Have you noticed that even when you’re doing well and the revenues are coming in, you still have that uncertainty (paranoia) that it will dry up? That Google changes the SEO rules and you lose your ranking, or a new competitor comes to town and out-markets you? Yes, it could happen, so what stream of income changes can you do now to prepare?
New Stream of Income Tips for Plastic Surgeons
The answer is, that you cover your bases and use ALL of your resources to keep more than one stream of income coming in.
That way, if one stream dries up, you still have other streams flowing.
If you have struggled to increase your revenues, or you want to stop the yoyo-ing revenue from month to month, this is a must read, since you are most likely overlooking an important stream of income.
Let’s say you’re having a slow month and need quick cash. Where would you go to get it? You could:
- Place a Google ad but it takes time and money to outbid others for the positioning.
- You could post on social media and hope your audience is willing to reach out to
you and don’t live too far away. OR…
- You could reach out to a list of patients who already know, like and trust you and who have given you money in the past and would do it again.
I have tested this over and over and get the same answer every time…..
Hands down, you get a faster, cheaper and better response from patients who know you vs. stranger prospective patients who don’t.
Stats That Matter
According to research by Invesp Consulting, it costs 7X more to attract a new cosmetic patient than it does to keep an existing one.
And, your current patients convert way more often than stranger patients, and they spend 31% more.
By focusing on repeat visits, you are able to establish relationships with cosmetic patients and build momentum with them, instead of continuously spending money on acquisition.
This is extremely important when it comes to your profit margins, because it directly implies that a strong cosmetic patient retention rate ensures you have long-lasting and loyal cosmetic patients who boost your bottom line….for free.
Here is how to use your leverage for more patients and profits….
There are various studies that show that word-of-mouth marketing is one of the most valuable forms of marketing. Why? Because 92% of people trust recommendations from friends and family over other types of advertising. Once consumers get a recommendation from someone they trust, they are far more likely to become loyal cosmetic patients as well.
Once a cosmetic patient is loyal to a brand, they are more likely to spend more as well. The lifetime value of referred cosmetic patients is 16% higher than non-referred cosmetic patients.
You can hope your patients talk you up to their friends or you can plan on it using:
- In-house signage reminders
- Tell your patients you would like more patients just like them so please spread the word
- Post content that is “sharable” so your patients pass it along
- Always be thinking, “Share/Give/Bring a Friend” in your communications
Patients Who Are Treated Well Treat You Well
Bad customer service is the number one problem leading to dissatisfaction and attrition. One study by Bain & Company found that a consumer is 4X more likely to defect to a competitor if the problem is service related rather than price or procedure related.
A strong relationship with cosmetic patients can become a revenue lifeline through retention, referrals and social proof.
You turn your patient list into your network and keep in touch, so they remember you when talking to friends. There is no simple equation for making cosmetic patients stay, but there are several strategies practices can focus on in order to minimize their attrition rates, increase their retention value, and boost referrals. For example:
- Share. Send bi-weekly emails to your patient list letting them know what’s new in your practice, who is joining, having a baby, birthday, etc. Educate them on new procedures or comment on celebrity plastic surgery to keep things interesting.
- Add value. Rather than offer discounts to strangers, offer gift cards to your current patients to return for more. That way, you are thanking them for their loyalty and support and they will appreciate the gesture.
- Have brainstorming sessions with staff to answer this question: “What can we do to improve the patient experience with us?” Then execute the ideas you come up with.
These are key ways to ensure that cosmetic patient service goes above and beyond, and it also improves your chances of transitioning your patients into raving fans who return, refer, review and share you on social media.
I go into this in more detail on how to build more than one stream of income in my latest report: