The average physical therapy business spends hundreds of thousands of dollars a year in physical therapy marketing and referral generation with doctors and patients. The goal is to advertise continuously to remain visible and develop a base of loyal patients.
It’s important to remember that the cost of acquiring a new patient is enormous most physical therapy business owners don’t realize that they should be in the business of generating a list of prospects and patients and not just trying to get new patients.
In most cases, physical therapy management focuses on spending marketing dollars to reach more new patients even though a majority of physical therapy business success comes from a small fraction of your patient audience and referral sources.
So the question is why spend your time and marketing dollars to attract new patients from referral sources who don’t know you (and are very unlikely to refer to you) when there is a much easier and less expensive way to grow your practice with your existing patience base, local businesses and organizations to help you grow your practice?
The best part is you can do so at a fraction of the cost of trying to acquire new patients.
Keep in mind here that we’re not talking about taking clients away from other businesses but adding more value to the existing clients by offering them high quality physical therapy, injury prevention and wellness services.
This is called a local business joined endorsement. One company allows another company to deliver a sales and marketing message to their clients.
Things like this happen all the time.
If you have a visa, MasterCard or American Express card you may have noticed all the other products and services that are advertised in your bill when it arrives each month.
When you participate in a local business joined endorsement as the ‘endorser’ you are boosting the profitability of the local business.
You can expect that that local business would do the same for you and drive more patients to your practice.
The best way to identify a local business joined endorsement relationship to complement your physical therapy marketing efforts is to identify individuals who already have a strong relationship with their clients
It’s also important that those businesses be noncompetitive with each other. They should also provide a related product or service that can benefit your patients.