Grow your business through proven strategies to increase your traffic, convert the curious into patients and retain your patients for years to come (all the while, providing additional necessary procedures).
Business success doesn’t occur by accident! Henry Ford, Bill Gates, Michael Dell didn’t succeed on a whim. They consciously and intentionally pursued, explored, and diligently worked hard to attain the brass ring. Therefore, so must you!
You took the time and effort to hire a real estate person, find an office space, and secure your loan. Then, you had that office space built out to your specifications. After that, you hired contractors to fill your new clinic with phone lines, computer equipment, and medical equipment. One can only presume that your intention was to be as successful as possible.
You were diligent in your efforts to create a suitable location for your medical practice. You secured a beachhead for your enterprise. Now comes the moment of truth; the time when you must attack your prosperity intentionally!
In this spirit, your task is to raise your hand and to tell the world that you are open and ready for business! Additionally, your effort needs to cultivate your reputation, to stand out in your area, to become a local expert. In so doing, you can begin to develop your foothold on being considered the “go-to” doctor in town.
We know that this active pursuit of excellence is supposed to happen. It’s a shame though that far too many doctors don’t approach their business in this manner. There seems to be an attitude that simply by hanging their shingle over their door, patients will come!
Maybe it has to do with the amount of time that passes between a college business course and the actual practice of medicine. Perhaps, it’s in this period from beginning one’s practice to thinking about attracting more patients that the disconnect occurs. The fact is that from the moment you opened your clinic, the competition was on!
Every business school in the country teaches that business success is a daily struggle for survival. Every day someone is going out of business. Likewise, every day someone is trying to build their business; however, in a crowded marketplace every time a clinic gains a new patient, someone else loses one!
Though you can make the argument that the world is your “patient” oyster, depending on geographic limitations, population density, availability, and opportunity, your pool is not nearly as large as you may believe.
The fact it is that every day your competitors are actively marketing to your patients. If they’ve done a good job of incentivizing, they are doing everything they can to compel your patient to become their patient!
This book has a single purpose: to show you how you can keep your patients (both current and past) from jumping ship and increasing your profits. As we go along, you will also learn to attract more patients and increase your clinic’s traffic and earnings.
Additionally, we plan to show how you can maximize your budget to reap the maximum benefit from your marketing efforts.
Did you know that it costs five times as much to attract a new patient than it does to keep an existing one?
The reason that it costs so much more to attract a new patient is because patient acquisition has a very measurable cost. Let’s face it, and every business needs a steady supply of new patients, but it comes at a high price.
Some of the standard patient acquisition costs center around things like outbound, or traditional, marketing (including advertisements, direct mail, cold calling, and so on). Add to that the costs of event marketing, sales, and business development salaries, set up the maintenance of compelling websites, blogs, social media, etc., these things add up quickly and immediately attach themselves to your bottom line!
That’s why patient retention can dramatically and positively impact profits. According to a fascinating article in Marketeer.kapost.com, titled Customer Acquisition Versus Customer Retention, studies performed by Bain and Company, along with Earl Sasser of the Harvard business school, have measured that just a 5% increase in patient retention can lead to an increase in profits somewhere between 25 and 95 percent.
They go on to point out that: Current patients are more willing to try new services. Existing patients are 50% more likely to try new services and spent 31% more, on average, when compared to new patients, which translates to cross sales and up-sales.
Secondly, you already have the trust of your current patients, so they will be willing to truly listen to what you have to offer (without the standard resistance that comes with a perceived sales “pitch” from an unknown source). The probability of providing additional services to an existing patient is 60 to 70%, while the likelihood of providing those services to new patients is just by to 20%.
The third benefit has to do with advocacy and trust. Your current patients are your best advocates which impacts prospective new patients that want to know by what means to be your patients, giving perspective patients a glimpse of the patient experience your brand provides.
A clear model of the benefits of a defined client retention strategy is played out every day with the Disney Company. Think about it, when most people are asked about their experience at the park they respond with “It was incredible!” They often overlook standing in long lines, the hot, humid weather, or ever-rising ticket prices. If the trusted customer experience that has allowed Disney to have an attendance growth over 30 years. Returning customers trust the Walt Disney brand and know what to expect when they plan to visit for the coming summer.
