Surviving in a Maturing Marketplace

This is part 2 in a 2-part series.

Part 1: The Old vs. New Cosmetic Practice Growth Funnel

The trick to staying in the game is to leverage existing assets to get more value from costs already occurred and to become more efficient, thereby generating more revenue using fewer resources.

The practices who do this best win. The weakest practices don’t because they cannot afford to operate profitably and compete on price at the same time.

Here’s how to win:

• Rather than compete on price, compete on friendly customer service, efficient processes, time-saving technology, and relationship-building.
• Invest in the best staff you can afford and train them in customer service and converting. Quality of work, great attitude, and excellent converting skills will make you money.
• Increase the value of every patient by developing a relationship with them so they return for other services, consent to their photos being taken, refer their friends, and give you a 5-star review so other prospective patients also see you as the best choice.
• Turn your current patients into your unpaid sales ambassadors who grow your practice organically by sharing you with their friends and followers on social media.

All of your leverage is with your number one asset—your patient list. You have already spent the time, money, and effort in attracting them to you. They will grow your practice for you if you let them—for free.

They chose you once and, if you focus on them, they will choose you again and bring their friends with them. This means you redirect some of your advertising costs to training your staff and nurturing your current patients.

So, now, you are growing internally and externally and that’s how you survive and thrive in today’s marketplace.

Catherine Maley, MBA, is a cosmetic practice consultant, speaker, trainer, blogger and podcaster. Her popular book, Your Aesthetic Practice/What Your Patients Are Saying is read and studied by plastic surgeons and their staff all over the world.

She and her team specialize in growing plastic surgery practices using creative patient attraction, conversion, follow up and retention strategies as well as staff training to turn team members into converting rock stars.

Visit Catherine for free resources at www.CatherineMaley.com or Instagram @catherinemaleymba.