On the other hand….
When you have a solid patient attraction system in place, you breathe easy.
If your system consists of spending thousands of dollars every month on advertising, that’s part of the plan but NOT the whole plan.
An easier way is to let your existing patients bring you, new patients, in creative ways.
This not only significantly reduces spending on new patient adverting, but it also increases patient retention, which is a very good thing.
Because referred patients have a higher conversion rate than “Internet stranger patients”. Referred patients also spend more per transaction and are more likely to return, so their lifetime value is much greater.
This makes patient referral programs the most cost-effective AND lucrative marketing strategy that your practice can possibly employ.
By the way, you can learn a lot when looking at how other industries use referral programs to grow their businesses. Here are a few:
- PayPal. They literally gave away free money, and it worked out great for them. And this was before social media!
- Airbnb. A single user in China led to thousands of signups and hundreds of bookings in a single month.
- Uber. They’ve been in a unique position to run multiple referral programs at once – for both users and for drivers.
- $1,000 for both advocate and friend, with quite a star-studded list of advocates!
- Amazon Prime.Likely one of the most heavily used referral programs in recent times.
- When the front page of the Internet decides to run a referral program, it’s worth looking into.