Dominate in Business Via Powerful Gap Marketing Strategies

How do you standout in your industry? Do your patients know you’re the best option around? Learn these key Gap marketing skills so you can dominate your market.

 

This piece is designed to show you how to expand your marketing reach by establishing yourself, and your practice, as a regional expert in the medical field. Our aim is to teach you how to separate yourself from your competitors by communicating those vast differences between you and them.  The strategy is known as Gap Marketing.

The mission is to create a platform after which you will be the only logical choice for a patient’s healthcare needs.

I contend that no one goes into business to be mediocre or to barely get by; it just isn’t part of the entrepreneurial spirit. Therefore, if you took the time to secure a business loan, promote your medical practice, lease a location and set up shop, you that is a sign that you are probably extremely motivated to excel.

What you will learn in this piece is how to compete to win.

Have you ever read an ad where the advertiser declares that “they are the best,” “they’re available eight days a week, 25 hours-a-day,” or some variation of this same theme?

Do you know why advertisers state these things? It’s because they don’t know how else to communicate their “superior” skills.

That brings us to the next question; what do you to attract patients? How do you let others know you’re the best option?

As you develop your display advertising platform, you must develop a noticeable distinction between your practice and your competitor’s practice. You must begin implementing the principles of “GAP Marketing.”

In point of fact, gap marketing is an extremely powerful marketing strategy that has been around for millennia.  Moreover, companies like Apple Computer, Harley Davidson, and Disney Corporation are masters of the tactic.  As a marketing tactic, is a crucial component in an approach of solidifying your brand as the absolute best in the market.

Further, the creation of vast chasms between you and your competition is such an important tactic, that it should be a critical cornerstone of your core marketing model.  Plus, this promotional model will also allow you to pinpoint why your medical services are not selling.  Also, why your marketing copy doesn’t work the way you expect, or why your headlines are sometimes powerless.

Again, the strategy refers to creating the widest difference possible between an expectation level and an experience level of a person [your patients].

Additionally, as a concept, it offers the most profound insight and explanation for human behavior and reactions imaginable. The reason the divergence model works is that “people make decisions by comparison.”  Prospects are coming from a position of “what you say” and transforming to “where they are.”

If the difference between the two is significant enough for them to feel their current condition is unacceptable, or in the case of an unproven company (a new, never-before-seen on any advertising platform) the proposed offer is unacceptable, then they will react positively, and you will generate a business relationship.

Therefore, you will not get a lead, an appointment, a trial offer, or a sale if the prospect’s differential is too small.

Primarily, you will be practically applying Newton’s third law of motion to your Gap Marketingmarketing campaign. The law states that: “Every action produces an equal and opposite reaction.” For advertising and sales purposes, let us change that to: “Every emotional divide produces an equal and opposite reaction.”

Your display advertising, social media promotions,  direct mail packages, etc. are subject to following after people.  These recipients read your materials and compare them to their current condition: Continue reading Dominate in Business Via Powerful Gap Marketing Strategies

Reconnect With Lost Patients

You let your patient relationships lapse; financially speaking, “No Bueno”!  To save your bottom-line, you need to develop a plan to get them back — you need to reconnect!

 

If you’ve been in business any amount of time, you have had patients that have simply floated away. That may be bad, or it may be good; especially since every business owner has the right to filter out those patients that create stress and anxiety. However, many excellent and profitable patients just go away in the frenzy of trying to build a successful practice; which is precisely why you must make every to re-connect.

This piece is written with a single purpose in mind, to help you get back those right patients, create long-lasting professional relationships, and increase your profits.

Your current and past patients represent a vibrant and lucrative pool of annual receipts and yield the highest return on investment. Moreover, many major advertising studies indicate that this pool accounts for nearly 95% of all services sold annually.

