Welcome to this blog post! If you’re a business owner, a marketer, or someone interested in growing a local business, you’re in the right place. Today, I’ll share a fascinating story about how I helped an orthodontist generate six figures in practice revenue. But this isn’t just a story; it’s a blueprint for how you can apply the same principles to your business. So let’s dive in!
The Backstory: The Cost of Braces
A few years ago, I was faced with the daunting reality that my first child needed braces. If you’ve ever had to pay for orthodontic work, you know it’s not cheap. With multiple kids and the cost of braces running into the thousands, I was looking at a potential bill of around $20,000. That’s when it hit me: why not use my marketing skills to barter for braces?
The Deal: Trading Skills for Smiles
I approached an orthodontist with a proposition: How many new customers would I need to bring in to get braces for free for my child? The orthodontist, intrigued but cautious, agreed to ten new customers. I had never worked with an orthodontist before, but I was confident in my marketing abilities.
The Strategy: Sell the Thing That Sells the Thing
The first principle of marketing I applied was “sell the thing that sells the thing.” This means offering something small or simple that leads to a more significant sale later on. My target audience was clear: mothers, who often make healthcare decisions for the family. With the back-to-school season approaching, it was the perfect time for a promotion.
The Offer: More Than Just a Discount
When it comes to braces, there’s not much you can do to differentiate your product. So, the one variable we could play with was the price. We decided to run a giveaway with the grand prize being a free set of braces. Second and third prizes included significant discounts and even a day spa package.
The Execution: Running the Campaign
We ran Facebook ads for three weeks, promoting our back-to-school giveaway. The ad copy was straightforward, and the offer was enticing. The campaign generated over 500 leads at a cost of around $3 per lead, totaling $1,500 in ad spend.
The Urgency: Creating Scarcity
To add an element of urgency, we set a deadline for the giveaway and conditions for claiming the prizes. Winners had to tune into a Facebook Live session to claim their rewards, creating a sense of event and excitement.
The Monetization: Where the Magic Happens
After the giveaway, we had a list of over 500 interested leads. We sent out a “consolation prize” to everyone who didn’t win: a $500 voucher towards their next set of braces. This not only provided value but also encouraged these leads to become paying customers.
The Outcome: A Win-Win Situation
The orthodontist gained a significant number of new customers, more than covering the cost of my child’s free braces and the ad spend. The campaign was a massive success, proving that you can indeed monetize attention effectively.
- Identify Your Audience: Know who makes the buying decisions and target them.
- Timing is Everything: Leverage seasons or events to make your offer more relevant.
- Create Urgency: Deadlines and conditions can make your offer more compelling.
- Monetize Your Leads: A lead is only as good as your ability to convert it into a paying customer.
Marketing is the art of gaining attention, and sales is the art of monetizing that attention. Many people focus on the upfront costs of marketing, ignoring the long-term gains. By applying these principles, you can not only generate leads but also turn them into substantial revenue for your business.
Thank you for reading, and I look forward to sharing more insights with you in future posts!