Discount Offers vs BDM
What’s old is new again? Groupon and discounts offers in the health space are booming again.
And the rise and potential insanity of Facebook discount offers from Chiropractors are at peak level.
But to figure out where we’re going we have to go back to start.
In 2010 my “little engine that could” startup DoctorBase tasked ourselves with selling a premium add-on service called Groupon Concierge.
Our primary clients at the time were dentists and we would help them with setting up the deal, optimizing the content, and supporting on launch.
Personally, I was a huge fan of Groupon for finding new restaurants but was trepidatious of it being a long-lasting tool to grow a healthcare practice.
With our program, it literally was a coin-flip for their success rate.
What I found the successful practice had for success was a positive attitude, systems, and doctors that could S.E.L.L.
But the other half claimed they were victims of Groupon and we’re bleeding money on “tire kickers”.
It wouldn’t be till a few years later that I figured out what really worked and what didn’t.
But when the opportunity presented itself to work with Groupon as a new owner of a medspa I didn’t even flinch.
On the other side
In late 2012 I was given the task to help co-build a medspa in a community in southern California with a high percentage of latino population.
As I’ve shared in many presentations – the culture of your community should play into IF you SHOULD do a discount offer – and ours, with 70% of hispanics near our office, made sense to do discount offers and Groupons.
We knew with that information and our strengths and weaknesses, our pathway to success would be to be competitive on price.
In fact, we chose to be the LOWEST price in our community and would scale with opportunities versus higher ticket pricing.
And in a few months we went from doing 1-2 cases a months to 25-30.
The Last Two Years
Flash forward a few years later and I’m back in Chiropractic and starting to see this trend of $19 to $47 Chiropractic Discount Offers on Facebook.
And it made sense.
Still does in some ways.
Cut out the middle man (Groupon) and facilitate your own distribution on Facebook.
But the signs were there that this could exhaust much quicker – one, it was cookie cutter and two you lose out on the benefits of using Groupon including:
- Their list
- Their re-marketing
- Their social proof
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But even the people running the offers are not thrilled with the results.
Trouble in Discount-ChiroTown
“I’m sick of discounting my offers” says a 10 year Chiropractic veteran.
He proceeds to explain the amount of time wasted, tire kickers and the constant tweaking and hiring of ad professionals.
“So why do you keep doing it?” I ask.
“Because it get’s people in the door”
Enter Billion Dollar Mission
“That was the key competent we had to figure out” Lacey Book – creator of Billion Dollar Mission said.
“To get people in the door.”
And since a November launch with Alphas to full blown release in March, the Billion Dollar Mission has solved the dilemma of “How to get people coming in your door without discounting offers”
In fact the average Billion Dollar Mission office averages 51.3 opportunities a month without discounting your fees.
What are the problems with Discounting
Patrick Campbell from ProftWell recently shared the hidden costs of Discounting because it’s a huge topic of interest in the subscription economy, primarily because most people don’t know how to discount effectively.
Some of the things he noticed in collecting data from over 6,000 companies included.
- Affinity for discounting amongst sales teams
- Discounting makes revenue growth unpredictable
- Renewal willingness to pay goes down after discounts
Sound familiar? Especially number 3?
“These individuals have simply been trained to devalue the product or just weren’t the right customers in the first place. ” Patrick
Does that mean you shouldn’t do discounts?
No. But you should know who you are targeting and why!
Discount Offers are great for:
- Startup practices who need practice and a boost
- Practices that target market cultivates discounts
- Hardcore Closers who can bridge a discount to a premium service.
- Practices with time to kill
Billion Dollar Mission is great for:
- Practices and Doctors concerned about branding
- Business minded offices who want to build community and followers
- Conversions from all ranges of demographics
- Practices who want Retention and Referrals