We all know referrals are the lifeblood of many health businesses – and it is not hard to see why.
Conventional advertising costs are on the rise.
Google and Facebook are making it harder for health businesses to be found – unless you are wiling to part with serious money.
Sitting in doctors waiting rooms trying to sneak in for a 2 minute chat to a potential medical referrer – is just soul destroying.
Which is why I was so excited to interview Canadian health business expert – Mostafa Hosseini – about a fantastic new way to measure referrals and client retention in any health business
In his session titled “How to Use the Viral Co-Efficient to Grow Your Health Business” – Mostafa shared the secrets to increasing referrals and putting a protective fence around your database ,so they would not even consider going to another health care provider.
One of the secrets Mostafa shared in his session – which was an absolute revelation to me – was to measure the success of your referral program using the “Viral Co-Efficient”.
I am a huge fan of KPI’s and measuring results, however, this was the first time I had ever found of a way to actually measure the success of your health business referral and retention program.
As Mostafa explained in his training session – the “Viral Co-Efficient” is calculated by dividing the number or referrals you received to your practice over a given time period BY the total size of your database.
For example – in a one month period your practice received 100 referrals and you have a total past client list of 1000 – so 100 divided by 1000 – gives you a Viral Co-Efficient (or VQ) of .1
Now remember – the number of referrals in this calculation DOES NOT include clients who found you on Google, responded to a letterbox drop, or came in following a seminar you presented at the local gym.
The referrals have to be word of mouth referrals or structured written referrals from current clients to their family and friends or local doctors you have worked hard to build a relationship with.
The ultimate goal by the way is to get your VQ to 1.
Meaning every client on your full database refers at least ONE new client to your practice.
Once you know the Viral C0-Efficient for your practice you then need to take steps to increase your score – which is exactly what Mostafa laid out in his Profit Club Academy training session – where to detailed his exact 18 Step “Viral Co-Efficient” program.
Current Profit Club members can get instant access to this latest training session with Mostafa Hosseini by logging into the member area and clicking on the “Profit Club Academy” tab – Mostafa’s session is the featured presentation this month.
Make sure your team also listen to this session so they can also see the importance of generating referrals for the practice.
If you are not currently a Profit Club member and want to get access to this latest session – PLUS access to the most comprehensive health business training library on the planet – then make sure you take me up on my “Paul’s Incredible Gift” offer.
In this offer you get OVER $500 worth of business building resources and tools, instant access to the full Profit Club Academy library, PLUS two fantastic bonus resources :
My “How to Increase Prices in Private Practice” script,and the “Ultimate Health Business Cancellation Policy” protocol and script
Hope to see you in the Profit Club Academy soon.