April 9, 2025 • 36 mins
Cameron discusses the essential strategies for success in the medical aesthetics industry. He emphasizes the importance of marketing, patient retention, and leveraging data to drive growth. He also explores innovative financing solutions and the significance of post-treatment follow-up to enhance patient loyalty. As the industry faces challenges, he provides insights into future trends and winning strategies for 2025, urging practice owners to invest in technology and understand their market positioning
Listen In!
Thank you for listening to this episode of Medical Millionaire!
Takeaways:
Unlock the Secrets to Success in Medical Aesthetics & Wellness with "Medical Millionaire"
Welcome to "Medical Millionaire," the essential podcast for owners and entrepreneurs in
Medspas, Plastic Surgery, Dermatology, Cosmetic Dental, and Elective Wellness Practices! Dive deep into marketing strategies, scaling your medical practice, attracting high-end clients, and staying ahead with the latest industry trends. Our episodes are packed with insights from industry leaders to boost revenue, enhance patient satisfaction, and master marketing techniques.
Our Host, Cameron Hemphill, has been in Aesthetics for over 10 years and has supported over 1,000 Practices, including 2,300 providers. He has worked with some of the industry's most well-recognized brands, practice owners, and key opinion leaders.
Tune in every week to transform your practice into a thriving, profitable venture with expert guidance on the following categories...
-Marketing
-CRM
-Patient Bookings
-Industry Trends Backed By Data
-EMR's
-Finance
-Sales
-Mindset
-Workflow Automation
-Technology
-Tech Stack
-Patient Retention
Learn how to take your Medical Aesthetics Practice from the following stages....
-Startup
-Growth
-Optimize
-Exit
Inquire Here:
http://get.growth99.com/mm/
Listen In!
Thank you for listening to this episode of Medical Millionaire!
Takeaways:
- The most successful practices are the best marketers.
- Patient retention is crucial for long-term success.
- Understanding market dynamics can help practices thrive.
- Data analysis is key to identifying growth opportunities.
- Innovative financing options can attract more patients.
- Post-treatment follow-up is essential for patient loyalty.
- Many practices struggle with branding and unique selling propositions.
- The aesthetics industry is evolving with new trends.
- Positioning and personalization are vital for profitability.
- Investing in technology can streamline operations and improve patient experience.
Unlock the Secrets to Success in Medical Aesthetics & Wellness with "Medical Millionaire"
Welcome to "Medical Millionaire," the essential podcast for owners and entrepreneurs in
Medspas, Plastic Surgery, Dermatology, Cosmetic Dental, and Elective Wellness Practices! Dive deep into marketing strategies, scaling your medical practice, attracting high-end clients, and staying ahead with the latest industry trends. Our episodes are packed with insights from industry leaders to boost revenue, enhance patient satisfaction, and master marketing techniques.
Our Host, Cameron Hemphill, has been in Aesthetics for over 10 years and has supported over 1,000 Practices, including 2,300 providers. He has worked with some of the industry's most well-recognized brands, practice owners, and key opinion leaders.
Tune in every week to transform your practice into a thriving, profitable venture with expert guidance on the following categories...
-Marketing
-CRM
-Patient Bookings
-Industry Trends Backed By Data
-EMR's
-Finance
-Sales
-Mindset
-Workflow Automation
-Technology
-Tech Stack
-Patient Retention
Learn how to take your Medical Aesthetics Practice from the following stages....
-Startup
-Growth
-Optimize
-Exit
Inquire Here:
http://get.growth99.com/mm/
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:03):
You're listening to Medical Millionaire, your podcast for medspot owners,
medical aesthetics, cosmetics and elective wellness entrepreneurs. Each week, we
dive deep into powerful marketing strategies, proven scaling tactics, and
the secrets to attracting high end clients, all while staying
ahead of the latest industry trends. Join us as we
(00:25):
uncover insights from top industry leaders to help you boost revenue,
enhance patient satisfaction, and master the art of marketing your practice.
Hosted by Cameron Hemppill. With over a decade of experience
in the aesthetics industry, Cameron has supported thousands of practices
and providers, working with some of the biggest names, most
well respected brands, and elite industry thought leaders in the field.
(00:46):
If you're ready to level up your practice and become
a true medical millionaire, this is your podcast.
Speaker 2 (00:52):
Here's your host, Cameron Handpill. Hey, what's up everybody? Cam
Hempill here your host for the Medical Millionaire podcast. Thank
you so much for taking the time to tune in.
My goal is to give incredible value and insight for
all practice owners or potential practice owners. The truth is, guys,
(01:14):
I have been in the medical aesthetics and wellness industry
for over a decade. I built one of the most
successful agencies that worked with thousands of practices, thousands of provietors,
and I have seen practices go from zero to eight figures.
I have seen practices go from zero to six figures
and back down to zero. I've seen practices open, scale, grow,
(01:37):
implement success strategies and wonderful formula creation for long term growth,
and unfortunately, I've seen others have to close their doors.
I went to the first American Medspot Conference Guys in
Las Vegas. This was roughly eight years ago. I know
what it takes to grow a successful businessiness and that
(02:01):
is the main purpose of all of these episodes that
I create. I've always said the most successful practices are
truly the best marketers. This is a marketing business first,
it's a sales business. Second. If nobody knows who you are,
you're never going to be found. If you can't convert
(02:24):
patients into long term treatment plans that put your patients
in a position to keep coming back, They're going to
go elsewhere. The whole entire point is to let people
know what you do, tell them who you are, how
(02:44):
you help them how you serve them, Continuously push content
out there and get patients flowing into the practice. This
is a marketing game. You have to have systems to
capture these potential eyeballs, these potential leads and put them
into a mechanical solution that's going to automatically follow up
(03:07):
with them and get them on your books for life.
You want patients for life. You don't want a one
time patient. You want patients for life. They need to
come to you as the provider that's going to put
them in a position to gain confidence and respect for themselves.
They want to be the best version of themselves and
(03:29):
it's up to you to give them that. So what
I want to get into today is truly what success
looks like. We are currently in an amazing opportunity. We
live in an amazing world and times couldn't be more
interesting with all this stuff taking place with AI and
(03:50):
technology and treatment advances. This is the time to take
market share. Block out the noise. The medspot and wellness
world is booming. It's going to continue to boom, but
not for everyone. In a market where the average medspot
generates one point four million annually, some are scaling to
(04:13):
eight figures while others are quietly closing their doors. So
what separates the winners from the ones that are wondering?
What went wrong? Are you guys in any of the
Facebook groups? There's a lot of Facebook groups out there.
There's closed ones, there's open ones. Every single day when
(04:36):
I'm in there, somebody is putting something up for sale,
whether it's their entire practice, it's a piece of equipment,
it's inventory. I constantly see I constantly see people asking, Hey,
how do you market your medspot? Does social media work?
Do ads work? How important are Google reviews? What do
(04:56):
people think about Vogaro or Boulevard or Growth ninety nine
or whatever? What do people think about Terry Ross and
her consulting? Like what conference is should he goes to? What?
