There's nothing like the exhilaration of discovering new technology that promises to flood your practice with patients and stacks of cash. The reality is that virtually any new technology or bright, shiny piece of new equipment, can actually help attract and retain new patients and even generate tremendous bank deposits.
And, it doesn't need to be hard equipment,it can be soft goods, too! Everyone has a story and "proof" that they have the solution. And, the wave of new solutions continues to grow. You no longer need to stagnant or decline; you can thrive, provided you acquire this new device or product. In fact, if you added up all the claims from weight loss to peripheral neurology and everything in between, you could have a ten million dollar practice overnight! And so you wonder, why aren't there larger, more successful Chiropreneurs? The answer is so simple, you can validate the reason from your own experience.
Investment Level One
Whether you decide to acquire one or all of these new technologies, you are most certainly on a trajectory of failure when you don't budget for the missing component. The monthly lease payment, the inventory required or the capital investment is not the only financial obligation required. You must be able to communicate to your patients and to the people in your marketplace, the value and benefits of any new shiny bling you incorporate into your practice. Having a piece of equipment does not guarantee success. Think about the biggest piece of equipment you have is your office. How well is it growing your practice?
Investment Level Two
Whether you plan to offer a pain relief gel or a $6,500 peripheral neurology program of care, unless you have a budget to "market" the solution, you are doomed to failure. If you offer orthotics, how many pairs have you sold this month?
There are stores that only exist to sell orthotics and nothing else. Could they survive and profit if they were only able to sell the same number of orthotics that you sell? Here's the reality of business: if you do not have the resources to market your products and services, then don't keep adding overhead, as you will just drown faster.
Look at the amount of money McDonald's will invest to sell a cup of hot chocolate. How much do you invest each month to sell pain relief gel that costs much more than hot chocolate? Sure, they could be losing money on the hot chocolate, but, while you are in their store, you might purchase other items. You could be sending a mailer to all new residents in your marketplace offering a tube of pain relief gel and a spinal screening in order to introduce them to your brand of chiropractic.
Not All Marketing is Equal
Some vendors offer to provide marketing support. There is marketing and there is marketing. Vendor-supplied marketing generally does not promote your brand of chiropractic, instead they focus on their equipment or product. You can understand why, but this is not helpful for promoting your brand of chiropractic, of which their equipment is a small part. People don't buy drill bits. They buy quarter-inch holes. Your marketing must be focused on the end results desired by your target audience, not the cool equipment.
Competitive Colleagues
If entrepreneurs can make a living opening orthotic stores, then certainly a practice offering only peripheral neurology could be a mega-success. Or with so many people overweight, why not stop adjusting and help them lose weight? Surely you can compete with Jenny Craig or the other billion-dollar weight lost brands. Never overlook the competition, and not just your competitive colleagues. If someone is marketing a competing product or service, then you will need to respond. Word of mouth marketing is great and can be an initial strategy, but at some point you max out. Jenny Craig or Smith Chiropractic? Who dominates the marketplace? Can you overcome the competition? Absolutely, but not without resources.
Technology is a magnet to those seeking a solution to their problems. In other words "the quick fix." However, this quick fix takes six to twelve months. There are a great number of folks who are overweight and, at some point, they will decide to lose the fat. Whom will they choose to help them? The practice who is marketing the solution or the one hoping someone hears about your solution?
Marketing is a continuous process that succeeds with repetition. If you can't market your new shiny bling, then don't, invest instead.
[pb]The greatest technology you have is your chiropractic talent. If you are not doing 500 or more patient visits per week, then you have a platinum mine that you are not mining because you have not invested the resources to market your brand of chiropractic and you don't enjoy the financial resources needed to invest in the next new thing.
If you are unable to attract 100 new patients per month, do you really believe that a new shiny bling will do this for you? Marketing can be expensive. Effective marketing is even more expensive. Dabbling in marketing never works. You must have a well-planned and executed campaign. A campaign is series of marketing activities over a long period of time. Short-term marketing leads to short-term bankruptcy.
Decompression Marketing Campaign
Target Audience: Primary Care Physicians for Referrals. Direct Marketing: Minimum Six Month Campaign. Sales Call: Visit Physicians Office. Relationship Building: Breakfast. This is your strategic plan. Here's the tactical application. Targeting the primary care physician is much more effective marketing than marketing to the masses. By aiming your message to physicians, you increase their awareness of your brand of chiropractic, educate them on decompression before referring to a spinal surgeon and build a relationship of trust and competence.
