How successful practices turn prospects into clients
How to convert prospects…consistently!
It’s important to nurture the prospect relationships in several ways, most importantly via email [reference Subscribe blog linked here]. In the Clinic Growth Formula, the step after Subscribe is Convert. This is when a prospect become a client. It may be an entry point offer or low-dollar offer.
Many clinics owners and managers operate under the misconception that they only have one type of conversion mechanism. For instance, the owner of a direct primary care (DPC) practice may think that selling a membership is the only method of conversion. Similarly, a physical therapy clinic owner may believe that a paid evaluation is the only form of conversion.
Entry point offers (EPO) and low-dollar offers don’t have to be the same thing. The purpose of both is to create a client, but the execution may be different.
Entry Point Offers
Many prospects will immediately purchase a primary service, such as signing up for an annual membership to a DPC clinic or getting an evaluation and agreeing to a plan of care with a physical therapy clinic. These prospects are our easiest wins because they take the least amount of effort.
But what about those prospects that need to evaluate their options further before making a commitment? These elusive prospects often represent missed opportunities for most practice owners. The systemization of converting these prospects into clients is important for your revenue growth.
We know that once a person considers themselves a client that they are more likely to spend money in your clinic or practice. You can make them feel like a client even before they have spent their first dollar. An EPO allows a prospect to feel like a client without fully committing to your service.
Car dealerships are the perfect examples of mastering the entry point offer. The problem car dealerships face is that their only product often costs over $20,000. For most people, that price point is in no way an EPO or low dollar offer.
Car dealerships invented the test drive to resolve the prospect-to-client conversion problem. A test drive is a free, entry point offer, that makes the prospect feel like a client. The test drive may be the best example of leveraging an EPO. Imagine if your clients went immediately from spending zero dollars to spending over $20,000!
A free EPO is an offer that requires time and attention on the part of the prospect. There are countless EPOs that are working in clinics everywhere and the only limitations for creating EPOs are your imagination.
Free EPO examples include:
- One-on-one consultation (whether by phone, zoom, or in person)
- Individual screening
- Seminar or talk on relevant topics
It is important that any EPO include a call-to-action (CTA) on the part of the prospect.
That CTA must allow the prospect to become a paying client.
Consider the EPO of a free screening. Some physical therapy clinics are able to convert over 90% of free screenings into paid evaluations. If a free screening is thirty minutes long, the clinician should identify within that thirty minutes whether a full evaluation is appropriate. Once that determination has been made, then most prospects are willing to transition their free screening into a full one-hour paid evaluation.
A typical thought process for a prospect being pitched a paid evaluation during a free screening is simple: “Heck, I’m already here so I’ll just get the evaluation because it is easier than returning later.” Once the patient receives an evaluation, they will convert to a full plan of care most of the time.
Your entry point offer is a low-commitment offer from both your practice and the prospect. The end result is that the prospect feels like a client and can then do more business with you.
By contrast, low-dollar offers are just that…low dollar offers. These offers require the prospect to open their wallet and officially become a paying client. Otherwise, the low dollar offer operates much like an entry point offer.
Your clinic may use offers identical to entry point offers, but charge a small fee. When you charge a small fee, the prospect is more likely to show up and participate. Also, when you charge a small fee you will have some people that opt out rather than try your clinic.
You should try both low-dollar and free entry point offers to identify the best conversion mechanisms for you. Some clinics may offer both at different times of the year.
The conversion step within the clinic growth formula is critical to grow your business. If you accept insurance, then you may receive most of your business from simple insurance referrals. If you want to master growing your business outside of insurance, then it is critical for you to master this step in the process.
Ideally, most of your prospects will immediately sign up for a membership, an evaluation, or other primary service offering. Don’t let that be the only method a prospect can become a client!
Your takeaway here is simple. We all know that the hardest money to get from a prospect is the first dollar, but once the prospect becomes a client then getting additional payment is substantially easier. Focus on establishing the business to client relationship and then the rest of the money will flow more easily.