I constantly see these questions constantly, And it's interesting to
(05:16):
me because the data is already there. The data shows
you what you need to be doing. We now have
been in the industry long enough that companies like Galderma,
companies like Allergan, companies like benev, companies like Boulevard or
a PTMD or Perk or Growth ninety nine have put
(05:38):
themselves in a position to survey the industry, capture data
in then understand what works, what does not work, and
truly how to get yourself in a position for success.
So that's what I want to go through with you guys. Again,
the average METSPA one point four million, some go to
eight figures, some go to multilocation, and others honestly close
(06:01):
their doors. And I see it every single day. I
see like success and failure in this industry every single day.
And that's what creates opportunity is the volatility. It's almost
like a volatility time. Just like what's happening in the
stock market right now, it's almost happening in the medical
aesthetics space. Right I saw Terry Ross recently post a
(06:22):
stat that said the asthetics industry is down seventeen percent
this quarter. Well, okay, that's fine. What's wrong with that,
right What it's going to do is it's going to
weed out the people that are not taking their practice seriously.
Think of it this way. Back in twenty twenty through
twenty twenty three, let's call it. If you are a
(06:43):
real estate agent, or a loan officer, or an appraiser,
anything to do with the real estate industry, you were
making money. You're almost like an order taker. You literally
were an order taker. I moved my family from Salt
Lake City, Utah, to Inlet Beach, Florida. You could not
negotiate to buy a home. This was in twenty twenty,
twenty twenty two. You could not negotiate that the price
(07:05):
was what it was and if you didn't like it,
get out of the way because somebody else is behind you,
and everything's inflated, everything's out of control, and it was
just it was crazy. And the real estate agents guys
that I was working with were not the most professional
seasoned real estate agents. I think they maybe have had
their license for six months or a year or two years.
And the reason why I'm telling you that is because
(07:28):
an interesting data point came out last year in that
industry showing that only twenty percent of real estate agents
did a deal in twenty twenty four. Twenty percent. That
means the eighty percent who actually had a real estate
license didn't do one single transaction. So we can relate
(07:54):
this to the medical esthetics, and well, in this industry,
can't we We've seen the industry boom. You know what
the best part about it is most people from the
real estate standpoint, they only buy one home every seven years.
That's typically on average. The only reason I know this stuff, guys,
I pay attention to it. I own real estate. I
used to actually run a real estate team years ago
in my previous life. But there's a lot of takeaway
(08:17):
from it, because the interesting part is your patients keep
coming back. They won't come back if you don't put
them on a treatment plan. They won't come back if
you don't connect with them. They won't come back. If
you put them on some sort of membership system, some
sort of reward system, some sort of patient financing system
that keeps them in their ecosystem, and you connect with
(08:40):
them on Instagram and Facebook and follow up and have
great charting in your EMR, build a relationship and truly
build a model that's going to put their journey into success.
If you think people are just going to come in
and do botox and you know you're going to make
four or five hundred bucks here, or you're going to
make like a thousand dollars on this treatment or whatever
(09:00):
it is, and you're happy and you have no systematic
solution to bring them back into your practice, you're going
to lose every single time. Patient retention is the number
one KPI that will show you on how to stay open.
It's one thing to open your practice, it's another thing
(09:21):
to stay open. This takes a ton of work, it's expensive,
there's risk, there's downside, there's enormous upside. The upside is
you're changing people's lives and you're making money along the way.
What an amazing opportunity. So let's take the time on
this episode today and really analyze your practice. Let's get
(09:43):
into some of the data. Okay, so let's talk about it.
Eighty three percent of medspot customers are regulars and sixty
eight percent go monthly. Now, this is according to the
data that I have from AMSPA, Repeat, MD, Zanoti, Boulevardsthetic Record, Galderma,
(10:09):
Allergan Growth ninety nine perk, and a lot of these
other financing companies, technology companies, SaaS companies. They have a
ton of data because they have a lot of patient
information and they have a lot of provider information. So
what I've done is I've kind of consolidated all the
data and I've analyzed it. And it's very interesting because
(10:30):
you can actually when you have your benchmarks, when you
have your true KPIs, guys, and you know what those are.
It's really hard to fail unless you just truly like
don't want to show up and run your practice right.
And I don't think that's like what you guys want
to do. I think there's mainly more confusion and you
keep showing up, keep showing up, keep showing up, and
(10:51):
want to see success. But there's something, there's something there.
If you don't know your benchmarks, your KPIs the industry
standard and that's where things are happening. It doesn't matter
if you switch from Agaro to Boulevard or boulevardz A NOTDI,
or you know, Studio three to Growth ninety nine or
Growth ninety nine whatever. I guess, it doesn't matter. You
(11:14):
have to know your numbers and your benchmarks first, and
like who you are and where you're positioned first. Okay,
So practices that generate two million dollars in revenue are
more likely to offer memberships, e commerce and automated retention campaigns.
So if you want to break through the data shows,
if you want to break through the two million dollar
(11:36):
annual revenue barrier, you have to have something in place
that's going to make sure that these people come back.
You need your patients to be sticky, and honestly, they
want to be sticky. They want to come back. They
don't want to hop around everywhere. It's almost like not
worth their time to hop around to try to save
(11:56):
a buck here, save a buck there. I mean imagine
like all the patient they have to fill out, you know,
going through town. Like they want to build a relationship
with a provider that they trust and that they can
rely on. So bring them back, bring them back. One
of the most profound things that I have seen recently, guys,
(12:18):
is patient financing. We live in a world where there's
a lot of volatility, the whole Trump tariff thing that's
going on. Elon Musk, Like, you know, I got on
social media, the news, it's like I thought it would
settle down, but it's just like everybody switched to fear
and just a different narrative. Right, So you have to
(12:40):
look at that and say, how can I block out
the noise and position myself. So understand your numbers, understand
your benchmarks. Okay, patient financing is going to be a
game changer for you. And I'm not talking about like
the traditional like cherry staff or traditional care credit stuff.
(13:02):
I know this stuff's been out there, patient FI. I'm
talking about like truly thinking about getting yourself in a
position to have like in house financing. You guys become
the bank. You guys become the membership offering. You guys
have the opportunity to actually put yourself in a position
to offer something to your patients where they pay monthly.
They pay something monthly to you, and you get them
(13:23):
on a treatment plan that's truly going to take time
and it's a journey. They're aging every day while you're
trying to anti age them. It's on the wellness side
or the aesthetic side. I don't care what it is both.
If you're really crushing, you should do both. A patient
should be aesthetic and wellness for you. And I see
a lot of practice owners that are doing that very successfully.
I still see others that are trying to figure that out.
(13:46):
The goal guys, and again I'll go back to the
very beginning. You have to be an incredible marketer. And
it doesn't mean you have to be the best person
on Instagram. It doesn't mean you have to have the
best website. It means that you have to put yourself
out there, put con. You have to hit every channel
like I have to SEO reviews, website, social media, podcasts.
(14:07):
A lot of you aren't doing podcasts yet. The amount
of audio and transcription you can push to your website
is crazy. For SEO, YouTube very underutilized. Before and afters
very unutilized. That's the first channel because people have to
know who you are. The leads come in, you massage them,
you follow up. You have CRM, you have EMR, you
have online booking, you have all this stuff where everybody
(14:29):
is missing, is bringing them back? Bringing them back? Amspos
says sixty eight percent go monthly. I think that's high.
