Why would you buy the cow if you get the milk for free?
Yes, I’m calling you a cow. Now that we’ve addressed that, your services and products are your milk. You create it, you provide it to others, and you may expect something in return. It could appreciation, but I’m guessing you’d like to be compensated for your goods. So why do you keep giving your milk away?
I met with a client yesterday who was feeling the stress around not making enough money for her business in the physical therapy industry. She was busy and had clients, but something wasn’t working.
So, I asked her to walk me through her business development and marketing strategy. We talked about her ideal clients and how she reaches them. She mentioned working with a running group where she provides on-track advice and training. “So how much does that bring in to your business?” I asked. “Well, nothing.” She admitted.
She acknowledged that for all of the time, effort and knowledge she shared, she hadn’t brought in a single client or made any money from the group.
So what was the issue?
She didn’t create demand. Because she was showing up every week for her ideal clients and giving advice and answering questions, she was creating convenience while giving away her expertise for free.
I asked her, “If you had a farmer drop off a basket of eggs every week to your house, would you go his farm and buy the chicken?”
By showing up consistently and providing her services without cost, she trained her ideal clients to not think about paying. Her strategy of hoping and assuming they would become clients clearly wasn’t working.
Here is her newly adjusted strategy:
1) Reduce Frequency – Instead of showing up on a weekly basis, she is shifting to once a month. By reducing her time on the track, she is increasing the demand for her time.
2) Get Them in the Office – You can provide value outside of the office, but to fully service her clients, she needed her tools and space to fully assess and treat her clients.
3) Schedule Real Time Appointments – With her online scheduling system, she has the ability to schedule sessions by phone. By providing real time customer service, it reduces the risk of delay or forgetting to make an appointment and increases efficiency in the time needed to follow up.
4) Believe in Your Value – We discussed her pricing strategy and she talked out her pitch and the perceived value of pricing. By being confident in value proposition, she can confidently recommend in-office treatment instead of creating an on-site solution (for free).