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

The Secret to Success: Branding

Branding:  Don’t be scared to present the real you to the world, authenticity is at the heart of success.

 

Branding is one of the most important aspects of any business, large or small, retail or business to business (B2B).  An effective brand strategy gives you a major edge in increasingly competitive markets. But what exactly does “branding” mean? How does it affect a small business like yours?

Your brand is that ADHESIVE image you carry, that has the ability to STICK to the minds of people you meet physically or otherwise. Brand yourself positively because whoever gets to know you when passing by takes your image along!” ― Israelmore Ayivor, Daily Drive 365

Recently, John Williams wrote in a very informative article in Entrepreneur Magazine, titled the Basics of Branding.  He points out that simply put, your brand is your promise to your customer. It tells them what they can expect from your products and services, and it differentiates your offering from your competitors’. Your brand is derived from who you are, who you want to be and who people perceive you to be.

Now that you know what branding is, how do you attain it?  How do you form it?  How build your business off of it?

The first place to begin is to look in the mirror.  Who are you?  Who is the principle patient?  What is your specialty?  If you don’t know, you will need to do some soul searching.  Figure out where your passion lays.  Maybe your answer is right in front of you?  Do an inventory of your entire patient base and establish each patient’s unique need.  Clarity may be closer than you think.

The next step is to figure out your practice’s mission.  Based on that information establish the unique benefits and features of your services.  Now build off of that Brandingby establishing what your patients think of your service.  Finally, determine what qualities you want patients to associate with your practice.

Congratulations, you have just determined your unique selling proposition (U.S.P).  In short, that unique benefit, essence, appeal or promise that you hold out to the patient (one that no other doctor offers).  It must be a clear, concise, compelling reason that makes your patient aware of what your practice can do for them. Continue reading The Secret to Success: Branding

Danger: Poor Patient & B2B Marketing Will Kill!

If your business-to-business and patient marketing message isn’t progressing to accommodate your their journey, you’re throwing your money away!

 

By all standards, strong and compelling  business-to-business and patient marketing will make or break your practice’s relationships more than most company owners realize!

Recently Kimberlee Morrison of Adweek wrote an enlightening review on the essential subject of rethinking the patient’s experience in order to enhance the patient/service provider relationship and subsequently grow and deepen one’s busines-to-business relationships and campaigns.

The influence of social media continues to drive big changes in the customer journey and marketing funnel. Some of the main changes such as the use of multiple devices by customers and the desire for always on customer service have created challenges for marketers.

A report from LinkedIn, titled “Rethink the B2B Buyer’s Journey”, written by Sean Callahan, examines similar changes in the B2B (business-to-business) market and provides suggestions to improve your business.

The report focuses on the changes in relationships between buyers, salespeople, and marketers. The survey included more than 6,000 participants globally, and gives insight into the buying process, and changes that need to happen in both social and marketing content.

Since vendors have focused more on customer service in recent years, buyers have rewarded this presence with increased faith. LinkedIn found that 28 Changing your B2B marketing messagepercent of buyers polled rate their relationships with vendors as very good, and 56 percent rate them as good. What’s more, when assessed over time, only three percent of respondents believe their relationships with vendors are in decline.

The research found that buyers need a variety of content to help them make their purchase decision. On one hand, they need basic product information and demos to understand the product, but they also require thought leadership and other helpful content to help buyers determine where the industry is headed. The implication for marketers is that they must have their message present throughout the full funnel, from awareness and thought leadership content in the upper funnel to data sheets and demos in the lower funnel. This is how to assemble a complete marketing program. Continue reading Danger: Poor Patient & B2B Marketing Will Kill!