What is a Good Conversion Rate (Ep. 129)

📅 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, and what a good conversion rate is. 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. ​ What is a good conversion rate? It's a question I'm asked often enough so I'm assuming other surgeons also experience this, so I'll address it in this episode. Here's the question:                                                         Dear Catherine, I had the same patient consultant for many years and she did a great job. We made a really good team. I performed several procedures on her through the years so she was a great testimonial and she knew how to credential me as the best. She was also very good with my patients and really good at closing consultations. I never realized how good she was until her husband was promoted and she moved away. My current coordinator has been on the job for the past year and we are getting mixed results. She's nice enough but we don't get the same results I used to get. My consult conversion rate used to be in the high 70's for years and it's dropped significantly. My coordinator says that's because the patients are price shopping our competitors and our prices are too high. I'm not sure that's true. I don't know if it's the patients or the coordinator or something else. Can you tell me what is a good conversion rate? Dr. W   Since that's a loaded question, we need to unpack it before I start throwing out percentages. Lots of plastic surgeons are experiencing sporadic conversion rates. Or "feast or famine" months and they're not sure why. This inconsistency can wreak havoc on your day, your attitude and your pocketbook. You start questioning yourself and doubting your staff and that's a path to even more frustration. So, what's really happening? Well, the bad news is, there's no one easy answer. So many variables go into your success (or lack thereof) when converting consultations. One practice can play the QUALITY vs. quantity game and experience an 80% conversation rate because the coordinator only works with the hyper interested. So, she sends one follow-up email and if they don't respond, she drops them, but that same practice who is "cherry picking" also can experience big highs and lows in the schedule because they need a lot more leads to cherry pick the best ones.. Or a practice experiences a 25% conversion rate because they play the "QUANTITY vs. quality" game so they see everybody. They don't charge a consultation fee, they have lots of no-shows and frankly, lots of flaky price-shoppers who are not yet ready to to action so the coordinator has to sift through who is a real candidate and who isn't. So given that, here's a short list of why your conversions "could" be off: Your SEO isn't working like before because google changed the rules again or you changed your SEO/website provider and lost ground on your Internet presence so the new Internet company has to build your rankings back up; or A new competitor came to town and is out-marketing you; You changed up your marketing strategy and while you're getting more Internet leads, they are poor quality leads; Your new coordinator is nice and friendly but doesn't have the converting skills needed to get to a YES and so on. Because the reality is not about how many leads you get. It's about how many prospective patients say YES and PAY for your services, right? Which is why your coordinator must be on her game to convert these consults so if she needs training, check out The Converting Club for Coordinators on my website and I'll train her for you. Because after consulting with surgeons for 2 decades, here is what I find most often: You don't have a lead problem. you have a converting and retention problem. Just saying.. But back to the question what's a good conversion rate. Here are guidelines to help you figure that out: Leads coming from "Internet stranger patients" convert at 5-20% Leads coming from word-of-mouth referrals convert at 70-85% Leads coming from your current patients who want more from you convert at 85% and higher And to break it down even more: Breast aug leads convert much less than facelift leads so I would separate those out so the data is not skewed. BTW, if you question my stats, no problem. Do this exercise to get the real numbers for YOUR own practice. Have your staff look up the last 50-100 surgeries you performed and fill out an excel sheet by noting The procedure performed The revenues collected The referral source: did they come cold from the Internet, were they a word-of-mouth referral or were they your current patient coming back for more. Also note their age and zip code to determine if they are local or out of town and which demographics of patients seem to gravitate towards you. I've had surgeons from all over the country do this exercise and they are always surprised to discover where their conversions and revenues came from so see for yourself and let me know your results. That wraps up this Beauty and the biz episode so please do me a favor and subscribe if you haven't done so already and a review would be super helpful as well. And feel free to pass this along to your colleagues and staff Of course, it would be great if you subscribed to Beauty and the Biz so you don't miss any episodes and a review would be much appreciates. 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. Go to www.CosmeticPracticeVault.com and let's grow your cosmetic revenue."     #cosmeticsurgeonpodcast #plasticsurgeonpodcast #aestheticpracticemarketing #cosmeticpracticestafftraining #cosmeticsurgeonbusinesscoaching #plasticsurgeonbusinesscoaching #strategiesforsurgeons #morepatientsmoreprofits #aestheticsurgeonbusinesscoaching #medspabusinesscoaching #medspamarketinghelp #cosmeticsurgeonmarketinghelp #howtogetmorepatients #plasticsurgeonmarketinghelp #aestheticpracticemarketinghelp #beautyandthebiz #podcastforplasticsurgeons #podcastforcosmeticsurgeons #plasticsurgeonideas #plasticsurgeonagency #plasticsurgeonconsultant #plasticsurgeonstrategies #plasticsurgeonservices #plasticsurgeontrends #plasticsurgerymarketing #marketingplasticsurgeons #marketingplasticsurgery #cosmeticsurgeondigitalmarketing #cosmeticsurgeonmarketing #howtopromotecosmeticsurgery #socialmediamarketingforplasticsurgeons #socialmediamarketingforcosmeticsurgeons #plasticsurgeonsocialmediaideas #howtofindcosmeticpatients #howtofindcosmeticpatients #howtoattractcosmeticpatients #howtoconvertcosmeticpatients #howtoretaincosmeticpatients #cosmeticpatientadvertisingideas #cosmeticpatientstrategies #cosmeticpatientconsultant #cosmeticpatientservices #cosmeticsurgeonads #digitalmarketingforplasticsurgeons #consultanttoplasticsurgeons #consultanttocosmeticsurgeons #seoforplasticsurgeonsusingai #onlinereputationmanagementforplasticsurgeons #leadgenerationforplasticsurgeons #cosmeticpatientreferralmarketing #brandingforplasticsurgeons   

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