Part 1 – Market Research on Your Chosen Location
Turning a vision into a reality is a very exciting journey and one that takes careful planning, but how do you build that vision? What is driving it and where have those ideas come from?
This is where your spa story begins, it is the first step in my Spa Ecosystem and it tends to be the area that raises the most questions.
Let’s look at how I begin the market research for my clients that then enables us to define our target demographic.
Traditionally, there are four types of spas:
- Day Spas
- Destination Spas
- Resort and Hotel Spas
- Mineral and thermal spring spas
Each with their own ‘Unique Selling Point’ and usually befitting their surroundings, these different spas cater to a specific type of clientele that has (hopefully) been considered when opening and this is precisely what our market research is needed for. After all, you can’t design a treatment menu without knowing who your client is!
To identify our ideal client, we need to look at our location and size, then ask why this spa is opening and what the end goal is. Taking location into consideration, ask yourself if you are attracting local clients as a day spa or are you opening a spa that is part of a luxury hotel and therefore more of a destination.
When you look at the potential size of your spa, what does it give you scope for? If you now know that you are a luxury, destination spa then start to consider what facilities or elements guests will expect from you so that you can start to plan around this.
Let’s keep with the luxury spa theme and then go on to consider our competitors, who are they? How close is your nearest competitor? How will you differentiate your spa from theirs?
With a luxury spa, it isn’t just the surroundings that are five-star, it is the entire experience. Remembering this, you also need to consider staffing logistics for your location. Will you be able to employ the right staff with the required skill level needed for your luxury spa?
Each step of my ecosystem considers every aspect of your potential brand and business so that clients’ needs are met and we can ensure long-term performance. With market research being just step one of 40, it is my role to make sure that your vision is going to come to life in the most authentic and prosperous way.