Faster Way to Scale Your Cosmetic Revenues (Ep. 219)

Beauty and the Biz

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Hello, and welcome to Beauty and the Biz where we talk about the business and marketing side of plastic surgery, and how to learn a faster way to scale your cosmetic revenues.

I’m your host, Catherine Maley, author of Your Aesthetic Practice – What your patients are saying, as well as consultant to plastic surgeons, to get them more patients and more profits.

Now, today’s episode is called "Faster Way to Scale Your Cosmetic Revenues".

The ultimate goal to scaling your cosmetic revenues must include a system that attracts a steady stream of cash-paying patients WITHOUT you spending a fortune on advertising, chasing down leads, hiring more staff, discounting services or performing on social media.

When you really get this, you stop grabbing for shiny objects and quick fixes because you have a plan in place to keep “priming the pump” with a steady flow of cash-paying patients you can count on.

Listen in on this week’s Beauty and the Biz Podcast where I talk about:

• What it takes to scale your practice faster
• How to increase average spend per patient to bulletproof your income
• What smart practices do to easily win new patients, starting NOW

Because the objective is to set up your cosmetic surgical practice as a business so it’s more profitable, more enjoyable to go to every day, and it frees up your valuable time, so you have more of it to spend doing what you like to do with the people you most enjoy being with.

See if you're a good candidate for the KiSS Loyalty Club.

P.S. Please subscribe!

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Transcript:

Faster Way to Scale Your Cosmetic Revenues

Welcome to Beauty and the Biz. Discover how to grow your practice and a faster way to scale your cosmetic revenues with effective cosmetic patient attraction, conversion, and retention advice from author, speaker, trainer, and cosmetic practice business and marketing coach, Catherine Maley, MBA.

Hello and welcome to Beauty and the Biz, where we talk about the business and marketing side of plastic surgery, and a faster way to scale your cosmetic revenues.

I'm your host, Catherine Maley, author of Your Aesthetic Practice, What Your Patients Are Saying, and consultant to plastic surgeons to get them more patients and profits.

And today's topic is “faster way to scale your cosmetic revenues”.

So, you're going to love this if you're surrounded by competition and you need to stand out and you reluctantly discount your services to attract new cosmetic patients or if too many of your patients don't book again so, you have to spend more to replace them with new patients.

And this is also for you if you're interested in a faster, cheaper, easier way to acquire new patients without discounting your services. And if you're looking for a surefire way to increase your patient's value so, you have predictable and reliable revenues month after month. And if you're interested in a new way to cut your advertising budget while still getting new patients.

Because when it comes to attracting new surgical and non surgical cosmetic patients, I'm sure you've tried lots of different strategies. Such as designing or redesigning your website. Now, you may have tried a different internet marketing company to design your website the way you wanted it, and then you waited for months for it to be finished, and you were so, excited thinking this is going to change everything and allow for a faster way to scale your cosmetic revenues.

But it didn't. You didn't get ranked like you thought you would, and now you're disappointed that your promised rankings that didn't deliver. So, you were told to pay for Google AdWords and build up your social media channels that will lead them to your new website. So, now you and your staff are spending time on organic social media posting, but the rules keep changing on which is the faster way to scale your cosmetic revenues.

So, you try to keep up and the apps that are available to help make your post more interesting are also confusing. But they might not be driving new prospective patients to you or it drives the audience to interact with you. But they don't convert to paid treatments. So, then you try social media advertising, but that's a whole other learning curve and it gets expensive testing and trying different ads that actually work.

So, oftentimes you get mediocre results and you have no idea why or how to fix it. Or maybe you've tried a membership club, but it hasn't gone well. Maybe it's too complicated for patients to understand and for staff to execute. So, I'll show you a different approach that addresses these typical problems and simplifies everything because here's what's going on in the marketplace.

The reality is, patient attraction has gotten intensely competitive, expensive, and super technical. Have you noticed? You may not realize just how insanely difficult it is to attract Now these are consumers roaming around on the internet, clicking around like crazy, and getting overwhelmed with the choice of providers they have.

Now that intense competition forces you to market yourself using creative digital strategies. That can be quite technical, as well as expensive, because you're spending time and money to get found on Google and social media platforms. And that's when Google and the social media platforms raise their prices, making your overhead costs go up, which means less profit for you.

