Business was booming: thousands of orders came in every day, and thousands of happy clients finally tackled "the problem" with their heads held high (among other things).

It felt like Hims had redefined men’s health forever. 

But you already know they didn’t stop there. 

After all, being known as just the "ED guys" did not sound like a sustainable business plan. So, what did they do? Enter the genius move: DIVERSIFICATION. 

Expanding their offer was simple — tapping into the rest of the unmet needs that men were too embarrassed to talk about. And surely, among those, they found a goldmine of opportunities. Hair loss? Why not? Stress and anxiety? Bring it on. Skincare, too? You bet.

From that moment on, Hims became so much more than a company offering discreet ED pill delivery. They became a holistic wellness hub, selling not only high-quality treatments but, most importantly, peace of mind.

…But they still didn’t stop there.

After all, why let men have all the benefits? Women also had their own set of health issues, from birth control to skincare to anxiety, and Hims realized they could use the same formula of privacy, convenience, and style to tap into the female market. And that’s how Hers was born - a comprehensive telehealth platform for ladies.

At this point, it was clear: Hims & Hers was not just another company anymore. It was a thriving, sustainable empire. It is astonishing to think that one erectile dysfunction pill led to all these events. However, it takes more than just a good trendy product to build a business model that stands tall (pun absolutely intended).

These guys mastered it to perfection, and they’re a great example of how you can do it too. Because, in the end, it’s not just about riding the trend wave - it's about building a ship that can weather any storm.

Always Have a Hers to Your Hims

Why Diversification Matters

While Hims could have stayed comfortable in their role as the kings of ED pills, they knew better than to put all their eggs in one basket. Besides, they had bigger dreams - and they knew that diversification wasn't just a fancy business school term - it was their ticket to building something much greater.

Because of that, Hims’ journey perfectly illustrates a bigger question: What is it exactly that makes diversification such a powerful strategy when dealing with hyper trends?

Risk Management

Since trends are fleeting and trending treatments are often still being tested while they’re already on the market, one of the obvious benefits of diversification in this case is mitigating the risk associated with running a business built on one single trend. 

While sure, that new treatment might be all over social media today, what happens when long-term studies come out? When do regulations change? When something even shinier catches everyone's attention?

And it’s not just a hypothetical scenario - look at what happened recently with compounded GLP-1 injections. Countless practices built their entire business models around these weight loss drugs, turning them into their bread and butter. They were riding high... until they weren't. 

When the FDA announced that the original Eli Lilly products were no longer in shortage and banned the compounded versions, these mono-procedure practices found themselves in a pretty difficult situation - a situation that could have been avoided. 

The lesson here? Always reduce the risk with diversification - because once you build a practice that doesn't rely on a single trending treatment, market changes, shifting patient preferences, and external regulations suddenly become manageable challenges rather than existential threats.

Sure, they might sting a bit, but they won't sink your entire ship.

Growth Opportunities

Building your practice around a single trending procedure isn't just risky - it's also severely limiting your own growth. 

Think about it this way: imagine running an Asian restaurant that only serves spring rolls. They might be the best spring rolls in town, but with just one dish on the menu, how far can you really go? Why not add some Kung Pao Chicken or Peking Duck to the mix?

Now, I'm not saying go completely off course. Nobody wants to see spring rolls and neapolitan pizza offered together — just like nobody wants their plastic surgeon doing prostate exams on the side. But if that plastic surgeon is great at breast augmentation and decides to add rhinoplasty to their expertise? That's a whole other story.

And here's another thing about limiting yourself to one procedure - you're missing out on so many opportunities. After all, every patient who comes in for that trending treatment could be a potential candidate for other services within your specialty. However, if one single procedure is all you offer, you're basically leaving money on the table. No cross-selling, no complementary treatments, no lifetime value beyond that one appointment.

In the end, without diversification, you’re not actually building anything real - you’re just renting space for a passing trend. 

Competitive Advantage

When a new trend hits the scene, suddenly, everyone’s offering exactly the same thing at similar price points. To return to our restaurant metaphor, it's like watching a hundred places all serving identical spring rolls… how exciting.

But when you've built a diversified practice, you get to play a different game. While you're still offering that same trending treatment, you're wrapping it in something unique - a complete transformation journey, a holistic wellness approach, or a comprehensive care package that your competitors can't match. 

So, while they're stuck in a price war, desperately trying to prove their trending treatment is somehow better than everyone else's, you're out there offering an experience that can't be easily replicated - an experience that gets you the competitive advantage.

…But How?

Diversification 101

Okay, I know what you're thinking right now: "This all sounds fantastic, but where do I even start?"

Trust me, I get it. I’m over here talking about empires and long-term strategies while you’re still in the trenches, trying to figure out how to get your trend-chasing patients to book a second visit. But no worries - we’re here to learn, and Hims’ playbook will be our guide.

So, grab your coffee (or wine, I won't judge), and let's dive into how Hims pulled off building a medical empire on one erectile dysfunction pill - or more importantly, how you can apply these same tactics in your practice:

Types of Diversification

Let’s start with the types of diversification you can pursue - because there's more than one way to grow a practice starting from a hyper trend. Hims happened to nail all three of the ones mentioned below, and that’s why these are the types we’ll be focusing on:

1. Concentric diversification - Expanding your business by adding new products or services that are closely related to your existing offerings and targeting new markets. 
2. Horizontal diversification -  Introducing new products or services that may or may not be related to your existing offerings but target your current customer base or market.
3. Vertical diversification - Expanding your business by integrating parts of the supply chain, either upstream (suppliers) or downstream (customers).

