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Recession-Proof Medical Practice Marketing

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What’s the difference between a recession and a depression? In a recession, your competitors close their doors. In a depression, you close yours. As physicians across the country increasingly worry about their economic and financial future, the specter of the largest recession in decades or possibly a depression looms large. For medical practices, the stakes are particularly high as patients delay elective procedures, and even ongoing wellness care or chronic disease treatment.

The question that looms large for many practice owners is: how do you prepare for an uncertain financial future?

When preparing for an economic downturn, it is important to understand the difference between Practice Marketing Resistance and Resilience. Marketing Resistance is the ability of a practice to withstand a disturbance in revenue flow by putting in place marketing processes that make it possible to return to normal operations with minimal disruption. Marketing Resilience, on the other hand, is the ability of a practice to recover after suffering great harm from a serious revenue disturbance and continue to operate in a devolving situation.

This article is developed using insights from Peter J. Polack, MD, a practicing ophthalmologist who specializes in laser refractive and cataract surgery. Additionally, he is the founder of Emedikon, a venture marketing firm that leverages his proprietary Practice Domination Marketing Protocol to help medical practices improve their marketing strategies. With a family background in ophthalmology, Peter has witnessed firsthand the changes affecting healthcare practices and delivery. For many years, he has been fascinated by the role of technology and marketing in the medical field.

Peter shares his insights on marketing through his blogs on Healio Ophthalmology and Eyes on Eyecare. He is also a prominent contributor to Quora.com, an expert platform where his posts have garnered over 4 million views. This gives him an unprecedented insight into what patients want, which informs how he views crafting excellent patient experiences, which we all know is the coin of the realm.

The good news, he reveals, is that in an economic downturn Marketing Resistance and Resilience programs as integral parts of your marketing efforts can be the deciding factors in whether your practice thrives, survives, or closes its doors. The key is to understand your practice’s situation and tailor your marketing accordingly. Here are three steps that can help your practice build resilience or resistance and prepare for an uncertain future.

Step 1: Marketing Triage 

The first step is to perform Marketing Triage by critically evaluating every opportunity source you are currently investing in. Make sure you have a full inventory of every lead source that brings in opportunities. Are you tracking all leads that come in through the phone, email, website, or other sources? After you have built your lead sources list, assess each one’s ability to capture leads, nurture, and convert them into revenue. Are you following up with them in a timely manner and nurturing those leads through the entire patient journey? By identifying gaps in your lead capture and conversion process, you can prioritize your efforts and allocate resources to where they will have the most impact. In broad strokes, this means you will have to do a detailed performance evaluation of your traffic and funnels.

Step 2: Focus on High-Value Cash Services (for prospects who still have money)

During a recession, as we experienced in 2009, patients are more selective about the cash services they choose. This means that practices should focus on offering high-value cash services that you know will always be in demand by patients with discretionary dollars. In the marketing world, this is known as “marketing to the affluent,” a term of art first articulated by Dan Kennedy, whose book about it is on Amazon if you’re interested. By prominently marketing these services and tailoring your messaging to emphasize their value and affordability, you can maintain revenue and build a marketing list of prospects with disposable income. You can instantly promote directly and on demand to this audience (practically free) using email and SMS. The money’s in the list.

Step 3: Diversify Your Marketing Efforts

Finally, it is important to diversify your marketing efforts to reach a wider audience and maximize your exposure. This means using a mix of online and offline channels, such as social media, email marketing, search engine optimization, print advertising, and community outreach. There are only four ways to reach your audience of choice:

  1. Online + paid traffic – advertising on social media and various ad networks
  2. Online + free traffic – known as content marketing
  3. Offline + paid traffic – print, TV, radio, ads, billboards, local events, and sponsorships
  4. Offline + free traffic – referrals, word-of-mouth, waiting room signage

With a diversified marketing approach, you reach patients where they are and increase your chances of success.

In conclusion, building Marketing Resistance and Resilience requires a strategic approach that takes into account your practice’s risk tolerance levels and its unique situation and challenges. By performing marketing triage, focusing on high-value cash services, and diversifying your marketing efforts, you can prepare your practice for a recession and emerge stronger on the other side.

