We all are looking for ways to increase revenue and gain little to any overhead. That’s a given. But we don’t necessarily want to spend more money to do it. Many times people will start additional businesses (Chiropractor investing in a Subway franchise is a bad idea. Focus on healing and caring for your patients. ) or switch over to a new specialty because they weren’t making enough in the specialty they were in.
Worse yet buy some new equipment that after a few months sits collecting dust while you still are paying for it. Here are some tips on how to increase revenue in your practice with low to no additional overhead in your practice.
Let’s look at some ways you can boost your sales without increasing your marketing expenses.
- Package your products and services in to bundles that your patients can buy. When you create packages of your products and services in bundles that are created towards solving a problem, you make it easier for your patients to see the value in the package you are offering. You will be able to sell more than one product or service at a time.
- Use the Opportunity Apex as a product and service positioning strategy. The opportunity apex is a 3 to 7 tier pyramid that positions your products and services at different price levels. Level 1 is free, level 2 is $100 to $300, level 4 is $301 to $500, level 5 is 501 to $1000.00, Level 6 is $1000 to 1500, Level 7 is 1501 to 2500.00. Tare his kind of product positioning strategy allows you to have an upsell and downsell path in your business. It also allows the patient to choose products and services at levels they are comfortable purchasing them at.
- Upsells/Cross-Sells – Using upsells and cross-sells in your business can bring in a higher amount of money. When someone buys one of your products, offer them a higher-priced version of the same product or a related product. The higher priced version of the same product might include coaching or supplements. An example: someone buys an eBook from you on eating healthy. Before the final check out, offer them the same eBook plus coaching for a higher price. Or, offer them a related product, such as a cookbook of healthy recipes. Many times people will take you up on your upsell offer, and you have just increased your sale amount.
- Sell Supplements – Dust off the supplements in the back room. Everyone wants a medical professional to recommend what supplements they should buy. As part of your intake process you ask questions about the supplements they take and what brands they are taking, you can recommend supplements that are better for them with higher absorption rates. Try to not cry if they say they are taking Centrum or some other off the shelf supplements. You can package supplement line with your products and services to add value to the service you provide. You want better sleep. Here is my Sleep Easy Package. You have Acid Reflux here is my acid reflux package. Include a supplement survey as part of your intake process with your patients. You can keep a small inventory of supplements in your practice and offer them the ability to order refills online that will be shipped free to their house.
- Reward Patients for Referrals – Recruit your own sales force in the form of affiliates. Reward patients that refer business to you. You could give them a gift card to Starbucks, gift card to whole foods, free adjustment or discounts on supplements. Give patients an additional incentive beyond the excellent results you help your patients get to refer new business to you and create patient loyalty.
- Keep in Contact with Previous Customers -Use email marketing and social media to stay in touch with your patients. People that know you and trust you are more likely to buy from you again. 65% of a buying decision is based on the relationship you have with the patient.
- Offer a Guarantee – People are much more apt to buy a product if they know they can get their money back if they are unhappy with it. How will this increase sales? Most likely, you will gain many more sales than the few refunds you have to make. People want assurance before they buy. Don’t get caught up in the energy of worry about giving people their money back. If you focus on worrying about refunds, you will attract the kind of people that will complain and want their money back. When you are providing a valuable service and focused on helping people, you will rarely have to refund someone their money.
If you notice, none of the above strategies cost you little to no money, except for the supplement inventory and patient incentives. Here’s to more making more money so you can help more people!