Something To Consider Before Selling Your Veterinary Practice...
Times are a changing in the veterinary industry. Veterinary groups are purchasing independent practices at astonishing rates, and it is no secret that a financially healthy practice will demand a higher price than one that is less profitable with flat revenues. For the independent practice owners that are not interested in selling their practice, they must now consider how they will compete against practices that are corporate owned, have "deeper pockets" and access to more marketing resources.
Although both scenarios seem challenging and maybe even impossible to solve for, there are solutions. One of the quickest ways to drive incremental top-line revenue is to establish a membership based rewards program. This type of rewards program will bring in membership fees and deliver up to a 30% revenue increase for your hospital.
Once a member and an active participant in the program, your client will no longer be distracted by your competitor's (with deep pockets) direct mail campaigns, social media ads, google ads, etc. As they become more ingrained in the rewards program, their spend and loyalty with your practice will continue to increase, and they become advocates of your practice. As we know, there is no better way to grow our business than word of mouth! Loyalty has been rewarded!
If you would like to learn more about MBF Loyalty's reward program or see a demo with real life results, please CLICK HERE to schedule an appointment with one of our business consultants.
Posted in Blog