Plus, these same marketing studies verify: it costs 5-7 times more to acquire a new patient than to retain a current one. Invespcro.com points out that the probability of providing additional services for an existing patient is 60-70%, while the likelihood of selling to a new prospect is only 5-20%. Finally, existing patients are 50% more likely to try new services and spend 31% more, when compared to new patients.

Consider a report published by the Harvard Business School by Amy Gallo. She cites research done by Frederick Reichheld of Bain & Company. He demonstrates that by increasing customer retention rates by just 5% increases profits by 25% to 95%.

There’s still one critical value that we haven’t yet discussed but demonstrates a dramatic effect on your clinics’ long-term bottom-line, the lifetime value of each patient. The lifetime value is a calculation that takes into account the amount you receive every time a patient visits you for treatment, multiplied by the number of visits per year, multiplied by the number of years you expect to see them.

So, if your patient represents $100 per month (A), you would then multiply that by the number of months (for this example, let’s say 12 times – B). Now multiply that number by the anticipated number of years (C). Therefore: A x B = $1200. $1200 x C = $6000 for your clinic (per patient).

Your next thought may be “What am I going to say to my patients?” “How am I Reconnectgoing to approach them?”

The bottom line is that you have to connect with these former patients. You need to touch the specific pressure points that lead them to recall all the positive experiences they had while you were taking care of their medical needs.

Further, your message must be laser focused and presented from the patient’s perspective (which we will cover below). Mostly, you must convey that your most significant interest is solving their greatest need.

Since patient attraction is EVERYTHING in business, you’re going to learn how to transform your clinic into a patient magnet.  You will achieve this via improved, persuasive, and compelling messaging (aka content). Continue reading Reconnect With Lost Patients

Save your reputation from fake reviews!

It’s been said that it takes 20 years to build a reputation and five minutes to ruin it. But, what if that bad deed isn’t true? How do you take back your good name?

 

Let’s face it, a bad review is generally well earned.  If you have built your business on unscrupulous, undependable, or slap-shot quality, you deserve that others find out.

But what if you didn’t do anything wrong? What if you’re the victim of a malicious attack?

How do you get back your reputation and your standing in the community?

It appears that the expression “fake news” has become part of the modern lexicon.  Indeed, lately, it has swirled around the topic of politics.  However, regardless of your political stance, we all turn towards authoritative sources to get our daily information (aka the news media).

With the expansion of social media, these news platforms have broadened immensely; many would argue, this expansion has watered down the quality of the news reported.  Think about it, this medium that we all use determines many aspects of our lives.

The news delivers everything from how to dress in the mornings based on the weather report, how to invest our money based on financial news, even where to eat based on restaurant reviews.

When the very sources that we depend upon to provide us with this valuable information are compromised by bad blood, envy, or downright mean-spiritedness, we all suffer! By no means is anyone suggesting that all news needs to feature reports on rainbows and unicorns, we can handle bad news — just let it be honest, impartial and without an agenda.

The fact is that false narratives (otherwise known as yellow journalism) are nothing new.  Many documented journalistic sources trace this type of news delivery to William Randolph Hearst in the modern era (though it’s been around since men could speak).

However, with the propagation of social media, fraudulent claims (in a printed format) are rampant. These events are concerning when companies hire people to falsely accuse competitors in the business of bad service, negligence, deception, and worse on various social platforms.

In a piece written by Chris Silver for Marketing Land, he explains that increases in extortion-fueled reputation attacks points to needs for changes in the law. Mr. Silver believes that lawmakers must modify legislation to help innocent victims fight back.

Mr. Silver also states that “you do not have to work very long in Online Reputation Management (ORM) before you run into cases involving people who have been victimized by unscrupulous individuals. These bad actors convince these people to give in to their demands to avoid being ruined online. Cases range from human trafficking victims extorted into prostitution to businesses ordered to pay ransoms to avoid financial ruin.

This issue is one of the darkest aspects of the internet, and ironically, it has been facilitated by a portion of the so-called Communications Decency Act (CDA Section 230). It’s time to modify the law to reduce these threats of extortion based on reputation attacks. Continue reading Save your reputation from fake reviews!

