Ritika and I are spending quality time with family during the holidays. This gave me a chance to unwind and catch up on a lot of reading, including some new books on business and marketing.
I finished reading Gary Vaynerchuk’s new book “Crush It” cover to cover – the story of a Russian immigrant who transformed a family owned New Jersey wine store grossing $2 million annually to a flourishing enterprise making more than $50 million a year. Along the way, he captured a book deal, got solicited by and took on a media agent who represents Hollywood celebrities like Brad Pitt while maximizing the financial value of every customer walking into his store. The best part? He did all this within 3 years. Did I also mention he is 32?
His 3 mantras?
1. Love for family
2. Passion for what you do
3. Blood, sweat and tears
Sounds like the mantras of every physical therapist I know.
Gary, like all successful entrepreneurs, has his finger on the pulse of the consumer’s needs, the hallmark of a successful business owner. Companies like Nestle, Cadburys and Coke spend billions of dollars on market analysis to understand consumer behavior and identify the next big trend. It’s still a hit or miss at times.
As a physical therapy business owner, do you know the number #1 reason why patients come to you and what their EXACT needs are?
Depending on your practice, it could be pain relief, wellness, fall prevention, post-surgical rehabilitation etc.
Now, do you know how much time and money you spend to reach a ‘potential’ patient, how many of them are actually becoming patients, the financial value of each patient and your final return on investment?
Do you have a plan in place to grow without friction, surrounded by staff who is committed and invested in the growth of your practice?
The more specific you are about the needs of your audience (specialization), the better you can understand their ‘emotional hot buttons’. When you invest time and money to reach an audience like this (marketing) and have the right staff in place (people) to deliver the highest quality of care possible (therapy), the reputation and ‘buzz’ about your practice grows (referral generation).
Notice how good, old fashioned physical therapy is one component of a successful, growing practice.
The 4 strategies for physical therapy private practice success include:
d. Referral Generation
Combine these elements with Gary’s mantras of passion and hard word (which we all have) and the result is gold.
Enjoy the holidays with family! For both Gary and I, family is number one in our list.