So, to increase your traffic and provide additional services, you will need to focus on your existing patients. You will need to provide value within your relationship. You will need to create an “experience” for your patients that they know they cannot receive elsewhere.
Once you accept the necessary steps you need to take now you are ready to begin intentionally and with the purpose contacting your existing patients. According to noted business consultant guru, Jay Abraham, he teaches that there are only three ways to grow a business. What are you doing to increase the income and profitability in your business?
Most people, including me, think that increasing business is a complex giant burden of thousands of possible tactics that one can try; but, Jay Abraham takes the complex and makes it simple.
Just thinking of all your marketing and business activities as falling in one of these three categories will help keep you focused and will quickly give you a boost in revenues and profits. I thought I’d share the three ways to grow a business and several simple ways that you can implement them in your business. Besides, focusing on only three business building categories throughout our business lives doesn’t seem so bad …..… right?!
So what are the three ways to grow a business? 1. Increase the number of clients – get more new prospects into paying customers. 2. Increase the average transaction – get each client to buy more at each purchase. 3. Increase the frequency that the average client buys from you – get each customer to buy from you more often.
INCREMENTAL INCREASES YIELD REAL PROFITS
What happens to your business when you increase each of these three ways by just 10% each? What happens is you don’t increase your total business by 10% or even 30% — you end up getting a compounding effect. Jay Abraham says by simply increasing each of these three areas by 10%; you’ll grow your total revenue by 33.1%. This improvement creates a tremendous boost in income.
If I said you should grow your business by 33.1%, you might feel overwhelmed, but if I said increase just these three areas by only 10% each, you would believe it’s possible to achieve.
Here’s the math used by Jay Abraham in his book, Getting Everything You Can Out Of All You’ve Got:
- 1000 customer’s x $100 per transaction x 2 transactions per year = $200,000 Increase by 10% in each area: 1100 customer’s x $110 per transaction x 2.2 transactions per year = $266,200. Just following this simple formula, you could double your business with a 25% increase in each area.
This tactic is what Jay Abraham calls LEVERAGE. When you optimize just one of the variables, growth will be linear. But when you optimize TWO or THREE of the variables at the same time, your growth will be exponential because you’re creating LEVERAGE.
Take an hour and brainstorm ways to increase your business and then see in which of these THREE your ideas fall into then select the best option.
In a very short amount of time, you will begin to see how applying the strategic tactics can significantly impact the business Lifetime Value of each patient. Here’s an interesting fact to ponder: According to Invesprco.com, 76% of companies see a client’s lifetime value as a significantly important concept for their organization; however, only 42% of companies are able to measure lifetime value accurately.
There’s a famous quote from the legendary marketer and department store owner John Wanamaker that goes like this:
Half the money I spend on advertising is wasted. The trouble is I don’t know which half. That was in the pre-Internet days, and now the situation is compounded. Because online marketing is viewed as being free or nearly free, most business owners waste as much as 85% of their marketing budget on marketing that doesn’t work.
So what’s the solution? You to have access to a system that accelerates the buying process of your services while marketing less. If this sounds counterintuitive to traditional ideas about marketing, rest assured that systems are indeed available to provide those solutions.
You need a Sales Acceleration Diagnostic Tool, where you can quickly identify just the few most productive marketing strategies you should focus on and which other strategies to eliminate immediately.
This results of which allow you to invest significantly less time and money to increase your sales in the following areas:
- Generate more traffic – and higher quality traffic
- Convert a higher percentage of prospects into paying patients.
- Turn more single-sale patients into loyal, repeat patients.
- Increase the dollar amount of the majority of purchases your patients make.
- Create a steady, reliable stream of high-quality referrals.
The entire premise revolves around a basic understanding of meeting patient’s concerns. The stark reality is that you will have tremendous difficulty in increasing your clinic’s traffic if you don’t know what motivates patients to call your office. Additionally, you will have the same challenges in having them receive additional services from you if you don’t understand them.
Here’s the key to successful marketing to both existing and future patients. You MUST be able to address the number one question on your patient’s mind.
Universally, all consumers are motivated by self-interest. Therefore, it is your task to figure out your patient’s concerns. More often than not, that person’s concern deals with the issue that: there’s a problem they have and they don’t want it, and there is a result they want but don’t have.
