Beyond Referrals: The Proven Formula For Sustainable Practice Growth

By John Nesbit, CEO The Customer Factory

Many practice owners are disappointed when their exceptional service and patient care do not result in enough referrals to truly prosper.

No matter how good the patient experience is or how well-loved a practitioner is by their community relying on referrals is not a reliable growth strategy.

Even when clients are extremely satisfied, they might not refer others for various reasons, such as no longer experiencing pain, forgetting about the service, or being hesitant to discuss their health history.

Word of mouth is undoubtedly a powerful marketing tool but it is hard to control and manage.

Implementing a paid marketing program alongside offering excellent service is essential for success. A well-planned marketing strategy enables businesses to invest in growth and measure returns on investment.

For example, if a $5,000 marketing investment yields a $40,000 return, a practice owner can increase their marketing budget to drive further growth. Scaling marketing efforts in this manner is not always linear, but it allows practice owners to control their growth more effectively than relying on word of mouth alone.

Patients from advertising are not quite as profitable for the practice as each has an actual dollar cost to acquire. However, the referral patients are still there helping to bring the net cost per new patient down.

Over time, when combined with quality service, this creates a virtuous upward spiral whereby the practice helps more people, sees a rise in revenue, and invests in marketing and services which in turn increases the revenue even more.

Of course, there are many more things to know in order to create a consistent flow of qualified new patients for your practice.

To save time, many practitioners choose to partner with my agency, The Customer Factory.

To find out if our marketing program is a good fit for your practice visit our website and book a 15-minute Discovery call. You could have new patients coming in as soon as this time next week.

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