The idea of Bigtime Daily landed this engineer cum journalist from a multi-national company to the digital avenue. Matthew brought life to this idea and rendered all that was necessary to create an interactive and attractive platform for the readers. Apart from managing the platform, he also contributes his expertise in business niche.

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Business

VPNRanks Report Uncovers User Discontent with Majority of VPN Services

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A groundbreaking report by VPNRanks reveals significant user dissatisfaction with the majority of VPN services, showing that 89% of VPNs globally fail to meet user satisfaction standards. This revelation comes at a critical time when digital security is paramount, and the demand for reliable VPN services continues to rise.

The Importance of User Satisfaction in the VPN industry

According to industry statistics from Global Market Insights, the global VPN market size was valued at USD 45 billion in 2022 and is estimated to grow at a compound annual growth rate (CAGR) of around 20% from 2023 to 2032. Driven by the growing instances of cybercrimes and data thefts, coupled with the increasing proliferation of wireless devices and digital infrastructures across industries, user satisfaction remains a critical challenge for many providers. High user satisfaction is essential for customer retention, brand reputation, and long-term success in the competitive VPN market.

“User satisfaction is the cornerstone of success in the VPN industry. In a market flooded with options, it’s the real user experiences that set the leading providers apart. VPNScore helps users navigate this complex landscape by highlighting services that excel in meeting user expectations,” said Muhammad Saleem Ahrar, COO of webAffinity, the team behind VPNRanks.

VPNRanks is a leading VPN review platform that leverages sentiment analysis to provide comprehensive and unbiased reviews of VPN services. Its VPNScore is based on an AI-driven analysis of publicly available user reviews. The platform aims to simplify the process of identifying the best VPN provider tailored to each user’s unique needs.

VPNRanks Untangles Complex Findings on Key Features

VPNRanks evaluated four key features — ease of use, ease of setup, ability to meet user requirements, and quality of support — to identify the VPN companies that excel at customer satisfaction. To determine a final rank for each metric, VPNRanks combined a popularity score, which contributed 20 percent of the total, with a satisfaction score, which contributed 80 percent.

The study sifted through reviews on 93 paid VPN companies to determine the top providers. The VPNRanks report, issued in June 2024, provides rankings for each key feature and overall customer satisfaction. ExpressVPN achieved the top VPNScore — 6.29 out of 10 — for overall satisfaction globally. The next four top companies in that category, listed in descending order, are PureVPN, NordVPN, PrivateVPN, and Surfshark.

By assessing a variety of categories, the VPNRanks study reveals the challenges users face when trying to identify the best option to meet their needs. For example, NordVPN received a nearly perfect popularity score of 9.46 out of 10 but only a 4.7 satisfaction score. PrivateVPN received a satisfaction score of 6.69 out of 10, which rivaled ExpressVPN’s score in that category, but received a popularity score of only 1.23 out of 10.

The global rankings for ease of use illustrate how challenging identifying a quality provider can be. VeePN received a very high satisfaction score of 7.18 out of 10 while receiving a popularity score of less than 1 out of 10. The findings reveal a gap between user experience and market penetration that can effectively keep the best option hidden from the consumer.

The VPNRanks report gives users insight into satisfaction and popularity while providing a balanced assessment via its VPNScore. “Users should choose based on their priorities, whether it’s user satisfaction, market presence, or a balanced option,” the report states.

VPNRanks Shows Providers How to Become More Competitive

In addition to serving as a guide for consumers, VPNRanks also maps out a pathway for VPN providers seeking greater market share. The VPN providers that consistently appear in the top spots on the VPNRanks charts are those that have achieved a balance between popularity and user satisfaction. Those who neglect one or the other cannot keep pace with market leaders.

The report explains that those with high satisfaction scores but low popularity “might be well-loved by their users but need to increase their market visibility to compete more effectively.” Achieving overall success in the VPN market requires balancing user satisfaction with market presence, it advises.

Conclusion

As the need for VPN services continues to grow, businesses can expect to see more providers enter the market, making the task of identifying the best option more difficult. The insights VPNRanks provides stand as a timely beacon, guiding users to providers who can satisfy their needs and support their operations.

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