I have learned a little trick from a very accomplished medical practice entrepreneur (who is also one of my mentors), and that is utilizing Groupon. I am sure most of you have used Groupon before. Essentially, it is nothing more than a coupon that is mass marketed digitally. Millions of people scroll through Groupon on a daily basis, which makes it a FANTASTIC source for obtaining potential patients.
I began using Groupon 2 months ago after my mentor suggested that I should. He owns about a dozen weight loss/wellness clinics throughout the country. The guy is a millionaire, so I listen with very astute ears when we talk. He has made millions utilizing Groupon… How?
He offers significant discounts on services his clinics provide.
So, for example, he will have a Groupon deal for “5 B12 shots for only $30!” and have the coupon expire within a matter of 2 weeks to create a sense of urgency. What happens because of this? His clinic receives DOZENS of phone calls from new patients who want to “redeem” this coupon.
Many of you are probably asking yourself “So what! How do I make money by offering my services for $30?!” Well, I hate to inform you, but Groupon takes about 50% off the top. I bet many of you are now asking “How the hell do I make any money giving 5 B12 shots away for $15?!” Well, that is the pull my friends. You are not making money off the B12 shots, you are making money by getting the patients THROUGH THE DOOR. Once the patient walks through the door, then you can sell them on a multitude of various other services you provide.
Let’s continue with the same example of the “5 B12 shots for only $30!” Let’s also say you own a weight loss clinic. This patient now comes through the door of your practice and sees you. Guess what? They have a BMI of 38 and are grossly unhealthy. Well…. It looks like you have a new patient! Who cares about the $15 you earned from the B12, you just locked in a new patient who is now going to be receiving phentermine, diet plans, and Lipo-C injections! You just generated multiple HUNDREDS of dollars off this new patient because you simply got them through the door.
Do you realize how much money it costs to obtain a new patient? From a marketing standpoint, I guarantee you it takes more than $15 to get someone new coming through the door. Advertising is expensive. If you can obtain a new patient for less than $30, you are doing VERY well. This is where the power of Groupon comes in. Yes, they take 50% of the revenue, which is why it is IMPERATIVE you only offer cheap services/products to begin with.
Utilizing Groupon is essentially FREE ADVERTISING. You do no work or spend any money obtaining that new patient. Groupon only gets paid when you get paid. Every single one of you should be utilizing Groupon as part of your marketing strategy. You would be a fool not to do so.
I started doing this with my men’s health practice recently. I offer Groupon’s for “30-day supply of Cialis or Viagra for only $20!” Guess what? I have received 5 new patients from this. It only cost me $10 to receive a new patient, THAT IS A KILLER RETURN ON INVESTMENT. Sure, they basically received a free 30-day supply of tadalafil from me, but I also made money from the lab work, the initial evaluation, and the continued TRT… All of them had total testosterone levels in the 300 range and had hypogonadal symptoms.
If you are not using Groupon, you should. I was blown away on how effective it is. Contact the rep I use; she is AWESOME to work with. She is one of Groupon’s specialists for medical practices. Make sure you mention Elite NP sent you, I want her to realize that us nurse practitioner entrepreneurs mean business! Shoot an email over to Kristen O’Sullivan at firstname.lastname@example.org with your name, business name and address and best phone number she can reach you on. It is super easy to set up!
Seriously, give it a try. You have absolutely nothing to lose… I was hesitant about it at first but when I received my first men’s health patient that used a Groupon, I knew it was another tool of many marketing tools on my belt to use. Remember, MARKETING IS THE NUMBER ONE FUNCTION OF YOUR PRACTICE. You will FAIL if you do not market your practice adequately.