Generating the lifetime value of a patient is an important part of the marketing strategy for cosmetic clinics. By calculating the lifetime value of a client, cosmetic clinics can determine how much revenue they can expect to receive from each client over the course of their relationship.
This can help cosmetic clinics make data-driven decisions about their marketing efforts and can improve the performance of their campaigns. In this article, we will discuss how to find out what the lifetime value of a client is for a cosmetic clinic, and how to increase it so that you can generate more revenue and elevate your bottom line.
1. Identify Your LTV
To identify your LTV, you'll first want to identify the average revenue per treatment. This can be done by calculating the average amount of money that a client spends on cosmetic procedures during a visit. This average revenue per treatment can be used as the basis for calculating the lifetime value.
The second step in generating the lifetime value of a client for a cosmetic clinic is to determine their average length of relationship with your clinic. This can be done by calculating the average amount of time that a client stays with the clinic before they discontinue their relationship, regardless of reason. This average length of a client relationship can be used to determine the total amount of time that a client will be generating revenue for the clinic.
Once the average revenue per treatment and the average length of a client relationship have been determined, the lifetime value of a client can be calculated. This is done by multiplying the average revenue per treatment by the average length of a client relationship.
For example, if the average revenue per treatment is $1,100 and they usually visit twice a year, and the average length of a client relationship is 4 years, then the lifetime value of a client is $8,800.
2. Increase Your LTV
Once the lifetime value of a client has been calculated, it can be used to make data-driven decisions about the clinic's operational and marketing efforts.
For example, the clinic may decide to invest more in marketing campaigns that are likely to generate more clients with a high lifetime value, such as campaigns targeting high-income individuals who are interested in expensive cosmetic procedures.
Another example is if the clinic decides to invest in marketing automation that encourages clients to come back more often, thus increasing the amount of treatments clients receive during the length of their relationship with the clinic.
With that said, there are 7 major ways to increase the lifetime value of a client at a cosmetic clinic:
1. Offer High Quality Treatments
By promoting specific cosmetic treatments with paid media which result in higher margins, clinics can effectively increase their LTV by increasing the average revenue generated from each treatment. In addition, providing excellent services and delivering on expectations will lead to customer satisfaction and loyalty. This can lead to repeat business and referrals from satisfied clients.
2. Implement a Loyalty Program
A loyalty program can incentivize repeat business by offering rewards or discounts to frequent clients. This can help to increase the overall LTV of these clients. To encourage clients to join loyalty programs, cosmetic clinics should use personalized marketing automation
3. Offer a Range of Services
By offering a variety of cosmetic treatments and services, you can appeal to a wider range of clients and increase the likelihood that they will return for additional treatments. You can also run paid media tests to see which treatments and services are most in demand and get more clients through the door, and which treatments provide a higher ROI.
For example, you can run 5 different campaigns for 5 different treatments on Google Ads to see which Google Ads campaigns generate more leads for your clinic, and which campaigns generate more revenue. If you can bring in more leads you can double down on those campaigns, and if you're at capacity but want to increase your LTV, you can focus on higher margin treatments.
4. Promote Packages & Bundles
Offer packages or bundles of treatments at a discounted rate to encourage clients to try multiple treatments at once, which can increase the overall value of their business with your clinic. Other than offering packages and bundles to existing clients, social media advertising for cosmetic clinics is a really great way to promote packages and bundles to generate new leads with an enticing offer.
5. Foster a Positive Customer Experience
Creating a welcoming and relaxing environment, providing excellent customer service, and making the treatment process as smooth as possible can all contribute to a positive customer experience and encourage clients to return.
Besides offering a positive customer experience in person, it is also important to stay atop of digital marketing trends in the medical space to foster a positive experience overall. This includes having an optimized website for mobile and desktop in which the appointment booking process is simple and streamlined, and ensuring that your business is HIPAA compliant so your clients can rest assured that their information is safe.
6. Upsell & Cross-Sell
When clients are in for a treatment, try to upsell them on additional treatments or products that may be of interest to them. This can increase the value of their visits and encourage them to return for additional treatments in the future.
7. Keep In Touch With Clients
Stay in touch with clients through personalized email marketing for your cosmetic clinic or other methods to remind them of your services and any promotions or discounts you may be offering. This can help to increase the likelihood that they will return for additional treatments.
You can also help clients stay informed and while keeping you top of mind with helpful content marketing for cosmetic treatments, whether that be through your website or through social media.
In conclusion, generating the lifetime value of a patient is an important part of the marketing strategy for cosmetic clinics. By calculating the lifetime value of a client, cosmetic clinics can determine how much revenue they can expect to receive from each client over the course of their relationship with the clinic. This can help cosmetic clinics make data-driven decisions about their operational and marketing efforts and increase their overall revenue.
If there is something in this article that still has you wondering how you can successfully generate more traffic for your medical cosmetic clinic, please feel free to email us here.