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?

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!

The Secret to Business Success: Intentionality

Ultimately business success depends on human intentionality which is the most powerful evolutionary force on this planet.           — George Leonard

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 chiropractic 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 be 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” DC and town.

 “A goal without a plan is just a wish.” — Antoine de Saint-Exupéry

To become that local expert, you must approach every promotional effort with Business success with intentionalitythese primary objectives in mind: Every advertising piece should have a strong and compelling headline. Your content should allure and appeal to people’s self-interest. You must provide a tantalizing offer.  You must clearly define your unique stature in the area (your brand). And, you must provide testimonials for those prospective patients who don’t know you and need reassurance.

This is the point at which many chiropractors ask vital and telling questions:  “So, what do I say in my promotional pieces (other than the obvious — I’m a DC)?  How do I know who I’m supposed to reach? Because at this stage of my career, I treat everyone!

The questions listed above are extremely legitimate! I find that many doctors, though they excel at medicine, they don’t often have the time handle the marketing. What they do have, is an abundance of knowledge. Use your knowledge as currency, which if done properly, can reach and touch multitudes. Continue reading The Secret to Business Success: Intentionality

5 Ideas For Radical Shifts In Your 2016 B2B Marketing Budget

Busines owners must make significant changes in their marketing perspective or die on the vine; hence, these five ideas for radical shifts in your marketing!

 

Every business owner, whether they are aware of it or not, is in the “new client getting business;” because if you don’t, you will quickly be the next company nailing a “going out of business” sign on your door!  This information is vital!  These five ideas for radical shifts in your marketing are designed to impact your practice positively!

The question is, how are you going about it?  What are you saying or doing that makes you stand out stand out from your competition?  What is your message reflecting?  Is it promoting what you believe what your clients want (how do you know what they want)?

Secondly, and equally important, what are you saying or doing for your current and past clients?

Unfortunately, most businesses do not fully develop and capitalize on the hard-earned relationships they have built!  This faux pas such a shame because this manner of gathering new prospective clients is enormous; it can be a tremendous source of annual revenue!

Very recently Patrick Spenner wrote an excellent piece for Forbes, titled “Five Ideas For Radical Shifts In Your 2016 B2B Marketing Budget.”  In the article, he illustrates very salient points that focus on the absolute need to change the current mindset regarding the manner in which business attracts and promotes new business.

In fact, he says: “From all the B2B buying and branding research I’ve seen in 10 years at CEB, plus all the actual B2B campaigns I’ve seen up close, I’d safely bet half my annual salary that half of B2B brand campaign spending is wasted.”

Belated marketing prediction for 2016: Marketing prediction lists have jumped the shark.

That’s why I’m going to share five ideas for radical shifts in your 2016 marketing budget. Also, let’s face it, there’s a decent chance of a recession on the horizon, and our best friends in finance will come calling with their tin cups (and scythes). Best to be prepared for that budget game. Continue reading 5 Ideas For Radical Shifts In Your 2016 B2B Marketing Budget

BUSINESS DOMINATION: Stand out and separate from the crowd

The content within your marketing message allows you to stand out in a crowded marketplace; business domination requires solid communication, your success depends on the value you provide!

 

Not enough medical practice owners treat their practice as an actual business.  Too often they [medical practice owners] don’t think about where their patients come from.  Generally speaking, most cities have a finite number of citizens living within them.  Those numbers vary a bit when you consider travel between cities (but that too is limited when adding drive-time).  However, to thrive and enjoy business domination, you must entice other doctor’s patients to come to you instead!

We often receive calls from clients who ask us how they too can stand out from the crowd.  This is the first in a three-part series of our on-going business development strategy.  Actually, it is more of a mantra (Business Domination and Strategically Confiscate Your Competitor’s Best Patients). We also teach these strategies through our report, entitled “PR Secrets Used by The Top 1% Chiropractors in America.”

An essential element that these top doctors excel in is the message that they convey to their patients; also known as the content within their message.

We have found that the desire to stand out from your competition is a universal trait regardless of profession.  For example, as a Chiropractor, what evidence do you provide that you are “the best solution in town?

If your advertising message doesn’t separate you from every other Chiropractor, you are just one more ad in a crowd!  Merely pointing to a sign in the parking lot or a generic “I fix back” in your ad won’t be enough to dominate your marketplace?

According to Robert Rose, Chief Strategy Officer for Content Marketing Institute, says that,

As content becomes an increasingly important element in business, it moves beyond being a support activity like human resources or accounting. It becomes a core activity, and joins the ranks of cost, technology, service, logistics and design as a potential source of differentiation and competitive advantage.“*

You must pay very close attention to this extremely specific, yet subtle, detail for business domination; it lays with the content within your message!  Think about it, what are you saying that compels clients to select you over every Business dominanceother provider of your service in your area — it’s a choice you know!