Research has demonstrated that the best method to reach physicians is direct marketing. Physicians respond to physician-to-physician marketing. Just as they are comfortable referring to other physicians and having a relationship, they will be responsive to your marketing, too. You could use a series of messages to inform and raise awareness for the value of decompression therapy. You should have a minimum of six months to maximize impact. You could use postcards, letters or even a mailer. Just do it professionally. Periodically, actually visit the office and introduce yourself. And, from time to time, invite them to join you for breakfast. The best meal for M.D.'s is before they begin their rounds. Relationship building is a continuous process. Until a prospect tells you to go away, stay connected.
Neuropathy Marketing Campaign
Target Audience: Patients who are on prescription drugs for diabetes. Direct Marketing: Minimum Six Month Campaign to your list. Host Workshop: Invite to workshop hosted weekly in your office. Neuropathy Screening. In this example, you purchase a list of patients within your marketplace who are currently taking prescription drugs for diabetes. Yes, the list is legally available. Instead of placing ads in local media distributed to all residents, you focus your marketing effort and budget to just those people whom you actually know in advance suffer from neuropathy and deliver your impactful message offering a solution.
It must be a repetitive campaign, as it is impossible to know when the suffering becomes overwhelming and they become inspired to seek a solution. The targeted prospect is invited to a workshop on neuropathy. At the workshop, they are offered a screening appointment. This basic campaign strategy can be applied to any product or service. The key is a consistent, repetitive and continuous campaign, not a one-shot attempt and hope for the best approach.
Successful companies have learned that the last thing to shrink is their marketing budget. In fact, the really smart companies have discovered that when sales are slipping, they need to ramp up their marketing efforts, not pull back. Just consider your current situation. You invested when you opened your office. Are you growing a minimum of 15% annually? Are you so busy that you are adding staff? Do you enjoy a steady and predictable stream of new patient referrals? Are your marketing tactics working to attract and retain patients for life?
Take weight loss. Who is not aware that being over weight or obesity is unhealthy? Duh! Everyone knows. But, do you see the weight loss stores enjoying success without marketing their solution (which may not be as good as one that you want to offer)? Billions are spent on inspiring people to lose weight, and yet, people are still overweight. More money is spent marketing sugar water than weight loss. Which one has the most revenue? Marketing drives sales. Marketing requires an effective message. When marketing sugar water, you are not going to communicate health or weight issues. It is all about enjoying the moment and having fun. People want to place themselves within the marketing; not look into a mirror.
From decompression to orthotics, it's not the technology, it is the end results that matters most. When you view an ad from Apple, do they focus on their technology, the quality, or the experience one can expect if they purchase Apple's shiny new bling? If you plan to invest in new equipment, inventory or services, don't forget to develop your strategy, tactics and budget to support the investment with marketing. Rolls Royce sells out each year yet they still invest millions in marketing. Rolex is well-known, but they still market their product. Apple can't keep up with the demand for their iPads, but they still run ads continuously. Success leaves clues. Failure leaves clues. Adopt the clues for success and you will never be unhappy with your new shiny bling.
When sports chiropractors first appeared at the Olympic Games in the 1980s, it was alongside individual athletes who had experienced the benefits of chiropractic care in their training and recovery processes at home. Fast forward to Paris 2024, where chiropractic care was available in the polyclinic for all athletes, and the attitude has now evolved to recognize that “every athlete deserves access to sports chiropractic."
It is estimated that 61% of patients with CTS avoid taking surgical options due to postoperative complications and costly surgical procedures. Chiropractic care offers a comprehensive and effective treatment for carpal tunnel syndrome, addressing the condition from multiple angles. Recent studies also have unveiled a game-changing adjunct to chiropractic treatments for CTS: nerve flossing.
Some doctors thrive in a personality-based clinic and have a loyal following no matter what services or equipment they offer, but for most chiropractic offices who are trying to grow and expand, new equipment purchases help us stay relevant and continue to service our client base in the best, most up-to-date manner possible. So, regarding equipment purchasing: should you lease, get a bank loan, or pay cash?