As we go along, you will learn some key points to consider and steps to take to convert a higher percentage of patients, to increase the number of services you provide, and to create steady streams of highly qualified referrals.
CREATING YOUR SYSTEM
As we mentioned above, you need to review areas of your marketing and identify assets you already have but aren’t fully capitalizing. Your goal is to reveal a significant opportunity to increase your sales with no cost or risk on your part.
Most practices have established a high level of trust and credibility with their patients. This confidence is an unrecognized asset they rarely use to its full advantage. That means that you’re leaving substantial profits on the table that you could otherwise be making.
While making profits is essential, for this system to function at peak performance, your goal needs to be to increase your patients’ loyalty which occurs when you add value to the relationship. Commit yourself to being a problem solver and an ace communicator.
The fact is, there are many services related to your own that your patients would appreciate knowing about and buying. But they can’t always tell which services are good or best, but it’s your practice they want to trust. Because they trust you, you can use that confidence you’ve worked so hard to build to recommend both your services and other non-competitive health providers to your patients and multiply your profits as a byproduct of the confidence you have integrated into that relationship.
This is something you’ve seen done many times but probably didn’t think much about while it was occurring. For example, Amazon is a master of leveraging the trust their customers have in them. I’m a fan of historical novels (or whatever your interest or hobby is). Once I buy a historical novel from Amazon, every few weeks, they’ll send me recommendations of other historical novels I may like.
This saves me the time of having to search out new books, and since I trust Amazon, I’ve bought a number of novels on their recommendation. This same use of trust can be used very profitably by any business, including yours.
When you do this, you can easily see a 30% increase in profits, and I’ve seen some companies increase profits by 50% or greater when the strategy is properly implemented.
Noted business development, Bob Serling, developed an excellent checklist for the joint venture industry which hits on all the things that you will need to create your own patients’ matrix.
He suggests that you begin with a self –analysis. It should look something like this:
- List size: ___________________
- How big is your email list? ___________________
- How many people on your list are paying patients, and how many are prospect who haven’t bought anything? ______________
- How long have you been in business? ____________
- What is your revenue so far for this year? ________________________
o Is that more or less than for the comparable period last year? ________________
- What is your gross profit margin? ______________
- What is the value your services are best known for?
o Quality – Price – Reliability, etc. _____________________________________
- What is your most profitable procedure and how much does it sell for? ______________
- What percentage of your paying patients have already bought that service? _________
- Is there anything that would prevent your patients from requesting this procedure again? ______
One of the fastest and safest ways to grow your profits is by leveraging the trust you have with your patients to offer them more services they would benefit from. This can be offering your own products (if applicable) to them again or offering other non-competitive companies’ products that are related to yours. Are you currently doing anything like this?
If you have never given this much thought, reconsider your approach towards this strategy. It makes complete sense when you think about it.
DEVELOPING A WINNING STRATEGIC ALLIANCE
Most companies don’t realize how effective it can be to become a trusted source of additional services. The beauty of this process is that you can offer all kinds of complimentary products or services to your patients without having to produce any new products yourself. And the trust you already have with your patients grows even stronger when you make recommendations that they can receive great benefit.
Does this sound like something you should take advantage of?
The only thing you have to do is explore and discover the right companies to work with when it comes to other products.
You just be building strategic friendships/alliances, those are among the things you do for your patients. Question, what do you think the dollar value of offering a really attractive product to your patients might be?
If you carefully orchestrate a few of these deals each year, so as not to conflict with whatever else you’re doing, your profits could be even greater (when you take into account the probability of client exchanges with your strategic friendships). So assuming that you did one or more of these deals every year, what’s the long-range implication of this?
The long range effects of creating these relationships could be very lucrative! And on the flip side, what would be the implications of not doing this?
The answer to that question may very well be a lot of money on the table.
Presuming that all of the costs and the effort evaluation works out; does this sound like something you’d like to solve right now?
Let’s say that we can turn this to your advantage very quickly, make a number of sales to your patients every year, and keep building additional layers of trust as we go. How would that help you?
Every medical practice is always looking to grow their profits. This strategy puts you in the position of bringing, even more, value to your patients and that they’ll appreciate you for that. That’s a substantial advantage to have over your competitors.