I mean, let's just take Facebook advertising. There are 8 million monthly active businesses advertising on Facebook, and 1 million more are added each year. That means it's going to cost you a lot more to attract new patients. By the way, Facebook has increased their advertising rates 30% every year because they can.

So, here's another huge challenge on gaining a faster way to scale your cosmetic revenues. Internet privacy issues. The future of Google, Facebook. Instagram and Apple is to not share data like before because of privacy, safety and fraud issues. Now some of them are being sued for billions of dollars by the government for collecting and sharing data about all of us, and that had to stop.

Although it feels to me like that cat is already out of the bag. But that means these platforms are not going to allow you to target specific audiences like before. So, online advertising has become very similar to TV advertising. You spray and pray to everybody and hope your target market sees your ads.

But you won't be able to track who actually clicks on them unless you have sales funnels set up to capture their contact information. So, suffice it to say, this will make it even more expensive to attract new patients so, you'll spend more and get less results. By the way, I strongly suggest you do everything you can from now on to control your own database of patients, and prospective patients, and your social media friends, and anyone else you know who is or could be interested in your services.

And you do that with opt in landing pages that ask for their name, cell phone, and email. This way, even if you're banned from a marketing channel, you can still communicate with your followers. Now the next trend that hurts your bottom line is the decrease of organic social media reach. Organic equals free, and we love that. This is important in relation to a faster way to scale your cosmetic revenues.

But you may have this false sense of security thinking you're staying in touch with your patients using your social media. When in reality, It's estimated that you can only count on about 5. 2% of your fan base and followers seeing anything you post organically. And why is that? Because they want you to pay to play, but oftentimes they won't approve your ads if you're hurting the self esteem of viewers.

So, it's a catch 22. And when you're marketing to the public. You get a real mixed bag of quality leads. So, you have to know, who do you want to work with all day? Complete strangers who don't know you, don't trust you, are skeptical and closed. Or, those patients who know, like, and trust you, wouldn't go anywhere else, and are a pleasure to be around. This is important in relation to a faster way to scale your cosmetic revenues.

And isn't it easier to convert the established patient who's open to you and your suggestions, than the internet stranger patient who's skeptical and holding back? Also, your established patients are much less price sensitive because they have more to go on than price. They know you and the results to expect because they've experienced your work firsthand.

They have peace of mind. They'll get another good result with no hassle. That matters to them more than saving money to a huge majority of consumers. It's also far cheaper to encourage your established patients to return than it is to attract new internet stranger patients to replace them, since it takes a lot to get someone's attention in today's crowded marketplace. This is important in relation to a faster way to scale your cosmetic revenues.

Now your established patients are also more likely to give you a great review or they are more comfortable with you, so, if they are dissatisfied, There's a better chance they will go to you first before they complain on the internet. And we all know the best new patients come from current patients.

That fact seems to be taken lightly in most practices, but it's vital to remember and encourage. Word of mouth referrals are your lifeblood. You'll run out of time, money and energy running a burn and churn kind of practice. The longer you've been in practice, the less you need to exert that kind of time, money and energy.

Because, you now have or should have a raving fan club, or at least you could have a raving fan club who returns and refers a lot more often. And here's one more point worth mentioning. I heard a talk given by a VP at Allergan who was talking about a study they did of injectable customers, and learned that one half never returned to you and it's so, true, In your mind, all of your patients come back because those are the patients you remember. The ones that don't come back, you don't know and don't remember. That skews your perception. So, you don't focus on that part of your practice as an issue to address. But this is exactly where to focus if you want a faster, cheaper, easier way to more cosmetic revenues.

So, now for the good news, because it's not all doom and gloom. There's always a way and plenty you can do to adapt to these changing times. Now here's the best news of all. Cosmetic consumers have endless needs, such as wrinkles, red and brown spots, blotchy skin, sagging body parts, and unwanted fat pockets.

But patients will do all they can to avoid surgery, if at all possible. That's why non surgical is a 3 billion industry and growing. Thanks to social trends, social media, and advanced technologies that continue to fuel the need to look your best without surgery. And let's face it, we females are hard on ourselves.

We stare in the mirror and critique ourselves, and then we finally have had enough and we do something about it, and then what do we do? We go find something else that bothers us about us and we focus on that. It never ends and that's what keeps all of us in business. That's why you want to develop that relationship now so, when they're ready for surgery, they choose your practice because they know, like, and trust you already. This is important in relation to a faster way to scale your cosmetic revenues.