3 Easy Steps for Eliminating Your Competition

It’s a crowded marketplace, you have to do everything you can to stand out from the crowd; this means, eliminating your competition and leaving as far back as possible in your rearview mirror!

 

Easier said than done; right?   You read mountains of articles which promise helpful tips but they don’t really deliver enough meat on the bone.  Success can feel like a treasure map that’s missing a few key steps — you have the map but you’re far from the prize.

That’s what makes this article different. As you read on you will learn essential, step-by-step, elements for eliminating your competition.

Please don’t misunderstand my statements at the onset. Business success and marketing articles covering topics like branding, attracting more and better patients, writing better ads, etc. are necessary.  In fact, I would argue they are imperative — but only if implemented.

By the same token, I believe that eliminating your competition is an underserved market.  Interestingly, there appears to be an unspoken disapproval, an attitude of “ungentlemanly-play” when breaching the subject.

I say too bad!  Unless these critical people are paying your monthly bills, I say forget them and carry-on my ambitious scholar!

The name of this game is success through separation.  My mission is to help you create a massive crevasse between you and your biggest competitor. In short, we want patients to believe that it would be a colossal mistake to use anyone but you.

I aim to teach you how to become the undisputed authority in your county.

However, if your desire is not to reign supreme, then this piece is not for you.  I respect your position; and, I’m not here to twist your arm.  I would suggest, though, that you read our many other detailed articles covering business enhancement.  I promise these pieces are worth your review.

So, without further ado, let’s get started.

Maybe you’ve never thought about this; every day when you open your doors for business, your competitors are actively and aggressively targeting your patient-base.  How do they do this you ask?

Every time your competitor launches a promotional campaign, wheels are set in motion.  An action has begun can’t be stopped until it reaches its end — to get a new patient.

Fortunately for you, too many ads don’t feature the essential components to make them successful or profitable.  However, it’s just a matter of time before your competitor lands on a good one.  Remember, they are targeting your patients, and there’s nothing you can do to stop them!

Therefore, you have to do everything in your power to stand apart from youreliminating-your-competiton competitors. I am speaking about authority marketing and branding.

As a result of your authority marketing, you will distinguish yourself as the undisputed expert in your field. More importantly, you will brand yourself as the preeminent consul on a particular treatment.

From this point forward, you must look at your practice with a new set of eyes. If you are astute, you have approached your patients qualitatively.  Now, you need to also look at them quantitatively.

What do I mean by that?

From now on, you will need to categorize your patients by treatments they receive. For example, after you do an audit of your patients, you discover that most see you to treat their fibromyalgia.

Now that you are armed with this magnificent pearl of information, it’s time to put knowledge into action!

From this point on, your website, your blogs, and every promotional will be from “Dr. Jones, the fibromyalgia specialist.” If eliminating your competition is truly

Continue reading 3 Easy Steps for Eliminating Your Competition

Want to Increase Your Profits & Patient Loyalty?

There’s only one way to increase your profits; you need to identify and capitalize on those windows of opportunities that each client provides you.

 

A successful practice is the goal; why else would you work so hard?  Having happy patients is also a strong motivation.  Are you making your road to victory tougher than it needs to be?  Learn to identify your current patients’ buying signals and increase your profits.

The bigger question is, are you missing out on fortunate circumstances that often lift your practice to the next level?  You know, those subtle signs that have kept you from increasing your profits, additional procedures and referrals?

If you have answered yes to these questions, your solution may very well be found within this article.  Learn efficient and proven principles for tapping into your patient’s wants and needs — when they’re ready and desiring them!

As a medical professional, you know that there are three ways to grow your business. First, acquire more patients. Second, you do more business with the patients you already have. Third, do more work more frequently with the ones you have.

In the daily rush of building and maintaining a successful medical practice, we often miss faint signs.  These signs transform practices from a “one-and-done” clinic to practices that build their strength on patient loyalty.

