The first quarter of the year is done, and it’s time to assess what works for your business and what doesn’t. For this week’s podcast, we’ll be talking about leads, databases, and more insider information on what makes the medical practice industry tick.
March is here, so let’s recap on the first quarter’s highlights in this podcast episode. If you’ve been having problems with your numbers, leads, and more, then this insider can definitely bring you more information that can help your medical practice rise to success. Listen to discussions about your leads and how to leverage them, maximizing your database, and working with problem solvers.
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March 10, 2022
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MATT COFFY: well I think we can just start pocket value. You can go through it. I’ve got Erica again on, we are in our 2022 first months of the year. There’s no question that 2021 was fascinating. Have a lot of interesting wins and we to talk through some of the stuff you might be interested in listener or watcher in some of the numbers here, we’re going to show you, I think the numbers speak for themselves, but, let’s walk through these clients. We’re going to start with one that, traditionally I think they’ve been with us for a while. So we’ve got an idea of their business. So why don’t you take over Erica and talk about some of the things you’re seeing in this one I see some pretty good numbers, so that’s good decisions.
ERICA BREINING: Yeah. So this was a client. They have been running with us for several years and they’ve been running a standard Botox ad, $10 a unit for new patients. you know, since the beginning of time basically, and you know, you can see that that ad is still running pretty well, $10 per lead, pretty much. you know, when they came to me and they said, you know, what else can we do? We really want to, you know, pull some filler patients, but we don’t want to increase our budget too much. So I came up with the idea to run a lip flip ad, which we’ve seen successful in some other accounts. we launched this ad, right before Christmas. you know, during a time that is, you know, seasonally low and it still did amazing. on 14 days the client spent $222 in generated 51 inquiries with a cost per result of only $4. Client’s excited. They booked probably 10 of these appointments already. And I think this is an amazing way for people to, you know, get into, the ad space that may not have a huge budget. This is, a crazy opportunity.
MATT COFFY: So what’s the revenue you think per patient from that
ERICA BREINING: So the actual lip flip itself is $99. so you know, they booked 10 so far. So just on the service alone, it’s a thousand dollars in revenue, but where the client is going to make the real money is in the up sell. if they end up doing actual lip filler or any other fillers or Botox to the rest of the face.
MATT COFFY: Right I think the concept is database. database, database, who has the more active database, right with clients that are willing to put a credit card down no matter what they buy, whether it’s small, bigger, large, because we’re building customers that are inevitably going to create a lifetime value t hat’s higher. And I think a lot of people don’t realize this, but you know, I have conversations with clients all the time and the oil. I don’t want to do the low end services because I’m not going to get return on my investment. And I say, well, would you rather have 51 clients coming in at $4 a piece that you can upsell to multiple packages, or would you rather have two clients that come in for, you know, $3,600, a full service I mean, at the end of the day, your lifetime value of those two $3,600 patients is nothing compared to 50 patients that would come in on a $90 that you could up sell to thousands of dollars. You’re talking like 50 X, what you could potentially make
ERICA BREINING: Exactly. And on, you know, that 50 their family, their friends, everyone they’re going to tell, you know, it, it has so much more opportunity than just, you know, two or three patients, like you mentioned at a higher value per patient.
MATT COFFY: This is good stuff. And then the Botox at 10 bucks a lead, I mean, that’s sort of standard. We tell everybody you should be getting $10 leads, you know, in general, most, not all areas, but you know, in general it’s a good number to sort of circle around. And, you know, one out of five, one out of four, one of the six, somewhere around there, it’s going to become a patient. I mean, we obviously leads a leads. You know, it’s not everybody converts. A third are going to be in a mode of trying to decide what they want to do, with a third are going to do, you know, bookable. And then a third are going to be, you know, sort of tire kickers. So, you know, you think about that model. But still, at 10 bucks a lead, even if you’re doing a third , you’ve got a third ready to go. That should be able to be booked. Even it’s $30 a patient. And then let’s say at the very, very top end, even the other 30 that are in the middle somewhere deciding that’s still $60 a Botox patient, you’re making 2, 3, 400, 500, depending on how many areas you’re doing. The return is there, such as putting your paddle out into the ocean and just getting your paddle on.
ERICA BREINING: Exactly. Matt, and then having, you know, a great nurture strategy to maintain these clients for, you know, lifetime,
MATT COFFY: All right. Those 41 leads, although not all of them book as into paying patients now are 41 people that you market to a black Friday and get a two for one gift card for a hundred dollars. So, you know, that’s, you know, there’s so much more to this that people only see the surface area. We see the long-term situations where we see patients who turn on a SMS campaign or an email campaign when they’re down and don’t have any sales. And they just basically for the market in one shot and it’s, it’s because they have a bigger database than
Speaker 3: Exactly building that database is so important. You know, I, I tell clients all the time because when they need to pull a lever quick, like you just mentioned, if those lists are there and ready for them, you know, text marketing, email marketing, you know, is huge. And granted, you paid for these leads at some point, but it’s a way to leverage your existing lists without having to run ads. At that current time, it’s also great for events. many of our clients come to us and they say, oh, we’re doing a CoolSculpting event next week. We’re doing a quo event, but we don’t necessarily have ad budget. And the first question I ask is, you know, how many leads do we have in the database Like let’s tap all of the existing people first.