I don't. I mean, shoot, my wife doesn't go to
a medspat monthly, maybe every other month, okay, and she's
like your ideal customer profile.
Speaker 1 (14:48):
By the way, So.
Speaker 2 (14:52):
The practice owners that are throttling in between that like
one million to one point five million, and you guys
are operating right around twenty to thirty percent net income.
You're making great money. But if you want to put
yourself in a spot to where you're making a half
million dollars a year, you have to break through the
two million dollar top line revenue barrier, and the data
(15:13):
simply shows you have to bring your patients back. And
not only do you have to bring them back, but
you have to increase the cost per visit. Super super important. Guys.
Run the numbers. You have twenty patients that come in
a month, let's just say, let's just say thirty thirty,
(15:35):
so one to day thirty patients. And I know that's
like on the low end for a lot of you.
Thirty patients that come in a month, and they all
spend Amspot says the average patient spend is five hundred
and fifty bucks based on their survey. So run the
numbers right, thirty times five fifty. What if they were
spending one thousand, Why aren't they spending one thousand? I'll
tell you why. It's because they either a don't have
(15:57):
the money or B you haven't told them about everything
that you're able to offer them. So why not take
the time to introduce some sort of patient financing mechanism.
A patient financing mechanism that puts them in a position
is to pay a low barrier of entry a monthly fee.
(16:18):
Maybe it's a monthly fee. They buy a ten thousand
dollars service treatment from you or five thousand or whatever.
They pay a monthly fee. Maybe they put a down
payment down, They pay a monthly fee. What is that
going to do? It makes them an auto member. They're
an auto member. They want the treatments and services. They
want to come back. This makes it basically mandatory for
(16:40):
them to come back. Now, let's say you're the best
marketer and you're an incredible salesperson. And I'm not saying
cheese ball Charlie salesperson, right, I am talking. You are
an educator. You tell your patients how to get the
result they're looking for. And here is the services and
treatments they need, and here is the time it's going
to take, and here's the plan, and here's the cost.
(17:03):
And if you truly want to change your life. Because
I have seen patients. I have seen lives change in
this industry. You guys know it. I know it. I
have seen it. I have seen the most incredible transformation
of patients, whether it's invasive, non invasive, shoot, just skin
treatment in general, GLP ones with compounded aesthetics. I mean,
(17:30):
they want to come back. Make it easy for them.
Marketing sales conversions, CRM EMRs Patient financing. Make it easy.
Don't let the husband see the five thousand dollars credit
card bill. We all get pissed at that. But you
(17:50):
know what, I think you could probably slip in a
two hundred dollars monthly bill. Probably not going to see
that for some people. I'm not saying all. But it's
going to open up the opportunity for more patients to
come to your practice, and it's going to close the
loop for them to come back.
Speaker 1 (18:17):
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(18:37):
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(19:00):
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Your practice deserves the growth you've always envisioned. Let Growth
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the show.
Speaker 2 (19:40):
I'm telling you, guys, this is the new world. We
all pay subscription fees. Whether it's the gym membership, it's Netflix,
it's your audio music player, it's whatever it is. Like,
I went through my memberships the other day and I'm
I'm pretty frug oh, guys. Like I look at my
finances on a very very very regular basis. I have
(20:01):
everything that ports into quick books. I have classes based
on all my businesses that I have. I tie everything.
Every single Friday morning, I go through this and I
pull in all transactions from all bank accounts and I
class everything up. I look at my p and ls
on all my classes, my costly goods sold, my vendor
costs everything. Inside of my quickbook style, I have a
(20:21):
bird's eye view of what's happening, and I can tell
you exactly how much subscriptions fees I have, which ones
are high, which ones are low. There's a ton of
tools out there that will do it. I think Rocket
money has an incredible tool. Right. But instead of getting sidetracked,
we are used to memberships. In fact, I prefer a
monthly bill over a big bill, and everybody does. Shoot,
(20:44):
you can go buy an airline ticket right now. Like
last time I was checking out for Delta, it was like,
do you want to pay this over time? I thought
that was kind of interesting. Maybe there's like a you know,
there's some risk or downside or upside whatever it is,
but hey, you know what, for me, I'm always like
a cash flow, and I know consumers are always looking
at cash flow, even on the luxury side. I was
(21:05):
on a website the other day. I think it was
like dotcha Cabana, you can pay for shoes over time.
So this this new world is like very common. We're
used to memberships. Now we're going to be used to
getting things that we want that are either material or
service based treatments, and we're gonna be able to pay
(21:25):
for them over time. I want you to start thinking
about that, okay. I want you to continuously keep in
touch with your clients. Most practices are not doing a
great job of this. Guys, you have the tech. If
you don't have the right EMR that's going to send
out a mass text or a mass email or CRM
(21:47):
mass text, mass email or something that can even do
like a one to one DMS to social media. You
need to have this in place. Following up with your
patients after the visit is more important than following up
with your patients before the visit. We all know that
you do a great job of making sure they show
(22:08):
up to the appointment, because that's money. You guys, sell time,
that's money. Do a better job, a better job of
getting them back, Do a better job of staying in
touch with them after their treatment. After their treatment. Guys,
I have seen my wife go into She's gotten some
(22:31):
work done over the years, right, you know it's all
you ladies. Do you know you have babies, you know
you grow up whatever. Some of these plastic surgeons that
I've worked with, because I mean that you know, they're like,
you know, putting her on her anesthesia and you know,
like the transformational stuff. They never follow up with her
(22:53):
the surgeon. It's always like the provider's assistant to re
front you know, staff, which like, look, that's fun, but
this is she's never gone back. I was just thinking
about this. She's never gone back. Now she has you know,
medical aesthetics practices that she goes to, and she goes back.
You guys, are not doing a good enough job of
staying in touch with your patients after the visit, phone calls,
(23:18):
text messages, emails, DM them. It's critical, guys, because look,
we're going to continue to get services and treatments done,
whether it's now or ten years from now. Why not
go to your practice for the next ten years. And
if I spend one thousand dollars a month with you
(23:39):
every month, that's twelve thousand dollars a year times that
by ten. What is that, guys? One hundred and twenty
thousand dollars. That's like, that is what I'm worth you.
And that's why it's so important to put marketing first.
Because you have every patient that you get, you really
should be looking at them as a six figure opportunity
(24:03):
and put the money second, put the outcome first, give
them the desired outcome, make them a patient for life.
You'll find that you'll actually have to spend less money
on paid marketing like paid social, paid Google, because when
you give somebody the ultimate experience, when you set expectations,
(24:24):
when you put them in a position to really really
change and see the journey and the transformation and the progress,
they are a patient for life and they're going to
come see you even more if you bring on a
new piece of equipment that you didn't have. Tell the audience,
tell your patient base, email them, text them, right, you
(24:45):
have to keep good records, though, you have to really
really keep good records in your charting and understanding who
your patients are and build a relationship with them. In fact,
like if it was me, I'd almost have like a
concierge team that is like at concierge first and they
know everything about you, and it's almost like instead of
(25:05):
looking at it when a lead hits, like a patient,
a new potential patient, and like you have a text
go out, and you have an email go out and
maybe like you do a DM and a phone call
and then if they don't answered, you know, the next
day you make a phone call. Like, obviously, that's my wheelhouse.
