Chiropractic Marketing Metrics: What Every Chiropractor Needs To Know

                                                                                         

Imagine, for a moment, being able to look into a crystal ball and
determine, with relative accuracy, the likelihood of whether your
chiropractic marketing and practice are going to dominate your
geographic area and niche or fall prey to competition. I am sure
you would agree, that would be a pretty valuable chiropractic
marketing crystal ball. Well, even though no such ball exists,
we do have a set of simple, yet rarely understood chiropractic
marketing tools, that give us a similar level of foresight into
your practices future.

Two of your key chiropractic marketing metrics, used in
combination, are an incredible indication of how well your
practice is going to do in the future, how competitive you can
really be in your marketplace, and what you can expect out of
your practice in terms of financial growth. Once you understand
these two chiropractic marketing metrics, how they work together,
and what actions you can take to impact them, growing a
dominating chiropractic practice begins relatively simple.

What are the two chiropractic marketing metrics I am referring
too? I am glad you asked. When combined, your cost to acquire a
new patient and the lifetime value of the average active patient
tell us almost everything we need to know about your chiropractic
practice. Before I explain why, let us lay out some simple
definitions of these two critical numbers.

The cost to acquire a new patient is the average dollar amount
you invest to get one new patient. For instance, if you invest
$2,000 on chiropractic marketing in a single month and end the
month with 10 new patients, your cost of acquisition is $200 per
new patient. Your lifetime patient value, arguably the most
important number in any chiropractic practice, is the average
dollar value of an average patient over the life of their care
with you.

To calculate this metric for a given period of time, simply take
the total amount of revenue your practice generated during the
time period and divide it by the total number of patients you had
from the beginning of the time period. The number you end up
with is what is known as the lifetime value of a patient.

The chiropractor who calculates and reviews these two
chiropractic marketing metrics on a regular basis has already
given themselves an advantage over other chiropractors, even if
nothing else changes. Why? Well, for one, when used together,
these metrics tell us exactly how well your chiropractic
marketing dollars are working. Without knowing and
understanding
these two chiropractic marketing metrics a chiropractor has no
way of knowing whether they should be spending less or more to
acquire a new patient.

For instance, is a cost of $500 to acquire a single new patient
good or bad? Well, it all depends. If the average patient is
worth $700 to your practice (avg. lifetime patient value), $500
acquisition cost is not very good. However, if the average
patient is worth $3,000, $500 acquisition cost is great. In
fact, if your average patient is worth $3,000, you should be
willing to spend $500 to acquire a new patient as often as
possible. However, if a patient is worth just $500 ¨C looking
into the future - you could see how you would quickly go cash-
flow negative continuing with those kind of acquisition costs.
Hence, our crystal ball reference.

But, believe it or not, that is not even what makes this
combination of chiropractic marketing metrics worthy of being
referenced as the two most important numbers in your practice.
What does? It is simple. The doctor who has the lowest
acquisition costs with the highest lifetime patient value is the
one who has the greatest competitive advantage. With a focus on
impacting these two chiropractic marketing numbers, you not only
can predict your practice's future, you can control it.

About the author:
Todd Brown, president of MoreChiroPatients, Inc, is now
giving away for FREE his popular Online Videos entitled
"The Ultimate Chiropractic Patient Attraction System".
Get instant access to these videos at: Free Chiropractic Marketing Videos




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