Speaker 2: Right. Great, great, good stuff. All these partners, let’s get onto the next one.
Speaker 3: Okay. this client, this is a testosterone TRT campaign that we’re running on Facebook, also a clients in Boca. We’ve been running this client. Now, I would say about a year, great success. they were at the point where they almost had, too many leads. They had to increase their manpower on the other end to manage the patients and the clients because it became so overwhelming. in the industry, I would say, you know, average industry standard CPL for this type of service can be anywhere from 50 to $70. And you can see we’re running at $35 cost per lead. They spent 1700 last month and we generated 50 results for this client
Speaker 2: Right now, HRT B H R T any hormone related topics. It’s important to address the elephant in the room, which is how many of those 50 turned out to be recurring revenue patients, because what ends up happening is the way that this business works. They usually come in for blood work to see if they qualify and so forth. and then, you know, you run a package of usually six to 12 months. and I would say on average, when I talked to these guys who are running the HRT, it is a parallel processing, meaning that you’ve got people who are still, there are certainly people are going to come right in and just sign up. But there are a middle group that are still in the understanding phase. But what we also always notice is if you can get the blood work done, there’s all sorts of dialogue that happens.
Speaker 2: and I don’t mean to put this into like, yeah, using scare tactics, but once you get the blood work done, almost 90% of those potential patients become valuable candidates. And now it’s a decision on, okay, let’s really look at what’s going on. And it’s inevitable that, you know, this is a little bit off the beaten path of aesthetics because you’re, you’re, you’re trying to improve, not only physical characteristics, but someone’s actually doing something to make a mental change as well. Cause a lot of that is emotional changes that happen when you start to do testosterone and
Speaker 3: Energy, depression, anxiety, all of those
Speaker 2: Things. Correct. So, so we’re talking a whole different game plan when you start to think about the patient journey, the patient dialogue, and, you know, you’re, you’re literally now getting someone to come through a different T wave life, I guess you could say is the best way to do it. But w what I was trying to get as that, that the Nemo question to me is always that same thing, which is okay, great. I spent $1,700. What was my return And I think the question becomes, give me a time period. So there are $1,700 is spent, but you’ve now got 12 patients that are on a year long contract at 1 99, and potentially maybe even coming in for other services in between as they come in for those sets. So
Speaker 3: If I could just interrupt you Matt, quickly to this client in particular, they make a very big profit on the, up sell to the peptides on, on these patients.
Speaker 2: Correct. But what I was going to say is, if someone wants to ask me, what did that $1,783 turn into from a revenue perspective for them, I would say, okay, let’s map those clients over a year and then I’ll give you a number. And you’re going to be surprised. It’s going to be probably over $20,000. The reason why that will be is that there’ll be so many variables spaced into that because you’re going to get at least a third of those will come in and go directly on the plans. That will be six months or greater. So you’re looking at somewhere between 12 to $2,400 on just that alone. and, but those don’t come in and do prepaid. They typically do monthly’s so you really do have to go, all right, let’s think about the lifetime value of an example client that you have that will come in for HRT, including upsells.
Speaker 2: Show me one of those over a period of a year, and I’ll give you a return on investment. And it’s usually about seven to 10 X of the amount spent you put into the ad spec. So just as a ballpark number, that’s what you’re going to end up from a lifetime value. At least for the first gestation of this patients. Now, there could be more relevant things that would happen as, you know, cause a client like this has multiple services like peptides, then IVF therapy. And I mean, it goes on and on and on. So, you know, there there’s a lot more than just trying to look at one side of the option. So this is something to consider when you are running multiple month types of recurring revenue. It is a very interesting days. And a lot of the guys who are doing this are doing it really well because we’re getting what I consider the rebound effect, which is that now that they’ve gotten better, their story starts to emulate through their dialogue with their friends and family.
Speaker 2: And, and then they, you get those, these tremendous referral assets that start to come to you. So it’s a different set of circumstances than aesthetics because aesthetics is okay, it’s we know what it is. It’s Botox, it’s, it’s CoolSculpting, it’s whatever, but when someone’s changed their emotional attitudes, that’s a completely different dialogue to have with their referral base. And that’s when things to come very interesting anyway. So I wanted to make sure that we cleared a couple of different, dialogues net. So is there anything else on this one that we want to talk about
Speaker 3: No, I think we covered this one pretty well.