I've built CRM systems for twenty years and I pioneered
CRM for the medical asthetics industry. I brought it to
(25:28):
the to the medical asthetics industry. Guys, CRM and process
automation is my wheelhouse. But what about post patient visit.
I haven't seen anything out there that is really revolutionary
that you can just click a button and it will
start sending out text messages or emails or all of
(25:49):
this amazing campaign post treatment. Like, there's obviously patient reminders
come back. You can do a mass email, and that's
what you have today. And that's like, you have to
have a system in place today, right, So start looking
at your post patient as the opportunity in treating them
almost like a new lead to come back. I'm telling you, guys,
(26:11):
if you do this, you're going to increase your patient
retention dramatically, dramatically. Okay, So let's look at the story
of struggle for a sec I'm gonna show you. I'm
gonna I'm gonna highlight some data. This is real data, guys.
Sixty nine percent of medspas make under a million bucks
a year sixty nine percent. Let that sink in for
(26:39):
a second seventy seven percent. Fine market differentiation very difficult
seventy seven It's like almost you guys are all selling
the same thing. You have to have a value proposition.
I'm going kind of going back to the marketing stuff
here where the story of struggle goes wrong. Most of
you make under a million bucks in sales, seventy seven percent.
(27:01):
Percent of the public can't understand why they should go
to you over the other practice. It's because you don't
have something special to offer. You don't have a signature treatment, right,
You haven't narrowed in on your true value proposition to
the public. This is the one. This is the wake
(27:22):
up call one guys. Most spend less than twenty five
hundred dollars a month on marketing and they expect rapid growth.
It's crazy, Like it's crazy. You can't be doing a
million dollars a year and spending twenty five hundred dollars
a month on marketing. That's like beyond below benchmark. Benchmark
(27:45):
is ten to fifteen percent of top line revenue. So
if you're doing a million bucks a year. You should
be doing one hundred thousand dollars a month of marketing, sorry,
one hundred thousand dollars a year, million years, ten percent,
million a year, one hundred thousand dollars a year in marketing,
like you should, especially if you want to get to
two million. You can throttle that down once your retention
(28:08):
score goes up, once your utilization rates go up. You
can throttle that down once you introduce a financing mechanism
where they come back, once you have systematic solutions where
you actually treat them like a new lead post initial treatment,
new lead post initial treatment. That's a big one. But
I cannot believe that most spend twenty five hundred dollars
(28:29):
a month on marketing and expect rapid growth. The math
isn't there, guys. The average cost per lead is like
one hundred and thirty bucks. So do the math twenty
five hundreds a month, one hundred and thirty dollars a lead, Like,
I just don't. The math is not mathing. So in
the Facebook groups and people are like, hey, does marketing work? Yeah,
(28:52):
but if you like, try your campaigns for one, two,
three or four five months and you're not seeing the results.
Because something's broken. There's a reason why Facebook and Meta
sells billions of dollars in advertising because it works. If
it didn't work, they would just shut it down. Same
with Google. It works. You have to do it right.
And then once they come in, guys like here's I've
(29:13):
been on you. Guys know I'm like big time marketer.
Get them to come back. Make that part of your
new plan. Here's some pain points for you. I see
a lot of weak branding out there, no clear USP.
There's just no clear USP. So look at your brand.
(29:33):
Take it. Take the time over the weekend, look at
your brand like there's no I see very little marketing,
automation and data tracking. I asked so many practice owners
what's your CPO, what your patient acquisition costs? What's your
conversion rates? Nine out of ten tell me they don't
give me the answers. I mean literally, over in the
ten years I've been doing this, guys and working with
thousands of practices, I have asked, do you know your
(29:56):
patient acquisition costs? It is your retention score, your utilization rate,
and your customer acquisition cost is I bet you I
have only gotten those answers on my two hands no joke.
Now it's getting better. The tools are getting better, the
sophistication of practice ownership is getting better. There's a lot
of consulting out there. It's getting better, which is wonderful.
(30:20):
But again, I'm talking about the story of struggle right now. Okay,
quick little story highlight. A promising medspa launches during a
boom year, but due to the lack of digital presence,
no reviews, an inconsistent follow up, it bleeds money on
(30:41):
leads and burns out in twenty four months. Let that
sink in. I don't want that to be you. I
want you guys to win. And here's a quick market
reality check. The industry is cooling, but that's just short
time pain for long time gain. Okay, this is just
(31:04):
like short term uncertainty. If you zoom out long term,
this is going to be wonderful. Consumer data Consumer spending
is softening due to inflation, but the industry still expects
to hit twenty one billion by twenty twenty five. Last
year we did seventeen billion, great increase. Non surgical aesthetics
(31:26):
hit fifteen billion in twenty twenty three, a four percent
year over year increase. New medspots opening increase seventeen percent
and twenty twenty three creating more competition, more competition. Industry
growth only four percent, but we are still expecting to
do twenty one billion in twenty twenty five. Do you
want to know why? Because we want to look good
and we want to feel good as a patient, we
(31:51):
are going to give you money to help us out.
More people are going to be investing in longevity than
ever before. I truly think the wellness side is going
to surpass the aesthetic side because you can look beautiful
on the outside, but if you feel crappy and you
don't have good energy and like you know, good cognitive
thinking and gut health, like, none of the none of
(32:11):
that matters. Yeah. I was reading something the other day
that says, we have thousands of problems when we're feeling good.
We have one problem when we're not feeling good. We
want to feel better, right, So that's why, like, patients
are going to continue to invest in you know, regenitive health, longevity, wellness.
(32:35):
So let's talk about how to win in twenty twenty five.
Speaker 1 (32:37):
Guys.
Speaker 2 (32:37):
I'm going to break the formula down for you. It's
positioning plus personalization plus predictable revenue and that equals profit.
Positioning personalization and predictable revenue that equals profit. How do
you do that positioning? Find your niche don't just be
the boatoks bar. Please, don't just be the botox bar.
(32:58):
What is your positioning? What is your true value proposition?
And if you're having a hard time figuring it out,
look at your competition and say, why are they crushing it?
It's because they have a value prop personalization AI, CRM
tech stack. I am so big on tech. Guys like
you could be mediocre at business and like a process
(33:18):
oriented machine with tech and you're gonna You're gonna win.
You have to have a sophisticated website, CRM, lead form captures, chatbots,
online bookings, sophisticated EHRs, systematic follow up solutions, patient financing.
You have you have to have these tools. You have
to if you want to stay open, and I want
(33:40):
to you stay open. Predictable revenue, subscriptions, online booking, review automation.
You have to continuously get reviews. People always look at reviews.
They're going to trust reviews over their friends and family.
The data shows that Podium put the data out there.
The data shows that so let's give you some actions.
Build a revamp your online reputation. Ninety one percent of
customers check reviews before they book, ninety one percent. And
(34:05):
it'side just about getting fifty reviews and stopping. You have
to continuously get them. And Google recently came out with
keywords on reviews. Keywords, so instead of just asking for
a review, ask for the review based on the treatment
they received. Get more creative, get them to index the
word botox right, something like that. Automate your marketing funnel.
