Show notes
📅 Schedule your free 30-min strategy call with Catherine ⚙️ Restart your practice in 7 days ⬇️⬇️⬇️ Welcome to "Beauty and the Biz", where we talk about the business and marketing side of plastic surgery. I'm your host, Catherine Maley, author of "Your aesthetic practice - What your patients are saying", and consultant to plastic surgeons to get them more patients and profits. How to Attract Affluent Cosmetic Patients How would you like to charge twice as much as your competitors? This would allow you to either double your revenues with the same amount of patients or work less for the same amount of revenues. For example, let's say your competitors charge $5K for a bleph so you charge $10K. The math is easy….Your competitors need to attract and serve 200 cosmetic patients for a $1M cosmetic practice while you need only 100. What would that mean to you in terms of time, money and energy focusing on the needs of only 100 patients versus the 200 "generic" patients that everyone else is attempting to attract? Focusing on the 100 affluent patients versus the 200 "anybody's" makes very good business sense so let's look at how you make it happen. It's Not About Your Skills at This Level This will be counterintuitive but important to grasp: It's not about being 2x better at a bleph to charge 2x more. Board-certified trained plastic surgeons do a nice bleph. That's true or you wouldn't be board-certified. And this isn't about supporting your higher price simply be creating better value propositions. That works well for the "mass market" but not for the upscale, affluent market. Because this assumes everybody is a value buyer and that's not the case when you go up the food chain. The masses buy for all sorts of other reasons, but affluent cosmetic patients DON'T buy for value. The further up the ladder they are – the less "needs driven" they are. So, it's all about what they WANT to do – not what they NEED to do. They think differently than the average patient. They are not buying by need and function, so they are not buying by price and value. It's more about the intangibles and what this procedure means to them that is driving their decision. The Affluent Patient's Frame of Mind Affluent patients pay more because doing so makes them feel more like the person they either wish they were or envision themselves to be. At this level, you are hardly talking about the surgery. It's the intangibles of the surgery that attracts the affluent patients to you. The affluent patients are looking for superior service providers….even if it's based on perception. They believe they deserve the best, so they want the best. This group will pay to buy certainty. By the way, trust is the single most important issue because the affluent patient wants to feel like they are getting the best. How to Make Price Disappear from the Equation So, knowing that, what are the things that make price disappear from the equation and YOU the only choice for affluent patients? The answer is YOU. It's more about you than your product. You stand out from the crowd by doing what others won't do or can't do. The quickest path in today's world is to either marry one of the housewives on Bravo TV or at least be their go-to plastic surgeon. But if that's not possible, here are 3 other strategies that help make price go away: 1.Peer Recommendations The affluent are reached more through peer referral than any other avenue. This group of cosmetic patients value trust more than anything else so they turn to others they trust. Knowing that, you'll want to identify who those patients are in your own practice. Give them an excellent result and an exceptional patient experience. Now make them part of your VIP Club where you have private events they can invite their friends to. To make it special, add a charity component to it and invite the media. It's the exclusivity that gives the affluent patients the feeling of status they want and expect. 2.Be The Expert Although you are well versed at all sorts of surgical procedures, the affluent patient wants to go to the BEST. They want the surgeon who specializes in blephs, has done 10x more blephs than the average surgeon and who has tons of social proof of hundreds of other happy bleph patients. It would also be helpful if you are considered, "The Eye Guy" because you have been interviewed by the media and you even train other surgeons on your innovative bleph techniques. 3.Use Social Media to Connect with Affluent PatientsSocial media has made it possible for you to develop your own fan club quickly and easily. Regularly post before and after photos of your bleph patients and tell their story. Shoot short Instagram video stories answering bleph FAQs. Respond to anyone who comments on your posts and find out if they are social media influencers who also have a healthy following they can introduce you to. The point is after enough communication, familiarity, reinforcement and social proof, the affluent patients now have sufficient trust in you to choose you as their go-to plastic surgeon. Conclusion Attracting the affluent patient takes a different way of thinking. If you believe you are worth double what your competitors charge, set your practice up to cater to the affluent patients that are attracted to your higher prices and better patient experience because, they too, believe they are worth it. Enjoy! Catherine Maley, MBA ⬇️ FREE BOOK: 📕 Get my 5-Star Rated Book, "Your Aesthetic Practice — What Your Patients Are Saying," FREE! Just pay S/H ✅ STAY UPDATED: 🌐 Catherine's Website 📝 Catherine's Blog 🎤 "Beauty and the Biz" Podcast 📺 "Beauty and the Biz" Videocast 🔊 "Beauty and the Biz" on Apple Podcasts 🤝 LET'S CONNECT: ➡️ Instagram ➡️ Facebook ➡️ Twitter ➡️ LinkedIn P.S. If you need help differentiating yourself, schedule a complimentary 30-minute strategy call with me. Review Beauty and the Biz on Apple Podcasts and get my 5-star rated book. FREE! Catherine Maley, MBA: Everybody that's going to wrap it up for us today on Beauty and the Biz. If you have any questions or feedback for me, you can go ahead and leave them at my website at www.CatherineMaley.com, or you can certainly DM me on Instagram @CatherineMaleyMBA. If you've enjoyed this episode on Beauty and the Biz, please head over to Apple Podcasts and give me a review and subscribe to Beauty and the Biz so, you don't miss any episodes. And of course, please share this with your staff and colleagues. And we will talk to you again soon. Take care. "The fastest way to success is to model other successful surgeons who have what you want, but you can only see their results, not the path they took to get there. So, you continue to jump from one thing to another, hoping to find something that will work for you too, but it rarely does. So, try this shortcut instead. It's guaranteed to move you forward. I compiled my intellectual property to grow cosmetic revenues, everything I've gleaned over the years into one playbook of the most successful practices and what they do to win. 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