Think about it, if we accomplish what you’ve just described, what would that mean?
It would be fantastic. You would make more money and lock in a greater market share that your competitors couldn’t touch.
Quickly and safely increase your sales and profits.
As we have been mentioning, this strategy focuses on offering your patients additional products that you carefully select.
We’ll start with an offer of a particular product (like that we discussed a minute ago). The reason for this is that it takes almost no time or effort to do this. You can have a highly effective email campaign ready to send out in just a few days. So a week or so later, you can be receiving new orders.
Note, at this stage, there is more detail involved in a successful endeavor. Our team will gladly create the entire campaign for you, and all you have to do is approve the copy, let us know if there are any changes you’d like to have made, then send it to your list. So as you can see, there’s no marketing cost or risk with doing this.
Next, we’ll line up a number of products from other companies that you can offer to your patients. By doing this, you can make strong sales, and you don’t have any development costs or marketing costs. So again, there’s no risk on your part. And your patients will greatly appreciate that you’re getting them a discount on the types of products they’re already looking to buy.
Strategic friendships like this are very attractive to the companies whose products you endorse, as it gives them a distribution channel they wouldn’t normally have. It’s also easy to implement since you already have the ability to contact your patients and you have their trust.
So you can ramp these offers up very quickly. Typically, we recommend making one offer per month. We’ll start by sending your patients an email telling them about a new service you’re establishing that costs them nothing and will give them attractive discounts on products that benefit them and compliment your own services.
We’ll also tell them in this email that if they aren’t interested, they can just opt out, and they won’t receive any of these types of promotions, but they’ll still hear from you with your regular emails. This way, we’re only sending the offers to people who are genuinely interested, and you never lose any patients from your main list.
In fact, we will even assist you in finding the companies for you to create these alliances, and contact them on your behalf. We present you with a list of potential agreement colleagues, and you’ll have approval rights on all potential associates before we ever contact them.
We’ll offer your alliance associates a split on profits of 50/50. That’s very fair to both sides as you both gain profits that you wouldn’t see without this alliance.
We will start with your services, and we can have the marketing campaign for that ready to go in just a few days.
While this is occurring, we will start lining up strategic alliance allies. Once we’ve arranged the first alliance, the next step is to create a marketing piece where you recommend the alliance colleague’s product to your patients and give them a discount or some other type of incentive for ordering. Again, we will be responsible for creating the marketing piece, with input and approval from whoever you designate.
In my experience, selecting products that are a great fit for your patients’ needs along with your endorsement to folks who trust you is an unbeatable combination. Most companies find that they can increase their profits by 30%. Actually, we have seen the results shoot up as high as 70%.
NOTE: Here are some excellent examples from specific clients who have enjoyed great success by exploring some overlooked options. We have changed their identities because of confidentiality agreements; otherwise, the details are unaltered. Enjoy!
Dr. Patrick Aberdean:
Dr. Aberdean is a cosmetic surgeon in Beverly Hills, California.
His practice serves over 7,000 patients. The average procedure costs $6500 plus, per patient. On average, his patients were only receiving one cosmetic procedure.
Dr. Aberdean had an annual marketing budget of $500,000. He was spending a fortune attracting these patients.
We created a marketing campaign for his practice. We sent each of his patients a personal message inviting them to explore having another procedure. Each patient received credit voucher of $1200 as an incentive.
The offer was successful, and 118 of these current patients opted to have another much-wanted procedure.
The results were as follows: Gross sales totaled just over 673,000 dollars. All of this was achieved without committing any additional money towards his marketing or advertising budget.
We simply contacted his very best sources for accelerated sales — his already existing patients!
We taught Dr. Aberdean to focus on those patients already believed, trusted and loved him. Plus, he has helped his patients transform their lives, boost their confidence, and feel better about their lives. Best of all, he didn’t need to convince them of anything!
There’s an extraordinary amount of wealth and immediate cash flow opportunity in your existing database waiting for you. Dr. Aberdean received the much-needed influx of cash for his practice.
His patients were acknowledged and given an incentive to do something positive for themselves.
Graphic Arts advertising business in San Diego California.
