Basics for offering Retail Cosmeceuticals
The skincare product industry has never been as vibrant and far-reaching as it is today! Add to your bottom line as a physician or practice owner by providing your patients with the cosmeceuticals (also known as medical-grade skincare) to supplement your procedural offerings and support their aesthetic goals.
Illari Skin is committed to the success of our customers and is a “physician-only” cosmeceutical line that has been designed to compare favorably to larger brands with attractive packaging and lower price points for you and your patients to take advantage of. We are all about educating our physicians and and practice owners on our products, packaging and pricing, and successfully marketing this new line to patients.
Cosmeceuticals or medical-grade skincare are physician-prescribed skincare products utilizing a higher percentage of active ingredients than over-the-counter medications to more effectively treat specific skin conditions. Many patients suffering from aging skin respond well to these specialized skincare products and are very effective when used in combination with other treatment regimens given within an aesthetic practice (i.e. lasers, injectables, chemical peels).
This booming market is projected to reach USD 8.43 Billion with a CAGR of 8.9% by 2026 for physician and private skincare distribution only (In comparison the Botox and Filler Market is approximately $2-3B annually).
Cosmeceutical sales represent great revenue potential for your practice. The average patient spends approximately $120 to $200 a month on skin care products. Cosmeceutical sales in a medical-aesthetic practice represent between 10% and 15% of all revenue, and the average markup for Cosmeceuticals is from 50% for standard skincare products to 100% for specialty skincare products (eye care, serums, polypeptides|growth factors)
How to Choose the Right Cosmeceutical Line for Patients
Even if you presently offer a skincare line at least two Product Lines (or companies) are preferred in a medical-aesthetic practice. Brand recognition is important, but not a must for a successful cosmeceutical component of your practice: the fact that the product lines come with your recommendation and are supported by your professional experience will be the biggest selling point to your patients.
• To give your patients the widest variety of options to enjoy, be sure the products you choose to carry address all skin types.
• Do not carry brands that can be bought directly on the internet or other on-line discounted websites. A product that’s physicians-only will be more attractive to your patients, and ensure they continue to purchase top-of-the-line skincare products from you directly.
• Systems Packaging/Bundling: Make sure that the company you purchase from offers solutions in an all-in-one package, it is more synergistic to the patient and patient compliance is greater leading to better results.
• When choosing a cosmeceutical product line to carry, research their sales materials and note the company’s website branding and how attractively packaged the products are.
• There’s a vast variety of products available, some of them including premium ingredients such as stem cell formulations, kelp formulations, and oxygen infused formulations. While tempting to carry more high-end products, it’s important to have a proper price point for your patient demographic. It is better to have a product line affordable to your patients!
• Try to stay away from expensive buy-ins from major manufacturers. The idea is to start with a minimal investment and grow the product line with sales.