And once they have surgery, They're much more likely to now want your non surgical treatments to keep their new look looking good, especially as the aging process continues. I mean, think about it. Somebody who cares about their appearance will care today and next month and next year and for a lifetime.

So, you can become their one stop shop for years to come. And here's more good news. The talk I heard from the Allergan VP reported that while 65 million people in the U. S. would consider facial injectables, only 4 million have been treated. That's only 6% of the U. S. market, so, the room for growth is enormous.

And here's another interesting stat. Loyal patients spend 67% more than new patients. And that makes sense because if they know, like, and trust you, they're open to your recommendations and will gladly buy your services when offered. And lastly, a 5% increase in patient retention increases your profits by 25 to 50% because...

You already spent the money to attract them. So, now you just have to hang on to them. And recurring patients tend to buy more, return more often, and refer their friends. This increases their lifetime value and decreases your marketing budget. The point is that the faster way to grow your cosmetic revenues is through retention, because now you use the resources you already have.

And that's your leverage. Retention costs very little time and money, but adds up to easy profits. So, let me ask you this. How big would your cosmetic revenues be if you didn't lose your patients? You likely have a database of thousands of patients. Can you imagine what would happen to your bottom line if a majority of them returned for more? This is important in relation to a faster way to scale your cosmetic revenues.

I know for a fact many of them would gladly return. If given the opportunity, and I'll show you how. So, here's how to scale your cosmetic revenues. You change your mindset, you change the media, you change the market, and you change the message. And I'll go through each one of those now. So, when you change your mindset from a one time transactional patient to a relational lifetime patient, your world opens up to new opportunities.

You see things differently. So, rather than see your patients with money signs, see them with love instead. Get excited for them. They want to look good and feel great. So, your job is to help them get those feelings. Focus more on their experience with you and how they're feeling. Remember, this is a consumer with a credit card who has lots of choice when it comes to fun medicine.

So, they're going to visit the practice that makes them feel good in a comfortable, fun, friendly way. Please see and treat your patients with love since they're responsible for your success. Now when you treat your patients right, they become lifetime fans rather than one hit wonders. They return again and again and they bring their friends with them. This is key to a faster way to scale your cosmetic revenues.

This is the faster, cheaper, easier way to fill your practice with lifetime patients who turn into loyal fans who love you and wouldn't dream of going elsewhere. Please spend more time developing relationships with your patients so, they feel appreciated, acknowledged, and special. It's simple things like smiling and saying hello when a patient walks through the door rather than ignore them when you're working on the computer.

And asking them if they're comfortable throughout their treatment. And it's getting to know them as a person. The goal is to make sure they're smiling when they walk out the door. The secret is to make your patients feel special, because they are. Please treat these cash paying patients with friendliness, kindness, and respect.

Also, who's your target market? Or, who are your preferred patients? Rather than focus all of your time, money, and effort trying to attract new internet strangers, focus more on your loyal fans. and their friends and family. Give them such a great experience they brag about you to others they know and talk you up online.

Because the shortest distance between you and new patients is the girlfriend talking to her girlfriends. It has always been that way and will continue to be the fastest, easiest, cheapest way to grow your cosmetic revenues. Because we trust our friends way more than we trust someone's website. If our friends tell us you're great, we believe them. This is paramount to a faster way to scale your cosmetic revenues.

So, do everything you can to give them a wow experience they can't forget. That ensures your name comes up when they're talking about cosmetic rejuvenation. The goal is to create a referral snowball effect, which means one patient refers a friend, then two patients become four, and four become eight, and eight become sixteen, and so, on.

And it happens organically without you overspending on advertising. Then, what's the next closest thing to a word of mouth referral? That would be social proof online. Consumers will still check you out online to either verify what their friend said, or to see what others say about you out of curiosity.

Now you want to do everything you can to be sure they read only good things about you, and they approve their before and after photos to be used in your marketing efforts. New prospective patients need proof. They need to trust you are the best choice, and reviews and photos do that. And what I love about a good online review is that it's one to many.

So, one review is seen by prospective patients online, and that's how you grow your patient list. With your current patients bragging about you, not only to their friends and family, but also online to thousands of other prospective patients searching for help. Please make it a priority to build social proof by taking before and after photos, shoot happy patient videos, and encourage your happy patients to give you a review online.