Speaker 2: Okay.
Speaker 3: Okay. Let’s move into ad words. And I thought I had it up. Let’s see, let’s look at, a client that actually does Botox and fillers on, Google. Usually, you know, we talk about this on Facebook because it’s a lower cost per lead. this client actually started off on Facebook and they struggled a bit because they were not able to convert some of the leads. They were lower quality. So we immediately, pivoted, you know, that’s the thing we are talking to our clients, you know, every few days we’re very involved in, what’s actually happening on the other side. It’s not just about delivering leads, but are these leads responsive Are they coming in what’s actually happening. So we quickly move this client over to Google ad words and huge home run success story. we launch it in December and it came out of the gate with a cost per lead of only $53 and conversion rate of 13%.
Speaker 3: you know, industry standard conversion rates for Google are three to 4%. So this was pretty incredible. Client was, you know, down in the dumps, couldn’t convert any leads to now super excited. I believe out of these 34 conversions, they physically have 12 people who have already visited the practice. and these are high quality leads. You know, they’re from Google, they were searching for the service. they tell me that about 50% have actually upsold into fillers. And the average ticket value was around $800. So on, on 12 patients, you know, you do the math where between eight and nine K on an $1,800 ad spend, when they only have been doing this for 30 days, these numbers are only going to improve as we continue to put in the optimizations.
Speaker 2: Yeah. And that’s the thing, right So you hit it on the head, which is then working with someone who’s going to help you pivot when things don’t do what they’re supposed to do and having the trust to solve problems that you, that the practitioner shouldn’t have to solve. Right. And I think this is what I run into quite a bit with in the world of just having discussions every day with literally a half a dozen practices. A lot of the problems in the marketing business is that the practitioner has been leaned on to say, okay, it’s not working. You know, give us a better idea. you know, we know that this is where the it industry starts to have crossroads of different competitive features. and if you are a medical practice, whether it’s, you know, this aesthetics business or it’s chiropractic or gastro or pediatric or whatever, it might be, we, we support so many different medicals, but we do a lot in this space.
Speaker 2: You’ve got to get a team that can pivot, make the decisions and run the ads and test things out so that you’re not involved in trying to guess. And I think that’s where I look at this and I go, okay, there was an issue. We came back, turned it around without sort of saying, you know, Hey, w w give us a better offer, or, or what do you think You know, there’s, there’s always going to be conjecture after you retool things. But if you have this knowledge base that we have, which is, we can check through hundreds of other accounts, thousands of campaigns and say, okay, this worked here, this didn’t work there. You know, having that ability to have that deep set of knowledge based to at least work on hunches, instead of guesses based off of the net, the, you know, the, the network effect of having all of these different engagements that we’ve had really does maximize the value of a good partnership.
Speaker 2: And I’d say, you know, whether it’s us working with you or, or the, or another agency makes sure that you have someone who’s got some deep experience and years of doing the niches so that you can leverage their experience from the different campaigns that have run, and what’s been successful now, it doesn’t always work out, but in a lot of cases, we find, you know, we can do turnarounds on, you know, broken campaigns. And we pick up a lot of clients from folks that have just, they can’t figure it out and we pick it up and we run it and it works. And they’re like, I don’t know why this is working well there, you know, there’s a lot of factors. It could be the patient journey. It could be the follow-up mechanisms. It could be the fact that they don’t have a call center, you know, to, to pick up the phone and just book the clients when they’re hot. I mean, these are all things that need to be put into effect. So I really appreciated this conversation, Eric, I think it’s a wonderful thing to see turnarounds like this when we, we, especially when we know the market’s there, the businesses there, the clients are there, it’s just a matter of connecting the dots.
Speaker 3: Well, and I think another thing, you know, you, you slightly touched on it about how we were able to pivot so quickly, you know, to run the keyword Botox in Google, you have to have a special certificate from Google, a healthcare, online pharmacy cert, which can be challenging to get, you know, if you don’t really know your way around, how to make that request. And, you know, that’s something that, you know, we have been so successful at for customers is getting that Botox certificate within 24 to 48 hours of, of submitting. So I also think that was a crucial piece to the success. You know, they don’t have a lot of competitors in the market that, have the certificate and knew how to get it. So this was really a home run for them.
Speaker 2: Awesome. All right. We’ll see you in February. Thanks for your amazing content as always because you’re running the show here in the background, and I’m obviously talking to a lot of clients, but you’re, you’re running the factor of this is the, the real element, which is the actual mechanics. And that, that’s just an amazing, amazing thing to see when you start to have value being associated with a good, solid set of people who can run the ship behind you. All right. We’ll catch you in February again. Thank you,
Speaker 3: Erica. Thank you, Matt.