(34:26):
You have to automate your marketing funnel. Guys. When these
leads come in, whether it's a phone call, whether it's
a form fill, whether it's a booking, whether it's a chatbot,
centralize it, automate it, follow up, convert it, patient, bring
them in great experience, and then recycle that patient to
bring them back in Patient financing. Patient financing, patient financing.
Open the world up to other people to have the
(34:48):
opportunity to get services and treatments done. Not everybody can
spend five grand, guys, not everybody can do it. So
build that up and brace memberships and brace financing, fests
and tech. That's it, guys, I hope you guys found
this super valuable. My one ask, my number one ask
(35:08):
guys is if you found this particular episode valuable, please
just share it with your colleagues. I want to help
as many practice owners or potential practice owners as I can.
That's my goal is to help you. I want nothing
in return. You guys are amazing. Thank you so much
for your time. Until next time, Happy injecting.
Speaker 1 (35:28):
Thanks for tuning in to Medical Millionaire. Every week, we're
here to help you transform your practice into a thriving,
profitable venture, covering everything from marketing and patient bookings to mindset, workflow, automation,
and beyond. Whether you're just starting out, scaling up, optimizing operations,
or planning your exit strategy, this podcast is your go
(35:51):
to resource for success in the medical aesthetics industry. It's
time to supercharge your practice and take action today. Share
this episode with a fellow entrepreneur, Rate the show, and
don't forget to click the link in the show notes
to access powerful tools and expert guidance at get dot
growth ninety nine dot com, slash MM, and make sure
(36:13):
to tune into the next episode A Medical Millionaire
You're listening to Medical Millionaire, your podcast for medspot owners,
medical aesthetics, cosmetics and elective wellness entrepreneurs. Each week, we
dive deep into powerful marketing strategies, proven scaling tactics, and
the secrets to attracting high end clients, all while staying
ahead of the latest industry trends. Join us as we
(00:25):
uncover insights from top industry leaders to help you boost revenue,
enhance patient satisfaction, and master the art of marketing your practice.
Hosted by Cameron Hemppill. With over a decade of experience
in the aesthetics industry, Cameron has supported thousands of practices
and providers, working with some of the biggest names, most
well respected brands, and elite industry thought leaders in the field.
(00:46):
If you're ready to level up your practice and become
a true medical millionaire, this is your podcast.
Speaker 2 (00:52):
Here's your host, Cameron Handpill. Hey, what's up everybody? Cam
Hempill here your host for the Medical Millionaire podcast. Thank
you so much for taking the time to tune in.
My goal is to give incredible value and insight for
all practice owners or potential practice owners. The truth is, guys,
(01:14):
I have been in the medical aesthetics and wellness industry
for over a decade. I built one of the most
successful agencies that worked with thousands of practices, thousands of provietors,
and I have seen practices go from zero to eight figures.
I have seen practices go from zero to six figures
and back down to zero. I've seen practices open, scale, grow,
(01:37):
implement success strategies and wonderful formula creation for long term growth,
and unfortunately, I've seen others have to close their doors.
I went to the first American Medspot Conference Guys in
Las Vegas. This was roughly eight years ago. I know
what it takes to grow a successful businessiness and that
(02:01):
is the main purpose of all of these episodes that
I create. I've always said the most successful practices are
truly the best marketers. This is a marketing business first,
it's a sales business. Second. If nobody knows who you are,
you're never going to be found. If you can't convert
(02:24):
patients into long term treatment plans that put your patients
in a position to keep coming back, They're going to
go elsewhere. The whole entire point is to let people
know what you do, tell them who you are, how
(02:44):
you help them how you serve them, Continuously push content
out there and get patients flowing into the practice. This
is a marketing game. You have to have systems to
capture these potential eyeballs, these potential leads and put them
into a mechanical solution that's going to automatically follow up
(03:07):
with them and get them on your books for life.
You want patients for life. You don't want a one
time patient. You want patients for life. They need to
come to you as the provider that's going to put
them in a position to gain confidence and respect for themselves.
They want to be the best version of themselves and
(03:29):
it's up to you to give them that. So what
I want to get into today is truly what success
looks like. We are currently in an amazing opportunity. We
live in an amazing world and times couldn't be more
interesting with all this stuff taking place with AI and
(03:50):
technology and treatment advances. This is the time to take
market share. Block out the noise. The medspot and wellness
world is booming. It's going to continue to boom, but
not for everyone. In a market where the average medspot
generates one point four million annually, some are scaling to
(04:13):
eight figures while others are quietly closing their doors. So
what separates the winners from the ones that are wondering?
What went wrong? Are you guys in any of the
Facebook groups? There's a lot of Facebook groups out there.
There's closed ones, there's open ones. Every single day when
(04:36):
I'm in there, somebody is putting something up for sale,
whether it's their entire practice, it's a piece of equipment,
it's inventory. I constantly see I constantly see people asking, Hey,
how do you market your medspot? Does social media work?
Do ads work? How important are Google reviews? What do
(04:56):
people think about Vogaro or Boulevard or Growth ninety nine
or whatever? What do people think about Terry Ross and
her consulting? Like what conference is should he goes to? What?
I constantly see these questions constantly, And it's interesting to
(05:16):
me because the data is already there. The data shows
you what you need to be doing. We now have
been in the industry long enough that companies like Galderma,
companies like Allergan, companies like benev, companies like Boulevard or
a PTMD or Perk or Growth ninety nine have put
(05:38):
themselves in a position to survey the industry, capture data
in then understand what works, what does not work, and
truly how to get yourself in a position for success.
So that's what I want to go through with you guys. Again,
the average METSPA one point four million, some go to
eight figures, some go to multilocation, and others honestly close
(06:01):
their doors. And I see it every single day. I
see like success and failure in this industry every single day.
And that's what creates opportunity is the volatility. It's almost
like a volatility time. Just like what's happening in the
stock market right now, it's almost happening in the medical
aesthetics space. Right I saw Terry Ross recently post a
(06:22):
stat that said the asthetics industry is down seventeen percent
this quarter. Well, okay, that's fine. What's wrong with that,
right What it's going to do is it's going to
weed out the people that are not taking their practice seriously.
Think of it this way. Back in twenty twenty through
twenty twenty three, let's call it. If you are a
(06:43):
real estate agent, or a loan officer, or an appraiser,
anything to do with the real estate industry, you were
making money. You're almost like an order taker. You literally
were an order taker. I moved my family from Salt
Lake City, Utah, to Inlet Beach, Florida. You could not
negotiate to buy a home. This was in twenty twenty,
twenty twenty two. You could not negotiate that the price
(07:05):
was what it was and if you didn't like it,
get out of the way because somebody else is behind you,
and everything's inflated, everything's out of control, and it was
just it was crazy. And the real estate agents guys
that I was working with were not the most professional
seasoned real estate agents. I think they maybe have had
their license for six months or a year or two years.
And the reason why I'm telling you that is because
(07:28):
an interesting data point came out last year in that
industry showing that only twenty percent of real estate agents
did a deal in twenty twenty four. Twenty percent. That
means the eighty percent who actually had a real estate
license didn't do one single transaction. So we can relate
(07:54):
this to the medical esthetics, and well, in this industry,
can't we We've seen the industry boom. You know what
the best part about it is most people from the
real estate standpoint, they only buy one home every seven years.