Your goal needs to be one of creating an on-going resource as your patients’ lives unfold.  However, before you can be that resource, you need to know your patients. Don’t miss those indirect, yet vital clues that each patient provides.  It’s those clues that determine where they are in their specific life cycles and transforms a medical practice.

Traditionally, the accepted formula for building a lucrative practice consists of putting your nose to the grindstone from morning ’til night, and repeating the following day.

Well, that’s one method, but there is a better way.

Did you know that simply by increasing patient retention rates by 5% increases profits by 25% to 95% (this is according to Frederick Reichheld in a study for the Harvard School of Business)?

Also, multiple direct response advertising studies have shown the following:  Up to 95% of all ads written only target 5% of the intended audience.   Conversely, the probability of selling to an existing patient is 60-70%, while the probability of selling to a new prospect is 5-20%.

However, a superior plan for reaching success comes with learning how to identify where each current and future patient lies within their own unique life and buying cycles.

According to Sales and Marketing Magazine, nearly 80% of all people who inquire about medical procedures take action within one year (emergencies notwithstanding). Interestingly enough, they seldom do business with the practice they initially contacted. This means you (the practice owner) are educating your prospects to do business with your competition. Continue reading Want to Increase Your Profits & Patient Loyalty?

Are You Sick & Tired of Burning Thru Money With Weak Ads?

It’s not your advertising; it’s your content, it’s weak so your ads fail!  Learn 3 proven tips for creating a killer message.

 

Patient attraction is EVERYTHING in business! As such, you’re going to learn how to transform your clinic into a patient magnet via improved content marketing strategies!

The goal, however, isn’t to be good at content—it’s to be good at business because of your content.

Before proceeding much further, let’s define what content means from a marketing prospective.  According to the Content Marketing Institute:  “Content marketing is a marketing technique of creating and distributing valuable, relevant and consistent messaging to attract and acquire a clearly defined audience – with the objective of driving profitable customer action.”

Like every piece of targeted communication, the only job that content marketing has is to create behaviors among target audiences that benefit the business.

Interestingly, if you research content marketing on line, much of what is written is a very superficial and nebulous.  This means that many who write about content marketing don’t fully understand it themselves.  Hence, the lack of detail and nuance.

So, it’s no mystery that there is great confusion about the subject.  Often you find ethereal definitions describing “content marketing” as a means of communicating that elicits emotions in your reader.  For example, content marketing makes you laugh, makes you cry, makes you angry, etc.

Though it is true that good communication relates with it’s readers on multiple levels.  The purpose is to provide a deeper message that doesn’t necessarily focus on the product or service you provide but solves needs.

The ultimate goal is to attract more patients to your practice.  You want to be seen as the “go-to” resource for medical answers within your discipline.  To become a patient magnet you need to understand your patients.  You need to identify who, within your clinic, is your ideal target market, where do they hang out, what do they read, and so on.  You need to know things, like:

  • What details can you tell about your chosen target market?
  • Who are the top influencers in the markets your patients seek; for example, bloggers, websites, podcasts Content or social media giants?
  • Are you receiving email newsletters from the influencers in these markets?
  • What are the latest marketing trends regarding their [your patient’s]needs?

Only when you understanding their needs can you create interesting, relevant and compelling messages which speaks their needs.  This article is designed to teach you how to focus your practice’s message to achieve winning marketing strategies. Continue reading Are You Sick & Tired of Burning Thru Money With Weak Ads?

Tired of Your Ineffective & Expensive Promotional Efforts?

If you don’t know what to say or who you’re targeting, you’re shooting blind and your ads are in trouble.  This article teaches you   proven tips for producing better ads!

 

There isn’t much debate when it comes to business success; if you can’t communicate effectively your practice will suffer!  All of your promotional efforts provide you with exceptional opportunities to connect and impart your knowledge with your patients.  As you read on, you will learn proven strategies for producing better and more profitable ads!

