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. Continue reading 3 WAYS TO GROW YOUR BUSINESS QUICKLY!