That's typically on average. The only reason I know this stuff, guys,
I pay attention to it. I own real estate. I
used to actually run a real estate team years ago
in my previous life. But there's a lot of takeaway
(08:17):
from it, because the interesting part is your patients keep
coming back. They won't come back if you don't put
them on a treatment plan. They won't come back if
you don't connect with them. They won't come back. If
you put them on some sort of membership system, some
sort of reward system, some sort of patient financing system
that keeps them in their ecosystem, and you connect with
(08:40):
them on Instagram and Facebook and follow up and have
great charting in your EMR, build a relationship and truly
build a model that's going to put their journey into success.
If you think people are just going to come in
and do botox and you know you're going to make
four or five hundred bucks here, or you're going to
make like a thousand dollars on this treatment or whatever
(09:00):
it is, and you're happy and you have no systematic
solution to bring them back into your practice, you're going
to lose every single time. Patient retention is the number
one KPI that will show you on how to stay open.
It's one thing to open your practice, it's another thing
(09:21):
to stay open. This takes a ton of work, it's expensive,
there's risk, there's downside, there's enormous upside. The upside is
you're changing people's lives and you're making money along the way.
What an amazing opportunity. So let's take the time on
this episode today and really analyze your practice. Let's get
(09:43):
into some of the data. Okay, so let's talk about it.
Eighty three percent of medspot customers are regulars and sixty
eight percent go monthly. Now, this is according to the
data that I have from AMSPA, Repeat, MD, Zanoti, Boulevardsthetic Record, Galderma,
(10:09):
Allergan Growth ninety nine perk, and a lot of these
other financing companies, technology companies, SaaS companies. They have a
ton of data because they have a lot of patient
information and they have a lot of provider information. So
what I've done is I've kind of consolidated all the
data and I've analyzed it. And it's very interesting because
(10:30):
you can actually when you have your benchmarks, when you
have your true KPIs, guys, and you know what those are.
It's really hard to fail unless you just truly like
don't want to show up and run your practice right.
And I don't think that's like what you guys want
to do. I think there's mainly more confusion and you
keep showing up, keep showing up, keep showing up, and
(10:51):
want to see success. But there's something, there's something there.
If you don't know your benchmarks, your KPIs the industry
standard and that's where things are happening. It doesn't matter
if you switch from Agaro to Boulevard or boulevardz A NOTDI,
or you know, Studio three to Growth ninety nine or
Growth ninety nine whatever. I guess, it doesn't matter. You
(11:14):
have to know your numbers and your benchmarks first, and
like who you are and where you're positioned first. Okay,
So practices that generate two million dollars in revenue are
more likely to offer memberships, e commerce and automated retention campaigns.
So if you want to break through the data shows,
if you want to break through the two million dollar
(11:36):
annual revenue barrier, you have to have something in place
that's going to make sure that these people come back.
You need your patients to be sticky, and honestly, they
want to be sticky. They want to come back. They
don't want to hop around everywhere. It's almost like not
worth their time to hop around to try to save
(11:56):
a buck here, save a buck there. I mean imagine
like all the patient they have to fill out, you know,
going through town. Like they want to build a relationship
with a provider that they trust and that they can
rely on. So bring them back, bring them back. One
of the most profound things that I have seen recently, guys,
(12:18):
is patient financing. We live in a world where there's
a lot of volatility, the whole Trump tariff thing that's
going on. Elon Musk, Like, you know, I got on
social media, the news, it's like I thought it would
settle down, but it's just like everybody switched to fear
and just a different narrative. Right, So you have to
(12:40):
look at that and say, how can I block out
the noise and position myself. So understand your numbers, understand
your benchmarks. Okay, patient financing is going to be a
game changer for you. And I'm not talking about like
the traditional like cherry staff or traditional care credit stuff.
(13:02):
I know this stuff's been out there, patient FI. I'm
talking about like truly thinking about getting yourself in a
position to have like in house financing. You guys become
the bank. You guys become the membership offering. You guys
have the opportunity to actually put yourself in a position
to offer something to your patients where they pay monthly.
They pay something monthly to you, and you get them
(13:23):
on a treatment plan that's truly going to take time
and it's a journey. They're aging every day while you're
trying to anti age them. It's on the wellness side
or the aesthetic side. I don't care what it is both.
If you're really crushing, you should do both. A patient
should be aesthetic and wellness for you. And I see
a lot of practice owners that are doing that very successfully.
I still see others that are trying to figure that out.
(13:46):
The goal guys, and again I'll go back to the
very beginning. You have to be an incredible marketer. And
it doesn't mean you have to be the best person
on Instagram. It doesn't mean you have to have the
best website. It means that you have to put yourself
out there, put con. You have to hit every channel
like I have to SEO reviews, website, social media, podcasts.
(14:07):
A lot of you aren't doing podcasts yet. The amount
of audio and transcription you can push to your website
is crazy. For SEO, YouTube very underutilized. Before and afters
very unutilized. That's the first channel because people have to
know who you are. The leads come in, you massage them,
you follow up. You have CRM, you have EMR, you
have online booking, you have all this stuff where everybody
(14:29):
is missing, is bringing them back? Bringing them back? Amspos
says sixty eight percent go monthly. I think that's high.
I don't. I mean, shoot, my wife doesn't go to
a medspat monthly, maybe every other month, okay, and she's
like your ideal customer profile.
Speaker 1 (14:48):
By the way, So.
Speaker 2 (14:52):
The practice owners that are throttling in between that like
one million to one point five million, and you guys
are operating right around twenty to thirty percent net income.
You're making great money. But if you want to put
yourself in a spot to where you're making a half
million dollars a year, you have to break through the
two million dollar top line revenue barrier, and the data
(15:13):
simply shows you have to bring your patients back. And
not only do you have to bring them back, but
you have to increase the cost per visit. Super super important. Guys.
Run the numbers. You have twenty patients that come in
a month, let's just say, let's just say thirty thirty,
(15:35):
so one to day thirty patients. And I know that's
like on the low end for a lot of you.
Thirty patients that come in a month, and they all
spend Amspot says the average patient spend is five hundred
and fifty bucks based on their survey. So run the
numbers right, thirty times five fifty. What if they were
spending one thousand, Why aren't they spending one thousand? I'll
tell you why. It's because they either a don't have
(15:57):
the money or B you haven't told them about everything
that you're able to offer them. So why not take
the time to introduce some sort of patient financing mechanism.
A patient financing mechanism that puts them in a position
is to pay a low barrier of entry a monthly fee.
(16:18):
Maybe it's a monthly fee. They buy a ten thousand
dollars service treatment from you or five thousand or whatever.
They pay a monthly fee. Maybe they put a down
payment down, They pay a monthly fee. What is that
going to do? It makes them an auto member. They're
an auto member. They want the treatments and services. They
want to come back. This makes it basically mandatory for
(16:40):
them to come back. Now, let's say you're the best
marketer and you're an incredible salesperson. And I'm not saying
cheese ball Charlie salesperson, right, I am talking. You are
an educator. You tell your patients how to get the
result they're looking for. And here is the services and
treatments they need, and here is the time it's going
to take, and here's the plan, and here's the cost.
