Is there really a down side to new clients and patients? After all, isn’t that what your health marketing, medical marketing or dental marketing is all about?
Well, actually, there is!
Marketing requires resources- money, time, effort. When aimed at gaining new clients, it requires much more in resources to accomplish significant results.
Marketing for new patients or clients is usually NOT the most cost-effective way to generate new revenue both short term and long term. Think of it like this: How much do you currently spend on marketing to attract new clients?
If your marketing budget was $2000 a month and the average it brought in 20 customers who spent on average $200 each, you are essentially spending $2000 to bring in $4000, resulting in a net of $2000.
However, if you sent out emailing costing about 50 cents each to 300 old patients, 20 would respond. In that case, it cost you only $150 to bring in the same $4000 in revenue. That’s good business, whatever profession you’re in.
Concentrate on Existing Clients
It is often easier and more effective to concentrate on existing clients than it is to acquire new ones. Once you understand why your existing patients come to you, you can examine ways of getting them to refer their friends and family as well as highlighting these features as those that you offer.
The Pareto principle- often referred to as the 80/20 rule- says that 80% of your success in any given field is often due to 20% of your effort. (or 20% of existing clients. You can use this idea as a starting point to analyze how you can bring back the existing clients and keep them from straying to your competition.
The Prodigal Patient
A prodigal patient is one who, like the Biblical prodigal son, was lost and is found again. You need to find out why they stopped “buying” your services and apply that knowledge to regain their business.
If you have lost patients, try to rebuild contact and prove that you understand and can meet their needs. While it is worth trying a few times, don’t keep persisting if you aren’t getting any response. Many businesses have a limit to the amount of times they contact lapsed clients- usually five to seven times.
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See you at the next post!