Mr. Melden’s company had over 10,000 existing clients that each paid over $5000 per year for a design license.
His Graphic Arts business offers 14 different products ranging from $5000 to $25000 per year. Each of the 10,000 existing clients purchased only 1 or 2 of the available 14 products.
Our team created a direct marketing campaign that was implemented these tactics within seven days. Each of the existing clients was given a credit voucher in the amount of $1,000. They could utilize the voucher towards any product they wanted.
The results yielded the following results: 227 existing clients purchased at least one or two products. Gross profits totaled just over $1.36 million dollars.
Why did this work out so well?
As we’ve been discussing, it’s the building up of trust. The already existing clients are huge fans Mr. Melden’s services. They knew the value of what they were purchasing. They already received very profitable results from what they had previously purchased. Additionally, they were acknowledged and given a great reason to purchase more (added value).
The best part of this strategy, there was zero client acquisition costs.
We now duplicate this campaign three times per year resulting in millions of dollars in gross profit.
May we do the same for you?
Potential gains the patients will get
There is one more important factor to consider here. While we recommend making one offer each month, all it takes is four good products to do this.
You see, at any given time, only 2% to 7% of your patients will take advantage of an offer. This statistic is true for offers of your own services too, which you can easily verify by checking your sales and activity records.
This low conversion rate can happen for several reasons. Sometimes the timing isn’t right for a patient, they are too busy, or they may not need for your strategic colleague’s product or your services at that time. But all that changes for different people at different times. So by identifying, for example, four different services that provide to your list, we can rotate each service through three times per year. And that’s a major factor in making this easy to increase your profits by 30%.
For example: If you are a child psychologists, it is reasonable to deduce that a patient may have multiple needs (that maybe they haven’t expressed yet). You could offer special events and courses to build self-esteem, combat bullying, essential tools to fight off depression, or basic clinics for parents dealing with behavior issues, and so on.
So let me ask you if we were to achieve that increase of a 30% mark with your services, and your alliance colleague could achieve the same, approximately how much would that be worth to your business?
Since we’re working on a 50/50 split with your strategically, the additional profit goes straight to your bottom line. And then there’s the intangible of building even greater trust, which allows you to keep your patients rather than having them give their loyalty to one of your competitors.
Those are the recommendations we have for you that will increase your profits substantially without any cost or risk on your part.
You will need to create a system that can be leveraged to capture 30% to 200% more leads; one that immediately converts substantially more prospects to paying patients increases the average amount of every sale you make, and develop successful referral programs with several strategic allies.
You will therefore have two choices. You can either hire an experienced group to help you navigated through the process so as to create a program that can be used again and again. Or, would you prefer to do them on your own?
Should you reach the conclusion that this endeavor is too large, and you simply do not have the time or energy to take this project on, then we will gladly help you.
Our proprietary Sales Acceleration Diagnostic Tool will quickly identify the most productive strategies to apply in each of these areas, many of which you’re currently overlooking. Then we will help you leverage those tactics to accelerate your sales rapidly. Plus, our pay only for results guarantee removes all the risk on your part, since you only pay for our services once they’ve produced measurable results.
We require a modest retainer to begin work, then the balance of our fee is paid only after you’ve banked your profits. Is it any wonder then, that our satisfied clients report results like these:
Here are a couple of additional examples in order to further demonstrate your possible benefits.
Dr. Berstien owns and operates a Statewide Association for Medical Professionals. The Association has over 1500 members. There are two membership options available to each member of the group: either a free or Premium membership plan. Premium membership costs 395.00 per year.
In our initial interview, we inquired about things like:
- The benefits of being a Premium Member versus a free membership?
- What extra value components come with a premium membership?
- We will identify what value is there for even joining the Association?
- What benefits exists for free members?
Dr. Berstien told us about a valuable benefit of being an Association Member. Every day the organization distributed “red hot” prospective patient leads to all members both free and premium.
When Dr. Berstien mentioned that there was no difference whatsoever between both forms of membership benefits, we were compelled to ask a very significant question: If both free and premium memberships receive exact same benefits, “What incentive is there for a member to pay $395.00 per year?”
There wasn’t an answer to the question.
Here is what our team strongly suggested:
- Premium members only receive the red hot daily prospect patient leads.