(17:03):
And if you truly want to change your life. Because
I have seen patients. I have seen lives change in
this industry. You guys know it. I know it. I
have seen it. I have seen the most incredible transformation
of patients, whether it's invasive, non invasive, shoot, just skin
treatment in general, GLP ones with compounded aesthetics. I mean,
(17:30):
they want to come back. Make it easy for them.
Marketing sales conversions, CRM EMRs Patient financing. Make it easy.
Don't let the husband see the five thousand dollars credit
card bill. We all get pissed at that. But you
(17:50):
know what, I think you could probably slip in a
two hundred dollars monthly bill. Probably not going to see
that for some people. I'm not saying all. But it's
going to open up the opportunity for more patients to
come to your practice, and it's going to close the
loop for them to come back.
Speaker 1 (18:17):
This podcast is sponsored by Growth ninety nine, the game
changer your medspa has been waiting for. Running a business
in today's fast paced world is no easy task. You've
got patients to care for, a team to lead, and
a brand to grow. But what if you had a
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(18:37):
That's where Growth ninety nine comes in. Growth ninety nine
is an all in one digital marketing solution designed specifically
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(19:00):
you the tools to attract and retain loyal clients. Growth
ninety nine delivers results. If you're tired of doing it
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you do best while we handle the rest. Check them
(19:21):
out at get dot growth ninety nine dot com, slash mm.
Your practice deserves the growth you've always envisioned. Let Growth
ninety nine help you make it happen. Now back to
the show.
Speaker 2 (19:40):
I'm telling you, guys, this is the new world. We
all pay subscription fees. Whether it's the gym membership, it's Netflix,
it's your audio music player, it's whatever it is. Like,
I went through my memberships the other day and I'm
I'm pretty frug oh, guys. Like I look at my
finances on a very very very regular basis. I have
(20:01):
everything that ports into quick books. I have classes based
on all my businesses that I have. I tie everything.
Every single Friday morning, I go through this and I
pull in all transactions from all bank accounts and I
class everything up. I look at my p and ls
on all my classes, my costly goods sold, my vendor
costs everything. Inside of my quickbook style, I have a
(20:21):
bird's eye view of what's happening, and I can tell
you exactly how much subscriptions fees I have, which ones
are high, which ones are low. There's a ton of
tools out there that will do it. I think Rocket
money has an incredible tool. Right. But instead of getting sidetracked,
we are used to memberships. In fact, I prefer a
monthly bill over a big bill, and everybody does. Shoot,
(20:44):
you can go buy an airline ticket right now. Like
last time I was checking out for Delta, it was like,
do you want to pay this over time? I thought
that was kind of interesting. Maybe there's like a you know,
there's some risk or downside or upside whatever it is,
but hey, you know what, for me, I'm always like
a cash flow, and I know consumers are always looking
at cash flow, even on the luxury side. I was
(21:05):
on a website the other day. I think it was
like dotcha Cabana, you can pay for shoes over time.
So this this new world is like very common. We're
used to memberships. Now we're going to be used to
getting things that we want that are either material or
service based treatments, and we're gonna be able to pay
(21:25):
for them over time. I want you to start thinking
about that, okay. I want you to continuously keep in
touch with your clients. Most practices are not doing a
great job of this. Guys, you have the tech. If
you don't have the right EMR that's going to send
out a mass text or a mass email or CRM
(21:47):
mass text, mass email or something that can even do
like a one to one DMS to social media. You
need to have this in place. Following up with your
patients after the visit is more important than following up
with your patients before the visit. We all know that
you do a great job of making sure they show
(22:08):
up to the appointment, because that's money. You guys, sell time,
that's money. Do a better job, a better job of
getting them back, Do a better job of staying in
touch with them after their treatment. After their treatment. Guys,
I have seen my wife go into She's gotten some
(22:31):
work done over the years, right, you know it's all
you ladies. Do you know you have babies, you know
you grow up whatever. Some of these plastic surgeons that
I've worked with, because I mean that you know, they're like,
you know, putting her on her anesthesia and you know,
like the transformational stuff. They never follow up with her
(22:53):
the surgeon. It's always like the provider's assistant to re
front you know, staff, which like, look, that's fun, but
this is she's never gone back. I was just thinking
about this. She's never gone back. Now she has you know,
medical aesthetics practices that she goes to, and she goes back.
You guys, are not doing a good enough job of
staying in touch with your patients after the visit, phone calls,
(23:18):
text messages, emails, DM them. It's critical, guys, because look,
we're going to continue to get services and treatments done,
whether it's now or ten years from now. Why not
go to your practice for the next ten years. And
if I spend one thousand dollars a month with you
(23:39):
every month, that's twelve thousand dollars a year times that
by ten. What is that, guys? One hundred and twenty
thousand dollars. That's like, that is what I'm worth you.
And that's why it's so important to put marketing first.
Because you have every patient that you get, you really
should be looking at them as a six figure opportunity
(24:03):
and put the money second, put the outcome first, give
them the desired outcome, make them a patient for life.
You'll find that you'll actually have to spend less money
on paid marketing like paid social, paid Google, because when
you give somebody the ultimate experience, when you set expectations,
(24:24):
when you put them in a position to really really
change and see the journey and the transformation and the progress,
they are a patient for life and they're going to
come see you even more if you bring on a
new piece of equipment that you didn't have. Tell the audience,
tell your patient base, email them, text them, right, you
(24:45):
have to keep good records, though, you have to really
really keep good records in your charting and understanding who
your patients are and build a relationship with them. In fact,
like if it was me, I'd almost have like a
concierge team that is like at concierge first and they
know everything about you, and it's almost like instead of
(25:05):
looking at it when a lead hits, like a patient,
a new potential patient, and like you have a text
go out, and you have an email go out and
maybe like you do a DM and a phone call
and then if they don't answered, you know, the next
day you make a phone call. Like, obviously, that's my wheelhouse.
I've built CRM systems for twenty years and I pioneered
CRM for the medical asthetics industry. I brought it to
(25:28):
the to the medical asthetics industry. Guys, CRM and process
automation is my wheelhouse. But what about post patient visit.
I haven't seen anything out there that is really revolutionary
that you can just click a button and it will
start sending out text messages or emails or all of
(25:49):
this amazing campaign post treatment. Like, there's obviously patient reminders
come back. You can do a mass email, and that's
what you have today. And that's like, you have to
have a system in place today, right, So start looking
at your post patient as the opportunity in treating them
almost like a new lead to come back. I'm telling you, guys,
(26:11):
if you do this, you're going to increase your patient
retention dramatically, dramatically. Okay, So let's look at the story
of struggle for a sec I'm gonna show you. I'm
gonna I'm gonna highlight some data. This is real data, guys.
Sixty nine percent of medspas make under a million bucks
a year sixty nine percent. Let that sink in for
(26:39):
a second seventy seven percent. Fine market differentiation very difficult
seventy seven It's like almost you guys are all selling
the same thing. You have to have a value proposition.
I'm going kind of going back to the marketing stuff
here where the story of struggle goes wrong. Most of
you make under a million bucks in sales, seventy seven percent.
(27:01):
Percent of the public can't understand why they should go
to you over the other practice. It's because you don't
have something special to offer. You don't have a signature treatment, right,
You haven't narrowed in on your true value proposition to
the public. This is the one. This is the wake
(27:22):
up call one guys. Most spend less than twenty five
hundred dollars a month on marketing and they expect rapid growth.