Essentially, desire to dominate your marketplace seems to be universal; however, actually taking that step requires a deliberate action!

If you don’t wish to lead your marketplace; then this series of articles really isn’t for you!  However, if you truly yearn to capture the lion’s share of business in your area, then you absolutely have to separate yourself from every other chiropractor in your town, county, or region.

At the risk of sounding cheesy, while driving the point home, Superman doesn’t assume his super-powers only when he puts Clark Kent to bed.

Once of the surest, most time-tested, ways to get immediate attention is to tweak your current public relations and marketing campaigns.  But what do you say and/or do to create that push?  Maybe, at this point, it is time to consult someone who can provide clarity on this subject.

Listed in this special series, are a few ideas that, even if you are already working with a PR agency or marketing company, you can implement immediately in order to separate and differentiate yourself from every other business professional in your area.

Again, the goal, through your company’s message, is to make you/the firm into the leading expert in your geographical area!

Large companies (like Coca~Cola, Toyota, or Apple Computers) aspire and carefully craft their actions towards total market domination.  Small businesses with a leading expert strategy flourish by establishing themselves within a carefully selected segment of a market; they target a market niche that they can realistically hope to dominate; often times that means displaying their unique business approach in order to create separation between all the other similar businesses in the area.

Market niches can be defined by region, by special client needs or by demographics, such as a particular ethnic or age group; sometimes just a product that’s a variation on an established one can generate a market niche.  (Interestingly, the word “niche” comes from the French meaning “nest.”)   As a small business you want to build your nest somewhere away from the hawks of big business.

How to Position Your Business as the Only Solution – In a crowded marketplace, it may not be enough just to carve out a niche.  You’ve narrowed your focus, but you still have competitors.  This is the time to distinguish yourself as a per-eminent source of solutions by refining your expertise and conveying it to your target audience.  You need to know more about something, or be better at something, than anyone else, and you have to let people in your area (geographical) know you are that person!

When you can honestly convey such a message, potential clients see you as the obvious answer to their problems and challenges, and the logical choice when they’re looking for a supplier or provider.

To conclude, if you closed your eyes to, and don’t acknowledge the fact that after you leave the presence of your client, you cannot stop your competitors from knocking on their door, calling them on the phone, or sending them an email or an Instagram message, you may be setting yourself up to be the next business owner who has their clientele stolen away by truly compelling messages from hungrier competitors; if this happens too often, then your next “best” move is to close your doors!

 

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From the desk of Steve Cox, Co-founder of StevenVonLoren Marketing Strategists; Direct: 530.492.9971; My personal eMail: stevenvonloren@gmail.com, Amazon Author Profile, Facebook, Google+, LinkedIn, Twitter

10 Steps to Becoming a Patient Magnet

Winning In Business; Becoming a Patient Magnet, Jobs Depend On It!

 

Every business keeps it’s doors open because they attract a constant stream of new clients!  Medical practices are no different; unless you become a patient magnet, you will eventually have to close your doors.

Recently, author Rhonda Abrams, wrote an exceptional piece for USA Today titled “Strategies: 10 rules for small business success.”  Ms. Abrams is a long time business development consultant and strategist provides great insight with solid data that should pay serious dividends for all medical practice owners.

I have dealt with all different types of small businesses, and I’ve learned certain realities always apply. I call these “Rhonda’s Rules.” These rules are keys to small business success.  Ignore these rules at your peril: I’ve seen many new entrepreneurs fail because they ignored one or more of these business basics in order to be a patient magnet.

Here are 10 of the most important “Rhonda’s Rules” for small business success:

1. Go small to grow big. What’s the one sure way to fail in small business? Try to sell to everyone. A key to small business success is carving out a niche — a particular specialty or narrow market segment — rather than competing for every customer. Don’t just be a marketing consultant: be a marketing consultant patient magnetfor a certain industry. Don’t be a general store — focus on a specific type of product or customer. Small businesses just don’t have the resources of time or money to be a generalist.

2. Take care of your bread-and-butter business. Entrepreneurs have lots of good ideas, but those can distract you from your core business. Before you consider new directions, clearly define what part of your business brings in the money that pays your bills. Concentrate on that first.

3. Clearly define your target market. Analyze the characteristics of your customers; the only way to become a patient magnet is to understand exactly who buys from you. Having a clear target market enables you to be much more effective and efficient in both your product development and marketing efforts. Continue reading 10 Steps to Becoming a Patient Magnet