First, there was “the great resignation.” Now it’s time for “the great recovery.”
With the COVID pandemic continuing to sweep around the world, we wondered how brands powered by Zenoti are faring. The answer? Thriving!
Zenoti analyzed aggregate data from over 15,000 businesses across the last 36 months, and found that between 2019 and 2021, beauty and wellness brands experienced a 15% increase in revenue growth.
Read on to see what else we found that will help you grow your salon, spa, or medspa in 2022...
How Has the Beauty and Wellness Industry Been Impacted by COVID?
In April 2020, Allure Magazine mirrored back to us a truth that beauty and wellness business owners and providers knew all too well:
This is undoubtedly true, but our data shows there have been positive outcomes and learnings to take away from the pandemic. First is that while the number of visits dropped by 20%, the average ticket value increased by 44% and overall revenue increased by 15%.
Recovered and Beyond: 2021 vs 2019 Zenoti Customer Business Metric Trends
The reason for this trend? It’s two-fold:
1. Grouping More Services into One Appointment
This is likely due to the desire to minimize visits and COVID risk, but it works to create a more efficient appointment experience for you and your guest.
Capitalize upon this change for your salon, spa, or medspa by preparing packages of services that can easily be booked by guests and are entered correctly in the appointment book. This maximizes providers’ time and avoids wasted appointment slots, which in turn generates more revenue for your brand.
2. COVID Expectations and Requirements
With higher sanitization expectations, social distancing, and COVID related education required for some providers, beauty and wellness businesses are adopting a COVID fee. Stay up to date with industry trends, your local requirements, and consider the added cost of providing the safest possible experience for your guests when considering 2022 pricing.
September 2021, Zenoti customers saw a whooping 65% increase in average ticket size, likely due to the excitement of being able to book in person again, coinciding with extended appointments and potentially added COVID fees implemented at the salon, spa, or medspa.
Recovered and Beyond: 2021 vs 2019 Zenoti Customer Average Ticket Trends
How a Branded App Can Contribute to Revenue Growth
Our data shows that an average of 12% more services are booked per appointment* via an app.
*Percentage reflective of medspa data
With an average invoice cost of $416, a 12% increase could bring in an additional monthly revenue of $17,000.00 for your medspa business.
Having an app elevates the experience guests have with your brand and meets their expectations for immediacy. With a branded app, you enable them to book appointments instantly 24/7 - without needing to call your center. This way guests enjoy the convenience they expect, and you avoid lost opportunities if they want to book outside of business hours or can’t get through to a busy front desk. The result? Satisfied customers who come back time after time and more revenue for your business!
Make the most of your app with push notifications to keep your guests engaged and to drive sales.
Frederic Lalonde, CEO of Hopper, shares that 90% of the company’s revenue comes from push notifications.
Use industry trends, guest data, and geotargeting to send personalized notifications about upcoming promotions, new and add-on services, packages, and more, all from your Zenoni-powered app.
The Power of Benchmarks by Zenoti
Are you ready to have the inside pulse on industry trends? Benchmarks by Zenoti leverages data from over 15,000 of the world’s largest beauty and wellness businesses to bring you the key insights you need to make savvy, strategic decisions to grow your business. It also allows you to analyze industry trends so, you can do less Googling and spend more time inspiring your guests in their pursuit of personal greatness!
Armed with this information, you can also take action to grow your business. If you’re able to track your business performance across key data points, then compare your performance to that of other businesses in the industry, you can set the goals you need to create your path forward to success.
Learn more about how Benchmarks by Zenoti can help you make strategic moves in your business. Hit play.