A New Business Line
Our year 2 projections have us at 83,000 wellness patients, which we want to grow as a mailing list to 100,000.
To do that we would use Facebook and google lookalike audiences and set up a daily email linked to a 3min youtube video showing an exercise a day that can be beneficial to maintaining flexibility, mobility and functional strength.
In addition to using lookalike audiences, I would advocate our chiropractor work closely with personal trainers, psychologists, dieticians etc to cross-promote each other’s mailers.
If focus and energy are applied here, it’s not unreasonable to assume that we can get our 83,419 wellness client list up to 110,000 over 2 months (that’s +/- 500 a day). The majority of these will come through cross-promotion with other providers and some will come from our advertising and lookalike audiences.
Once the audience is at the 100k mark, I would recommend introducing a digital membership platform that was around $50 per month. Month 1 our owner would have been busy with cost reduction, so let’s say we get to this mark by the end of month 2.
Shoot 2 in-depth videos a week (approx 45m) and upload this to a membership area and host 1 live call a week to answer questions.
Marketing would be something like “not everyone can get access to the adjustments that a chiropractor can bring. But our digital platform can keep you mobile and flexible during lockdown”.
I’m going to assume a 1% conversion rate, although I think this can be much higher if the client relationships have been nurtured correctly over the last 2 years.
To set up the email platform, marketing automation and membership site I would estimate you would spend an additional $10,000 (+ $1,000 per month), but your revenue could look like this:
1,000 customers * $50 per month = $50,000 per month
Now, you won’t access all of the $50k per month on month 2 as it will take a while to grow, but you will get there before your runway ends. The best part? Those staff members we didn’t furlough can do those videos for you and the majority of the work in sending the emails will be automated.
Suddenly, the future is looking a little better! We’re able to reverse the pay cuts to the staff within the lockdown and revert to our full expenditure of $47k per month by month 5. Essentially, we’re back in business but only increasing our cash reserve by $1.5k per month. That isn’t comfortable enough as we only have 1 month of cash in hand.
Lets see how we can use the lockdown to dramatically increase the business going forwards.