. Medi-Spa® Mania!
The convergence of the spa industry with the medical industry has caused a veritable "mania." In fact, even the word 'medi-spa' has caused a big drama of late, as spas using the name realize it is trademarked by Dr. Bruce Katz's Juva Medi-Spa in New York City.
4. Corporate Connection
Day spas are reaping significant revenue by attracting corporate clients. It is becoming mainstream to provide spa services at corporate events. Corporate meeting planners are using spa grounds as the new conference sight.
5. The Branded Spa
Branded Spas are spas that have built their businesses to be "known"- regionally and nationally. Their growth usually expands into multi-unit organizations, grouping businesses in key areas. They usually provide their units with top management, marketing, technology and customer service practices.
6. Rallyin' 'Round Retail
Successfully managing your retail sales operations includes outlining the specific benefits of your retail offerings, and making homecare protocols a rock-solid part of your service delivery strategy. Selling must be an integral part of the job for all of your customer-facing employees.
7. Sayonara Stereotypes
Sayonara Stereotypes is the recognition that there is no "typical" spa-goer profile. As day spas become more and more commonplace, the services they provide have shifted from an unnecessary extravagance, to an essential part of balanced self-care for many. Spas are increasingly being used as a social/ recreational resource as well as corporate meeting grounds, so be sure to expect no one particular profile entering your spa.
Rave reviews have come in for the latest Special Report from SpaTrade. 'Our goal in creating the SpaTrade Reports is to collect, analyze and provide the business management secrets that make sense in today's tough economy, says SpaTrade CEO Nancy Griffin, 'And to deliver cutting edge information that will immediately impact the spa's bottom line.'
About SpaTrade
The leading resource for spa business management, SpaTrade features breaking news, top experts, feature article links, and product and service information. With a membership of over 6,000 executives, owners, and spa suppliers representing 65 countries, Spa Trade is the most complete Internet resource for the development, management, and marketing of spas and spa-related facilities. SpaTrade is number one in its category on Yahoo! Membership registration is free, and members receive the bi-monthly SpaTrade email newsletter with special features and promotions.
Top 7 Trends Impacting the Spa Industry
1. Better, Cheaper, Faster
"Better, Cheaper, Faster" is a slang phrase used in the hi-tech industry to explain the speed at which competition drives product improvement Spas must provide the highest quality services for their price, in the most efficient time frame to be competitive.
2. Niche Equals Rich
Finding your niche means "being something to someone and not everything to everybody." Spas must define their role within the market place; develop a clear identity and fulfill a particular need. This means owning a space in your customer's mind.
3. Medi-Spa® Mania!
The convergence of the spa industry with the medical industry has caused a veritable "mania." In fact, even the word 'medi-spa' has caused a big drama of late, as spas using the name realize it is trademarked by Dr. Bruce Katz's Juva Medi-Spa in New York City.
4. Corporate Connection
Day spas are reaping significant revenue by attracting corporate clients. It is becoming mainstream to provide spa services at corporate events. Corporate meeting planners are using spa grounds as the new conference sight.
5. The Branded Spa
Branded Spas are spas that have built their businesses to be "known"- regionally and nationally. Their growth usually expands into multi-unit organizations, grouping businesses in key areas. They usually provide their units with top management, marketing, technology and customer service practices.
6. Rallyin' 'Round Retail
Successfully managing your retail sales operations includes outlining the specific benefits of your retail offerings, and making homecare protocols a rock-solid part of your service delivery strategy. Selling must be an integral part of the job for all of your customer-facing employees.
7. Sayonara Stereotypes
Sayonara Stereotypes is the recognition that there is no "typical" spa-goer profile. As day spas become more and more commonplace, the services they provide have shifted from an unnecessary extravagance, to an essential part of balanced self-care for many. Spas are increasingly being used as a social/ recreational resource as well as corporate meeting grounds, so be sure to expect no one particular profile entering your spa.
Rave reviews have come in for the latest Special Report from SpaTrade. 'Our goal in creating the SpaTrade Reports is to collect, analyze and provide the business management secrets that make sense in today's tough economy, says SpaTrade CEO Nancy Griffin, 'And to deliver cutting edge information that will immediately impact the spa's bottom line.'
About SpaTrade
The leading resource for spa business management, SpaTrade features breaking news, top experts, feature article links, and product and service information. With a membership of over 6,000 executives, owners, and spa suppliers representing 65 countries, Spa Trade is the most complete Internet resource for the development, management, and marketing of spas and spa-related facilities. SpaTrade is number one in its category on Yahoo! Membership registration is free, and members receive the bi-monthly SpaTrade email newsletter with special features and promotions.