During a recent Podcast Interview with Joe Sanok (listen to the full podcast here) we discussed the merits of Business Coaching for Therapists and other practitioner/private client businesses. It became apparent that there were two major core areas that a therapy business should focus on improving:
Deciding How Much to Charge
When it comes to determining your price, you don’t need to compare yourself to the market to set one. Rather, base it on your worth. You just need a few people to recognise your worth – and be willing to pay it – and you’ll be good to go. You can also base this on your Customer Lifetime Value (see video below):
Being Prepared to Invest in Marketing
Many of you will be thinking that "invest" = money, however there is also an investment of your time.
And I believe the important stat to remember is that you should be re-investing either/both 15% of your turnover or 15-20% of your time back into marketing activities.
The short version is; don’t skimp on marketing.
The money you spend on the front end of marketing will always have an impact on the backend of your business. Furthermore, in today’s digital age, it’s easy to do a lot of marketing for free. Google My Business is a good example.
About 80% of traffic goes through Google My Business before it gets to your website. Setting up Google My Business should be a major priority in your marketing plan.
When you start spending money on a new marketing venture, don’t expect a return on investment. Rather, expect a return on information. You need to test different marketing strategies to see what works for you, and then you can simply increase the amount of money spent on certain channels.
The Marketing Minibus
Imagine I have 10 "perfect" clients sat in my minibus which is parked outside.
Each one of those clients has a black satchel, and inside the satchel they are carrying £1,000.
I'm going to pop out to the minibus, invite the perfect clients into. At which point they will empty their satchels of cash on your desk.
The £10,000 is yours to keep...well, nearly all of it. How much would you pay me to go to my minubus and get those clients?
The answers to this question vary from 3% - this is too stingey, I don't get out of bed for less than 15% - up to 100%. Accountants will pay a full year's revenue up front for a prospect because they know the customer lifetime value is VERY long!
How much are you currently spending on your marketing budget?
I can guarantee it's less than 15% right now. And you're wondering why you're not getting enough clients, right?
Could be an alternative means of getting new clients.
Now you can target clients on Postcode sector and if you have an offer which is compelling enough you can attract new business through some well targeted Facebook Advertising:
By putting on free-to-attend seminars and workshops or offering a free consultation, you remove all of the barriers to someone buying and/or trying out your treatments.
Give me a nudge if you want to know more!
Robin - Your Fearless Business Coach
PS - I've recently launched "Business Marketing Secrets" as a FREE PDF DOWNLOAD - Click here for more information
PPS - For those of you struggling to get your Therapy Business off the ground you can try out my free Business Health Check >>> Business Health Check for Therapists
BUSINESS MARKETING SECRETS
Download BUSINESS MARKETING SECRETS - FREE PDF Guide