By the way, it's a really good exercise to read not only your reviews online, but also your competitors and even others outside your area. You'll learn a lot about what patients care about, and it will help you improve your own processes. By the way, to eliminate bad reviews, the big no no's are keeping patients waiting, unfriendly staff, scheduling mishaps, and money misunderstandings.

And remember, you lose that patient, but you also lose their future revenues and those of their friends you're never going to meet. Now you want to change the media to a multi channel plan. In today's noisy world, you need up to 31 points of contact to get someone's attention. So, basically you need to be everywhere and use all marketing channels. This is required for a faster way to scale your cosmetic revenues.

Your prospective new patients could be using. You can't count on just one way to market. You need lots of poles in the pond working together. That means you need ongoing new content to keep your audience engaged. And here's the most important. Change the message. Because it's so, insanely difficult to get a complete stranger to buy something from you, you'll oftentimes fall back on price, as in lower prices or discounts.

That message attracts price shoppers, but then you're frustrated that you're being nickel and dimed to death. So, do you see the catch 22? All of this discounting is hurting your profits and your image, and it's a race to the bottom because you can't compete if you're barely covering your overhead. So, I want to propose a different way.

Let's change the message from special promotions to giving your patients kisses towards free cosmetic services. The more they spend, the more kisses they collect to get to different levels. So, using this kiss strategy, one patient who is typically worth 1, 000 to you. is now worth 10, 000 to you because you have a proven system to compel your patients to return more often, refer their friends, give you a review that attracts online prospective patients, and share you on social media so, their followers choose you too.

That means a certain number of your patients grow your cosmetic revenues for you organically with preferred patients you want to work with that are just like them. Point being, you implement a system to grow your revenues with the resources you already have. And that gives you leverage and peace of mind knowing you have a steady stream of patients coming in month after month to give you predictable revenues.

Do you see how strategic leverage gets you better results with less time and money? If so, you'll love what I have for you coming up. So, with this creative solution, you don't need to advertise discount, hire more staff, or buy more lasers. Introducing the autopilot patient attraction loyalty and retention system called the Kiss Loyalty Club, where your patients get kisses towards free cosmetic services rather than discount. This is a faster way to scale your cosmetic revenues.

And that's because you love your patients and you want more patients just like them. So, that means your patients are going to have fun collecting kisses and you'll keep more profits. Now using our proprietary software and done for you marketing system, we encourage your patients to collect kisses for different levels of services, such as Botox, filler, or laser treatments.

And your patients get extra bonus kisses when they grow your practice for you by returning, referring, reviewing, completing surgery, approving their before and after photos. And sharing you on social media so, their friends and followers choose you too. Now the Kiss Club website is at KiSSLoyalty.com and it's different than anything else out there because it's drop dead easy for staff to use, it's fun and compelling for patients, they love it, the marketing is done for you, and it's exclusive to your practice only because it locks out your competitors since patients can only get the kisses from you.

It's also different because my team and I play an active role in your results. We take responsibility for your success and we have an obligation to your outcome and that's why we do all the marketing for you so, you don't have to. Now this way you spend more time developing relationships with your patients.

Doesn't that make more sense? If so, please go to KiSSLoyalty.com to see if you're a good fit for the Kiss Loyalty Club. We would love to work with you to take care of this part of your practice for you.

Everybody that’s going to wrap it up for us today, a Beauty and the Biz and this episode on a faster way to scale your cosmetic revenues.

And if you have any questions or feedback for me, you can go ahead and leave them at my website at www.CatherineMaley.com, or you can certainly DM me on Instagram @CatherineMaleyMBA.

If you’ve enjoyed this episode on Beauty and the Biz, please head over to Apple Podcasts and give me a review and subscribe to Beauty and the Biz so, you don’t miss any episodes. And of course, please share this with your staff and colleagues.

And we will talk to you again soon. Take care.

The fastest way to success is to model other successful surgeons who have what you want, but you can only see their results, not the path they took to get there.

So, you continue to jump from one thing to another, hoping to find something that will work for you too, but it rarely does. So, try this shortcut instead. It’s guaranteed to move you forward. I compiled my intellectual property to grow cosmetic revenues, everything I’ve gleaned over the years into one playbook of the most successful practices and what they do to win.

Go to www.CosmeticPracticeVault.com and let’s grow your cosmetic revenue.

-End transcript for “Faster Way to Scale Your Cosmetic Revenues”.

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