Let’s face it, everyday medical practices close their doors and doctors must then practice their skills for a medical group that isn’t theirs, that has a different vision and a contrasting flow.  There are many reasons why this occurs, but clearly two of the biggest and most often sited are the lack of sufficient patients, and the practice’s inability to compete against rival doctors’ daily marketing to their existing patients!

Universally, every business school around the world will teach you that there are three primary components to business success. They are: increased traffic, convert prospects into patients, and retain those patients as long-term continual business opportunities.

A key element to these three components is that everything you say to them [patients] must draw them towards you.

If the content of your message is off your entire promotional strategy is in jeopardy. Further, you can’t possibly write compelling content if you don’t know what your patients want.

If your practice can’t communicate effectively, your patients’ willingness to stay with you is tested. Every day, with every ad, your competitors are attempting to woo your patients away from you. The only purpose of advertising is to attract more business. Where do you think that business comes from?

The best and most profitable business comes from people who already believe in your service!

Recently, author Dave Delaney, wrote a great article for The Tennessean (part of the USA Today network), that speaks directly to the specific needs of medical practices!

Mr. Delany writes that “…using a blog can drive a considerable amount of traffic to Producing better adsyour site, which can result in more revenue and a stronger bond with your patients and your business contacts (your venders) and their staff.”

Mr. Delaney’s statement goes right to the heart of understanding your patient’s wants and needs. An effective method for figuring out what each patient wants is to sort them by ailment. If you find that the majority of your patients see you for TMJ, plantar fasciitis, or breathing problems, etc. that is what you will write about in your blog. Continue reading Tired of Your Ineffective & Expensive Promotional Efforts?

3 WAYS TO GROW YOUR BUSINESS QUICKLY!

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!”3 WAYS TO GROW YOUR BUSINESS QUICKLY!  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. Continue reading 3 WAYS TO GROW YOUR BUSINESS QUICKLY!

5 Valuable Tips: Building A Referral Business That Works!

A steady stream of patients is extremely vital for the survival of every clinic!  How effective is your referral program with your medical colleagues?

 

The best way to predict your future is to create it!” —  Abraham Lincoln

Medical professionals have built their success on forming and nurturing referral partnerships since time infinitum.  The most powerful of these referral relationships are created when mutual benefits are built-in to those alliances.

This is precisely the point of this article! We intend to show you how to create stronger ties with your medical colleagues. Additionally, this piece will teach you how to provide greater value and separate yourself from other doctors also seeking referrals.

The first place to begin is with the basic inventory of your current actions, for example:

  • What are you doing to position yourself with your colleagues to stand out from every other doctor that requests referrals?
  • Are you a good and beneficial referral partner? 
  • Have you established strong bonds of trust?
  • Are you providing a reciprocal benefit to your referral partners?
  • Have you established a sense (within your colleagues) of superior expectations?

Many clinic owners give no thought to the fact that success in business is an on-going competition for survival!  In order to thrive, you need to implement intentionality!  Every day, you must build into your calendar a plan and action to generate more and better patient leads.

According to noted business development guru, Jay Abraham, there are only three ways to grow your practice.  You either increase the number of new patients, get them to buy more medical services, or pay more for each proceedure.

For this article, we will focus on increasing the number of new patients. We will focus on the other two methods in future articles (as well as in past issues such as in “8 Steps For Increasing Business“).

CREATING AN ALLIANCE

In order for a referral program to work, you have to do some investigative work. You must figure out your colleague’s needs and motivations. There are both Referralpsychological and emotional components in play when referring patients. You need to know about your colleague’s current referral partners. Why is your colleague using them rather than someone else? How committed are they to these people? How open are they to adding to their list of referral partners?  Do they have long-standing ties such as school, social, or fraternal affiliations?

