Here is one of my favorite TED Talks and it really changed the way I think about business. THIS IS A MUST TO WATCH IF YOU ARE STARTING A CASH BASED PHYSICAL THERAPY PRACTICE! This one video is SO GOOD in so many ways!
Main points of this TED Talk:
- People do not buy what you do, or how you do it. They buy WHY you do it. This is what your business and marketing needs to target. WHY!
- The goal is not to do business with everyone who needs what you have, but the goal is to do business with people who believe what you believe. You will attract these people!
- Targeting and addressing WHY, drives behavior and action
- Do not hire someone who wants a job, only hire people who believe what you believe
- Law of diffusion of innovation
- What is your conversion on new business? 1/10? 2/10?
What is the Law of Diffusion of Innovation?
When you start a new innovative service or product (ie: a cash based physical therapy practice), not everyone sees the true value, or understands what exactly you are doing. Especially with physical therapy. We have even a bigger uphill battle. As you grow beyond your small niche market and start external marketing strategies to reach a bigger audience (or a bigger share of the local market) you will start to appeal to more and more people as long as you can show true value. This is the pattern of influence that occurs in the bell curve below:
How long does it take to reach the tipping point?
In a cash based practice, it took me 3 years to reach my tipping point in my local market. At this point, everything just started to click! I did not have to spend more on marketing strategies, my local internet searches continued to increase, and I had more external leads calling me to schedule an evaluation eventhough I was cash based. These were local internet searches and WOM referrals! My marketing strategies worked and now I was receiving over 20 calls a month from external leads, and not having to do a single thing! They were already committed and ready to start treatment and willing to pay cash for treatment. No sales needed!
Example: Social Media Market
This is a great example to help you understand, the marketplace, what percentage of the market are your reaching, the tipping point, etc. Lets look a the social media marketplace to put this law into perspective.
Are your marketing strategies getting you to reach a big enough piece of the market?
Are you on pace to reach your tipping point in your local market?
Are you even in the market space that the public sees you?