Converting leads into paying patients is the lifeblood of any practice, yet this process is no easy feat. The process of lead conversion can be complex and time-consuming, but it’s essential for practice to get it right if you want to thrive.
There are a number of different strategies your practice can use to convert leads into paying patients. While some of these strategies may vary depending on if you are a dermatologist, med spa or plastic surgery practice, there are several principles to follow to maximize your success.
In this post, you'll learn the following:
In marketing, lead conversion is the process of turning a lead, or prospective customer, into an actual customer.
The term “lead” can refer to a person who has shown an interest in your product or service in some way such as through an online form, sign-up or phone call.
Practices can calculate their lead conversion rate (LRC) by taking the number of leads and dividing it by the number of conversions and then multiplying the result by 100. The formula for calculating your lead conversion rate looks like this:
LCR = (Total number of conversions / Total number of leads) x 100
Using this formula, if a practice has 100 leads and 10 conversions, the lead conversion rate would be 10%.
While closely related, your lead conversion rate is not the same as your close rate or lead to consult rate.
Close rate is a measure of your sales performance after the lead has a consultation. For medical aesthetics, your close rate can be calculated by taking the number of conversions and dividing it by the number of booked consultations and then multiplying the result by 100. The formula for calculating your close rate looks like this:
Close Rate = (Total number of conversions / Total number of booked consultations) x 100
While your close rate is incredibly important, most practices struggle with their lead conversion rate since getting leads into your practice is often the hardest part of the entire patient journey.
Lead to consult rate is a measure of your marketing performance after the lead has a consultation. Your lead to consult rate can be calculated by taking the number of booked consultations and dividing it by the number of leads and then multiplying the result by 100. The formula for calculating your lead to consult rate looks like this:
Lead to Consult Rate = (Total number of booked consultations / Total number of leads) x 100
If your practice isn't meeting these benchmarks, your sales process needs to be improved immediately.
Generating a CoolSculpting lead is only the beginning. The next step - converting the lead into a paying patient - is the hardest and most important step in the process.
If your lead response time is longer than 5 minutes, it could be costing you thousands (or millions) of dollars per year. While this may sound dramatic, a study conducted by the Harvard Business Review found that sales teams who contact leads within an hour are 60x more likely to qualify and close the lead than companies who contact the lead within 24 hours.
Every minute that a lead isn't followed up with is money down the drain.
Going back to the HBR study, 74% of sales teams don't meet the 5 minute follow up rule. This means that there is a huge opportunity RIGHT NOW to implement this principle in your business to outpace your local competition.
Automated lead nurturing has a lot of benefits, some of these include:
Developing these complex lead nurturing automations can be expensive, time consuming and complicated. At Dewy, we provide our customers with a turn-key lead nurturing solution. This includes writing all of the sales copy, designing the emails and implementing everything into advanced workflows that nurture your leads for months after they submit an online form.
Top practices live by the following saying: "Follow up with leads until the buy, die or unsubscribe." You've already spent so much money generating the lead, so nurturing them over 12+ months can ensure that you're maximizing your ROI! With the combined investment of your website, Google/Facebook ads and other marketing fees, generating a lead is extremely expensive. Consistent follow up ensures that you are maximizing return on investment (ROI).
Just because a lead isn't responsive right now, it doesn't mean that they are not qualified or won't be interested in the future. Common reasons leads are not initially responsive include:
Don't let these reasons discourage you! If you consistently follow up with leads, you will see conversions.
It is essential to consistently follow up with leads at least several times per month until they explicitly tell you that they are not interested.
Keeping track of all of your leads can be extremely difficult, however, staying organized is an essential key to increasing your lead conversion rate. Using Dewy's lead management pipeline, you can categorize your leads into different buckets based on the following parameters:
One of the biggest reasons that people don’t book is because they don’t know how to! This is especially true for new patients and people who are new to medical aesthetics. One of the easiest ways you can increase your lead conversion rate is by outlining the steps a patient needs to take and by making scheduling extremely easy. You can make scheduling easy by:
Many moving parts are involved in lead conversion, and if you’re not organized your leads can easily fall through the cracks. Dewy CRM provides your team with one centralized place to track and manage leads so you can take control of your lead conversion process.
Teams can better collaborate on leads, set follow-up reminders and track conversions all in one place. Plus, Dewy has an intuitive, user-friendly interface that can help teams spot patterns and optimize their process over time. Try using Dewy today and give your team the resources they need to convert more leads!
Get a personalized sales strategy and onboarding call, a custom lead nurturing funnel and full access to Dewy for 14 days.
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