In a recent article punishing an advertiser for not understanding and capitalising on the FAB (features, advantages, benefits) secret I also said I’d have more to say about why their special reader offer wasn’t the way to go!
The advertiser, who was promoting their great treatment for back pain, offered an inducement to new patients that if they “booked this month they would receive 50% off their initial physiotherapy assessment.”
What a parsimonious offer!
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If the advertiser gets someone with back pain and they are suitable for their great new treatment, how many visits will it take for the back pain to really get relieved? And how many recurrences might that patient have?
My experience with back pain is that the answers are “lots” and “lots”!
The advertiser hasn’t thought about the “lifetime value” of a new patient. They may need 5, 10 20 or more appointments over the next couple of years. The lifetime value is simply the total worth of a patient, client or customer and is the number of times they purchase multiplied by the value of each purchase.
So why offer a measly half price first consultation?
Let’s say an appointment is $150. It means that they’re offering an inducement of 75 measly dollars to get a new patient through the door with the possibility of raking in $750, $1,500 or $3,000 over the next few years.
Why not make that first appointment FREE! That magic, almost irresistible word will give even the most reluctant potential patient a no risk reason to try. Looking at it another way, they’re potentially buying $750, $1,500 or $3,000 for just $150… not a bad deal!
And, if their back pain treatment is as wonderful as they claim, look at the future revenue they’ve locked in!
It’s a ripper!
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