It's crazy, Like it's crazy. You can't be doing a
million dollars a year and spending twenty five hundred dollars
a month on marketing. That's like beyond below benchmark. Benchmark
(27:45):
is ten to fifteen percent of top line revenue. So
if you're doing a million bucks a year. You should
be doing one hundred thousand dollars a month of marketing, sorry,
one hundred thousand dollars a year, million years, ten percent,
million a year, one hundred thousand dollars a year in marketing,
like you should, especially if you want to get to
two million. You can throttle that down once your retention
(28:08):
score goes up, once your utilization rates go up. You
can throttle that down once you introduce a financing mechanism
where they come back, once you have systematic solutions where
you actually treat them like a new lead post initial treatment,
new lead post initial treatment. That's a big one. But
I cannot believe that most spend twenty five hundred dollars
(28:29):
a month on marketing and expect rapid growth. The math
isn't there, guys. The average cost per lead is like
one hundred and thirty bucks. So do the math twenty
five hundreds a month, one hundred and thirty dollars a lead, Like,
I just don't. The math is not mathing. So in
the Facebook groups and people are like, hey, does marketing work? Yeah,
(28:52):
but if you like, try your campaigns for one, two,
three or four five months and you're not seeing the results.
Because something's broken. There's a reason why Facebook and Meta
sells billions of dollars in advertising because it works. If
it didn't work, they would just shut it down. Same
with Google. It works. You have to do it right.
And then once they come in, guys like here's I've
(29:13):
been on you. Guys know I'm like big time marketer.
Get them to come back. Make that part of your
new plan. Here's some pain points for you. I see
a lot of weak branding out there, no clear USP.
There's just no clear USP. So look at your brand.
(29:33):
Take it. Take the time over the weekend, look at
your brand like there's no I see very little marketing,
automation and data tracking. I asked so many practice owners
what's your CPO, what your patient acquisition costs? What's your
conversion rates? Nine out of ten tell me they don't
give me the answers. I mean literally, over in the
ten years I've been doing this, guys and working with
thousands of practices, I have asked, do you know your
(29:56):
patient acquisition costs? It is your retention score, your utilization rate,
and your customer acquisition cost is I bet you I
have only gotten those answers on my two hands no joke.
Now it's getting better. The tools are getting better, the
sophistication of practice ownership is getting better. There's a lot
of consulting out there. It's getting better, which is wonderful.
(30:20):
But again, I'm talking about the story of struggle right now. Okay,
quick little story highlight. A promising medspa launches during a
boom year, but due to the lack of digital presence,
no reviews, an inconsistent follow up, it bleeds money on
(30:41):
leads and burns out in twenty four months. Let that
sink in. I don't want that to be you. I
want you guys to win. And here's a quick market
reality check. The industry is cooling, but that's just short
time pain for long time gain. Okay, this is just
(31:04):
like short term uncertainty. If you zoom out long term,
this is going to be wonderful. Consumer data Consumer spending
is softening due to inflation, but the industry still expects
to hit twenty one billion by twenty twenty five. Last
year we did seventeen billion, great increase. Non surgical aesthetics
(31:26):
hit fifteen billion in twenty twenty three, a four percent
year over year increase. New medspots opening increase seventeen percent
and twenty twenty three creating more competition, more competition. Industry
growth only four percent, but we are still expecting to
do twenty one billion in twenty twenty five. Do you
want to know why? Because we want to look good
and we want to feel good as a patient, we
(31:51):
are going to give you money to help us out.
More people are going to be investing in longevity than
ever before. I truly think the wellness side is going
to surpass the aesthetic side because you can look beautiful
on the outside, but if you feel crappy and you
don't have good energy and like you know, good cognitive
thinking and gut health, like, none of the none of
(32:11):
that matters. Yeah. I was reading something the other day
that says, we have thousands of problems when we're feeling good.
We have one problem when we're not feeling good. We
want to feel better, right, So that's why, like, patients
are going to continue to invest in you know, regenitive health, longevity, wellness.
(32:35):
So let's talk about how to win in twenty twenty five.
Speaker 1 (32:37):
Guys.
Speaker 2 (32:37):
I'm going to break the formula down for you. It's
positioning plus personalization plus predictable revenue and that equals profit.
Positioning personalization and predictable revenue that equals profit. How do
you do that positioning? Find your niche don't just be
the boatoks bar. Please, don't just be the botox bar.
(32:58):
What is your positioning? What is your true value proposition?
And if you're having a hard time figuring it out,
look at your competition and say, why are they crushing it?
It's because they have a value prop personalization AI, CRM
tech stack. I am so big on tech. Guys like
you could be mediocre at business and like a process
(33:18):
oriented machine with tech and you're gonna You're gonna win.
You have to have a sophisticated website, CRM, lead form captures, chatbots,
online bookings, sophisticated EHRs, systematic follow up solutions, patient financing.
You have you have to have these tools. You have
to if you want to stay open, and I want
(33:40):
to you stay open. Predictable revenue, subscriptions, online booking, review automation.
You have to continuously get reviews. People always look at reviews.
They're going to trust reviews over their friends and family.
The data shows that Podium put the data out there.
The data shows that so let's give you some actions.
Build a revamp your online reputation. Ninety one percent of
customers check reviews before they book, ninety one percent. And
(34:05):
it'side just about getting fifty reviews and stopping. You have
to continuously get them. And Google recently came out with
keywords on reviews. Keywords, so instead of just asking for
a review, ask for the review based on the treatment
they received. Get more creative, get them to index the
word botox right, something like that. Automate your marketing funnel.
(34:26):
You have to automate your marketing funnel. Guys. When these
leads come in, whether it's a phone call, whether it's
a form fill, whether it's a booking, whether it's a chatbot,
centralize it, automate it, follow up, convert it, patient, bring
them in great experience, and then recycle that patient to
bring them back in Patient financing. Patient financing, patient financing.
Open the world up to other people to have the
(34:48):
opportunity to get services and treatments done. Not everybody can
spend five grand, guys, not everybody can do it. So
build that up and brace memberships and brace financing, fests
and tech. That's it, guys, I hope you guys found
this super valuable. My one ask, my number one ask
(35:08):
guys is if you found this particular episode valuable, please
just share it with your colleagues. I want to help
as many practice owners or potential practice owners as I can.
That's my goal is to help you. I want nothing
in return. You guys are amazing. Thank you so much
for your time. Until next time, Happy injecting.
Speaker 1 (35:28):
Thanks for tuning in to Medical Millionaire. Every week, we're
here to help you transform your practice into a thriving,
profitable venture, covering everything from marketing and patient bookings to mindset, workflow, automation,
and beyond. Whether you're just starting out, scaling up, optimizing operations,
or planning your exit strategy, this podcast is your go
(35:51):
to resource for success in the medical aesthetics industry. It's
time to supercharge your practice and take action today. Share
this episode with a fellow entrepreneur, Rate the show, and
don't forget to click the link in the show notes
to access powerful tools and expert guidance at get dot
growth ninety nine dot com, slash MM, and make sure
(36:13):
to tune into the next episode A Medical Millionaire
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