As you can see, each of these types plays a different game with different goals. 

While concentric diversification is all about leveraging your existing expertise to create natural expansions, horizontal lets you test your winning formula with fresh audiences. And vertical? That's all about taking control of more pieces on your business chessboard. Let's break down how Hims managed to pull off all of them while building their very own empire:

Horizontal 

First move - they zoomed out. Way out. 

See, Hims started with one product for one very specific problem (and let's be honest, it wasn't exactly a conversation starter at dinner parties). They could have stayed in that lane, thinking "Well, this is our niche". Instead, they saw their narrow focus not as a dead end, but as a launching pad.

And that's when the magic happened - they transformed into a complete telehealth platform for men, offering solutions for everything from hair loss to anxiety to skin issues. All they had to do was create new services for the guys who already trusted them. How do you apply the same approach in your practice?

Think of all the needs your patients may have beyond that one trending treatment. After all, when someone comes in for Botox, it’s likely that they may also be dealing with volume loss. If they’re dealing with volume loss, they may be also interested in biostimulators. And if they’re interested in biostimulators, maybe they’d also be able to use some skin treatments. And so on…

See the domino effect here? The directions to expand are basically endless - you just need to spot them. And trust me: if you don't provide those solutions your patients are looking for, they'll find them somewhere else. 

Concentric

You already know how the story goes: Hims started with ED pills and expanded to general men's health. But, then came the plot twist - they created Hers:

By leveraging their expertise and applying it to a completely new market, their audience expanded to millions of ladies. Skincare, supplements or even birth control — it turned out women had just as many health needs they'd love to conveniently deal with online. 

And Hims (well, Hers) was ready to step up and offer solutions for both teams. Before anyone knew what happened, they went from being "the ED guys" to becoming everyone's go-to wellness destination.

The best part - your practice can pull off the same move. That trend bringing in new patients, all similar to each other, all coming in for the same treatment? That's just your foot in the door. Think broader: different age groups, different genders, different concerns. 

Say you’re mainly seeing women come in for that viral treatment everyone's talking about - a mommy makeover, for example. Great start, but what about men? 

Because trust me, for every mom wanting her pre-baby body back, there's a guy wondering how to ditch that dad bod - a guy you can also cater to if you expand your offerings.

That’s why the key is not to see your trend-chasers as your only market—it’s to see them as your first market.

Vertical 

If it wasn’t enough, Hims decided they wanted to expand further, and created their very own house brand products like the Hard Mints:

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Or the Hims Hair Growth Spray:

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With both of these products compounded by them and sold in sleek, branded packages, they were able to move closer to controlling the end of the supply chain, directly offering the products to their customers rather than relying on third-party brands. And this wasn't just about looking cool — it was about capturing a higher profit margin, building stronger brand loyalty, and having complete control over the quality.

For your practice, it may look similar if you’re also moving upstream (backward).

For example, think about creating your own line of medical-grade skincare products. And I'm not talking about just slapping your logo on someone else's formula. I'm talking about developing your own proprietary blends, specific to your patients' needs. Or how about creating your own post-treatment care kits?

If you decide to move downstream (forward), on the other hand, you’ll be essentially getting closer to the end customers or expanding services to interact directly with them. 

How? While there are many great solutions, the first one that comes to mind is creating your very own practice app. 

I know it’s definitely a pricey approach but just think about it - if there’s any way to enhance your patient’s customer journey, it’s definitely through the convenience, engagement, and interaction that an app can provide. It's basically your way of being in your patients' pockets 24/7, helping them track their progress, schedule appointments, and stay connected with your practice. Maybe consider adding a virtual consultation option to it? An educational section?

Whichever direction you decide to expand in, whether you're moving upstream to craft your own pieces or downstream to control more of the board - one thing's clear: vertical diversification isn't about playing someone else's game anymore. It's about building an empire where you make the rules.

…But It’s My Area of Expertise!

Specialization vs Trend-chasing

Now, I can already hear some of you saying: "But wait, this is my specialty! This is what I'm known for!" 

Let's clarify something: there's a world of difference between being a true expert in a specific treatment and just jumping on a trend. When you're an expert, you've invested years in mastering the technique, understanding the science behind it, and building a reputation that patients trust. That's not what we're talking about here. 

Building your entire practice around a hyper trend often means having just enough knowledge to capitalize on the moment — it's about quick profits, not expertise.

And here's the thing: even if you are the Michelangelo of a particular treatment, that's still no reason to not diversify. Because guess what? At the end of the day, nothing makes you immune to market changes, regulatory shifts, or evolving patient preferences. 

Expert or not, building a sustainable practice means not letting your business live or die by a single treatment - no matter how good you are at it.

Hyper Beneficial or Hyper Dangerous?

The thing about trends is that they're not inherently good or bad. Yes, they have their advantages and drawbacks, but at the end of the day, they're just opportunities waiting to be either wasted or maximized. 

So, while they can be a great way to fill your waiting room with patients, it’s important that you keep those patients coming back. While having a loyal patient base already seems like a victory, building a diverse business that doesn’t live or die because of one treatment is truly maximizing the potential of hyper trends in your practice.

Ultimately, whatever you do, just remember: trends in aesthetic medicine are like waves - they can either crash your practice onto the rocks or power your ship to new horizons. However, the difference in the outcome isn't in the wave itself - it's in how you harness its power.