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Lessons that can help you build your practice can come from anywhere, even your exercise program of choice.
Building your practice comes down to more than just money, and inspiration for building your practice can come from anywhere.
You may not know it, but I love to work out. Yet I hate paying money for gym memberships. As a matter of fact, I haven’t had a gym membership in 12 — 13 years. It's been a long long time. Instead of the gym, I like to run, or I’d rather get outside on the bike, but here in Minnesota it is so cold there is no way that I will be going outside to run in -20-degree weather. So instead I invested money in Insanity and in T-25, which are both produced by a company called Beachbody.
I think there are three business lessons that every businessperson, and every practice owner, should preach. I would like to extract three lessons from Beachbody, the maker of P90x, T-25 and Insanity because they do a wonderful job of marketing and understanding business. I know one big thing as a physician, you never went to business school, none of this stuff ever got taught. Making it more important to learn and adapt along the way.
Now, the first thing you might notice is how they buy media. For the most part, they spend millions and millions of dollars in TV Ads. Whether it`s Insanity or Beachbody or scanning programs; they are in all kinds of stuff and they mostly do infomercials. Now during those infomercials one of the biggest things referenced, that I almost never see physicians use, are testimonials. These testimonials are filled with men, women and they are usually targeted for a very specific purpose.
So who do you think of as your ideal patient? Who do you love dealing with most? Are they young? Are they old? Are they in-between? I think more of us can really specialize in doing what we do, especially if you are in private practice, you really want to have a good idea who is your ideal customer is and you want to build your testimonials around that group.
The second lesson that I would like you to think about is showing transformations or telling stories. How has this person changed since they’ve been in your office? At Beachbody, they are focusing on a body image and how this person is transformed after using their product. I think more physicians` offices can focus on that and really build a great client base who just loves them and doesn’t see them as just another doctor. They are not just seen as a customer but as a client that can have a positive change.
The third thing that I think physicians could learn a lesson from is the whole way that Beachbody turns these fitness professionals into celebrities. They are no longer just the regular trainers, they are something else. They are something special. As celebrities people have fans, people follow them, people who will pay anything to spend time with them. On top of that, it allows Beachbody to charge premium prices for their products. They are not selling a 20-dollar DVD, oh no, they are selling a $180 transformational system by the celebrity that you will get to know.
So, if you’ve used Beachbody products, what lessons may you apply to your practice? Do you have restrictions that do not allow you to do these kinds of things? But what CAN you do? Using these three lessons find what works best for you and your practice.
For more tips on practice management, read on here!
Advisory services through Capital Advisory Group Advisory Services LLC and securities through United Planners Financial Services of America, a Limited Partnership. Member FINRA and SIPC. The Capital Advisory Group Advisory Services, LLC (CAG) and United Planners Financial Services are not affiliated.
The views expressed are those of the author and may not reflect the views of United Planners Financial Services. Material discussed is meant to provide general information and it is not to be construed as specific investment, tax, or legal advice. Individual needs vary & require consideration of your unique objectives & financial situation.