“More than features, more than benefits, we are driven to become a member in good standing of the tribe. We want to be respected by those we aspire to connect with, we want to know what we ought to do to be part of that circle.” – Seth Godin

As you can see, you may be asking someone to break or significantly bend long-established ties. In order to do so, you will have to consider “What’s in this proposed relationship for your colleague (ie. what’s in it for them?)?”

It may seem crass to say but we’re all motivated by self-interest. As such, as part of your detective work you need to uncover your colleague’s “why.”  In other words, what is the perceived benefit they stand to gain from you? Continue reading 5 Valuable Tips: Building A Referral Business That Works!

10 Proven Business Techniques For More And Better Patients

Are sick and tried of advertising with no guarantee of results? At last there is a proven method for attract more and better patients!

Webster’s dictionary describes a commodity as a class of economic goods; especially an item of merchandise (such as soybeans) whose price is the basis for future trading.  If you want your clinic to grow, and to get more and better patients, you need to break free of the commodity trap!

We live in a world where your patients have more options than ever before! The fact is that patients are loyal to doctors and not to practices.  However, if the only thing that separates you from your competitors is price then you have become a commodity. Your value has been reduced to the lowest common denominator — cash! You will only get more and better patients if you provide value well beyond a price-point.

As you read this, think back to when you initially opened your doors. Did you intend to open a practice that was only distinguishable by the prices you charge for the services you provide? A clinic where the only discernible difference between you and your competitors is that the decor and color of the scrubs you wear?

As you read further, you will see many examples of things you can easily do to connect more fully with your patients. In so doing, you will also gain greater insight of your patient’s needs while reaching them!

First and foremost, to attain the success you desire, you must take personal responsibility for your promotional efforts. You may not be well-versed in marketing and advertising, but you need to align yourself with someone who is.  Your clinic’s survival literally depends on it!

Additionally, according to the Harvard Business Review, it is up to 25% more expensive to acquire a new patient than to retain existing patients.  Further, Frederick Reichheld of Bain & Company states that increasing customer retention rates by 5% increases profits by 25%-95%. So the motto of the story is, you don’t have to spend time and resources to get new patients, you just have to make the ones you have happy.

Jill Avery (lecturer at Harvard business school) states that “churn rates’ provide important and measurable matrices.  This matrix is important because it focuses directly on the lifetime value of a patient and your return on investment.  It’s not just marketers who look at churn, many investors use the metric to evaluate the underlying health of a firm. The higher the churn rate, the more they question the companies viability. Therefore, it’s not just understanding that patients leave, it’s about understanding why they leave.  Then, you must make a concerted effort to make sure that the rest of your patients don’t follow suit!

If you have never considered the value, over a lifetime, of each patient you are in for an eye-full!  The lifetime value a patient represents is an easily calculated formula. You simply calculate the amount of revenue you receive from a patient each time they visit. You would then multiply that figure by the number of times per year they visit. Finally, you would multiply that amount by the average number of years that you retain your patients. As I’m sure you can see, each patient represents a significant amount of revenue to you.

You will also notice that losing patients means that you are handing over thousands of dollars to your competitors. This is not to say that you can’t be discriminating. There is no reason not to exclusively work with your favorite patients. You simply have to be more astute with your promotion and content.  You may even wish to explore strategic affiliations to increase the numbers of desirable patients.

“65% of a company’s business comes from existing customers, and it costs five times as much to attract a new customer than to keep an existing one satisfied.” Source quoted as Gartner.

You should now do some calculations to fine-tune and identify more and better patients. You need to evaluate the quality of your More and better patientscurrent patients. Essentially, you need to determine which patients represent the 20% that provides you with 80% of your annual revenue. Once you establish this number, you then figure out what their primary concerns are. For example, if these patients represent chronic migraines, and you would then target your marketing for that specific ailment.

Stay very close to your patients, so you know their exact needs, today and tomorrow. Your aim is to be irreplaceable as their healthcare provider. Continue reading 10 Proven Business Techniques For More And Better Patients