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The Comparative Retail Revenue Challenge

Kimberly Matheson Shedrick May 2014 issue of Skin Inc. magazine
The Comparative Retail Revenue Challenge

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Benchmarking against success stories has long been a practice—there is much to be gained by comparing a company’s business processes and performance to those that are doing it right even if they are from other industries.

The skin care industry needs to focus on growing retail—or risk losing out. If clients aren’t buying their beauty and wellness products at the skin care facility they frequent, then they’re buying them elsewhere. Perhaps they’re purchasing at a department, drug store or through online retailers. These venues don’t provide the expertise that skin care professionals can, nor do they spend quality time treating and educating the client—take this fact as a call to action. Clients, team members and the business itself can all benefit from robust training on creating opportunities for providing expertise and recommending products customized to unique needs.

In a recent presentation, Jan Freitag, senior vice president of Smith Travel Research—a company that tracks key metrics within the spa industry— challenged the spa industry to be innovative in order to reach new heights. One of the areas that has yet to regain pre-recession strength is retail purchases in relation to treatment sales. It’s time to seize the moment and reconsider retail as a vital source of income.

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