Loyalty Killers For Maximum Profit

MULTIPLE SALES 

Multiple sales create the long-term ownership of a patient (albeit, a very delicate relationship, and one easily broken if you do not follow through with your promises or services). Your organization needs to be structured to create and develop second and third tier buying opportunities.  Therefore, if you do not have the right structure of sales that provides a bridge between your entry level and your most expensive medical procedure, you may be setting yourself up for the above referenced 96% attrition rate scenario (page 6 in the bank example), and you are exposing that hard-won patient to someone who is both willing to take them from you, and is able to provide a second, third, fourth or five item of loyalty.

Again, if you don’t have another service, create one!  As in a chess game, protect your flank and rear!

Be conscious of your strategies; keep the banking statistic at the forefront of your mind. You want to make sure that your patient has invested in three to five items of loyalty with you.  It is just too much trouble to switch again! The patient is now too deeply invested in using your medical services.  You have created an environment in which your competitors may never get them back! If handled properly, you will continually own that patient and income stream.

We can thank our biggest competitors for several things.  They paid heavily to attract our perfect patients.  These patients already believe, trust, and have paid for medical services similar to yours. 

Ideally, what we want is the 20% of your competitors’ patients that give them 80% of the business.  The current buyers of the competitors’ medical services are your target, or current prospects who are about to buy or thinking about buying your competitors service.  Your marketing strategy should always specifically target, and appeal to the decision maker.

The real gold for us are those people who have already bought from our competitors and are waiting to be redirected toward your practice.  Remember, your main goal is to break the loyalty factor of these existing patients who currently belong to our competitors. 

The current buyer of our competitors’ services is your target!  By concentrating your efforts on these people, you are acquiring the very best most lucrative buyer of all --- a repeat buyer: someone who has bought two or more of the very similar thing. 

Currently, the smallest stream of future prospects is where most businesses unwisely spend all of their advertising and marketing dollars.  A great strategy for seizing your competitors repeat buyers is to:

· To focus your advertising efforts on all the places where largest competitors advertise: i.e., trade magazines, yellow pages, newspapers, association newsletters, business journals, etc. 

Remember, of the 100% of the money ear-marked for gathering new patients, the percentage of buyers that haven’t bought before is less than 5% of the total revenue. 

95% of the revenue that is generated by sales is by existing patients:

Those individuals who either just bought, or bought over the last year, or the year prior, but that has been buying for years. 

It cannot be stated enough, traditional market review is set and most of our marketing strategies are deployed to go after the segment that can only contribute 5% of the whole industry.  Again, that means that a full 95% of the best prospects are never targeted. 

Now, within that 95% of the money flowing into an industry, you can now “fine-tune” your advertising and marketing even further.  You will want really focus on the 80/20 patient; more specifically, the individuals that make up 20% of the buyer pool that account for 80% of the annual revenue.

Your mission is to prove to them that you offer far superior service, and that is in their best interest to do business with you.  The beauty of this scenario is that these people are proven buyers.  They are probably repeat buyers, and the lifetime value of these patients is gold to our competitors, and that’s gold is what you are seeking.

Think strategically.  Think of incentives.  Think of irresistible offers that will lead them your way.