Navigating the Challenges: How Plastic Surgeons Can Counteract Economic Slowdown
Most practices are seeing scary slowdowns… less leads, calls, consults and booked surgeries as prospective cosmetic patients adjust their spending priorities. For example:
- Rising Interest Rates: Borrowing money has become a lot more expensive. This can deter consumers from financing elective procedures they “want” but don’t “need”.
- Economic Uncertainty: With so many national and global events happening, it makes consumers way more cautious about spending their discretionary income in case they need it to cover for surprises down the road.
- Inflation: Inflation is making the cost of everything higher (I pay $6 for a gallon of gas and $3 for a tomato in California – insane!)
What this means is that you need to work harder to get that booked surgery. The pool of prospects got smaller so try these (5) strategies to counteract the slowdown:
1.Target the Right Audience
You don’t just need leads. You need good quality leads who have the financial wherewithal to afford your services. That means you want to shift your online marketing efforts to target socio-economic demographics who are LEAST affected by the economy or at least LAST affected. You can identify them through certain zip codes, occupations, and homeowner status, for example.
2. Offer Financing Solutions
If finances are stopping patients from moving forward, help them find the money by thinking outside the box. For example….
There are plenty of credit card offers toting lots of perks such as 0% interest, travel points, and cash back rewards. Help your patients apply online and the best part is you don’t get charged service fees. They can also do a home loan or sell their stuff online. Help them get creative 😉
3. Expand Your Offerings
Offer new, innovative procedures you can do in your office under local anesthesia to avoid costly operating room personnel and general anesthesia costs. This shift to “less” will resonate with potential patients looking for alternatives to traditional surgeries. So, you are satisfying their immediate itch for cosmetic rejuvenation now and they can return for more aggressive surgery later.
4. Convert More Than Your Competitors
When there are less leads to go around, your best defense is to be better than your competitors at converting them. That includes getting more quality leads, faster lead response time, better customer service and professionally trained staff who know how to convert callers to appointments and consultations to paid procedures. Click on this video for more details…
5. Focus on Patient Loyalty
Nurture your existing patient base, since those who know, like and trust already are more likely to return for additional procedures and/or refer their friends. It’s also a lot cheaper than spending a fortune online to attract a new stranger patient.
Check out The KiSS Loyalty Club for a done-for-you solution that gives you reliable and predictable revenues.
The ability to adapt during challenging economic times will help you weather economic uncertainty and maintain your success in the long run.
I’m here to help. Schedule a call with me so we can identify the best plan to keep you happy and profitable.