- Since the average lifetime value of each patient that is being referred from the Association to the awaiting doctors in the group far exceeds $4500, this presented a significant enticement.
- Therefore, this created a huge benefit and incentive for everyone to join the premium plan.
- For the small fee of only $395.00 per year, premium members would receive several prospective leads potentially worth thousands of dollars.
We created a highly successful direct response marketing campaign; and, all 1124 members of the free membership plan received these promotional pieces. The letter we sent out included many case studies from very happy premium members.
We also included a very specific call to action along with an ending deadline on the offer.
We received an immediate 32% response on the direct mail piece when 360 previously free members responded and converted to the $395.00 per year premium member status.
This one-time campaign increased gross revenue to just over 1.36 million dollars per year.
We have very successfully implemented this campaign twice per year with similar results.
Your most profitable cash surge strategies involve marketing more often to your already existing patients.
The best part, besides the obvious increase in profits, is that these hugely profitable campaigns can be implemented quickly; they can be up and executed in one to two weeks.
Our innovative and creative marketing team can do these cash surge campaigns for you!
Right now, is the very best time to get started.
Dr. Larry Pine
Dr. Pine is a dental implant specialist. He has an existing database of 3700 patients.
Dental implant surgery is expensive compared to most dental procedures. Having missing teeth is an embarrassing problem that can easily erode self-confidence. The average fees can cost upwards of $4300 per tooth.
Dr. Pine’s patients know, like, and trust him and are extremely loyal.
Cash flow can often be sporadic and unpredictable. Dr. Pine was frustrated and worried about the future of his practice. His advertising and marketing efforts produced rather dismal results.
Our team created a direct response marketing campaign for him. We rewarded his present patients with a unique and powerful offer.
We created a “Thank you” gift voucher in the amount of $500.00. The coupon was a special one-time-only fee reduction of $500 dollars per implant. Again, the letter included several case studies from satisfied patients along with a specific ending date.
A very compelling and emotionally charged letter was crafted in a very conversational tone. His patients later stated that they had the feeling that they were speaking one-on-one with Dr. Pine in that letter.
As a result of that letter, 218 existing patients all scheduled appointments and had procedures performed. Dr. Pines practice got an almost immediate, and much-needed, cash flow surge.
The strategic campaign our team created exceeded Dr. Pines expectations many times over.
Total gross revenue was just over $1.27 million dollars. We have since created very similar campaigns for Dr. Pine that are implemented by our team four times per year.
We sincerely want you to realize similar or even more dramatic results for your practice. However, it is important to note that though the example we document in this article went quite well, this is not a guarantee of future results! There are a lot of variables that go into these results — the greatest of which is ultimately you.
We have helped practice owners just like you to realize cash-flow surges in a very short time. Most of our creative campaigns usually happen within a one to two week period.
The only difference between your practice and those of our clients is…………… Action!
There is no substitute for taking decisive action within short time spans. We provide you with our exclusive, unique “results-only” guarantee.
When you contact our office via phone, email, or text message, our team members will schedule your free proprietary diagnostic cash surge session. These sessions usually run about 15 minutes and will provide you a clear plan of action.
WE will give you all the details you need to do this for yourself. Let’s face it; we live in a “DIY” world, this may be something you want to tackle on your own. Just between you and I, most of our clients opt for our team to do all the heavy lifting for you.
There you have it.
Our only recommendation for you is this: Take some form of action right now.
If not now, when?
We have a current and time-limited special incentive for early action takers like yourself. Grab your free 15-minute profit surge diagnostic session while it’s still fresh in your mind. Who knows, this could be one of the most profitable decisions you’ve ever made for the present and future of your practice!
We’d be happy to run our Sales Acceleration Diagnostic Tool for your business at no cost and let you know which areas of your marketing hold the most potential for significantly increasing your sales.
We are very accomplished marketing strategists; as such, we have been directly responsible for many highly successful business enhancement campaigns for several professional practices. These promotions include, but not limited to, their blog posts, social media campaigns, their reputation management campaigns, magazine articles, website content, patient newsletters etc.
Therefore, we would like to extend to you or your selected staff members, our proprietary 10-minute Content Strategy Audit session. Let’s identify those areas where you can get immediate success.