How to Diversify Your Chiropractic Business for Multiple Income Streams
As is evidenced by the COVID-19 pandemic, operating a healthcare business has changed. If you’ve experienced a decrease in client volume at your clinic or a rise in cancellations, you’re not alone. Some clinics and wellness centers even had to close down completely.
The good news is that there’s a lot of growth potential in the chiropractic industry. Research has shown that the sector is expected to grow at a compound annual growth rate of 4.32% until 2025.¹
If you’re looking for a sustainable way of staying in business and increasing your profitability, diversification is one of the best strategies.
Chiropractic Business Diversification Tips for Increased Profitability
Business diversification allows you to provide your clients with a variety of services to choose from. This then boosts your business profitability and enhances your brand image. It also gives you a cutting edge over your competitors.
Chiropractic clients are now looking for convenience. They want centers that are like a one-stop shop for all their wellness needs.
Here are 4 effective ways you can diversify your chiropractic business.
Integrate a Cryotherapy Unit
Chiropractic centers and cryotherapy business startups are complementary businesses. Both services have been known to ease chronic pain. Thus, this makes it easy to integrate cryotherapy into your practice as a complementary service.
The best part about this diversification strategy is that you won’t incur a lot of startup costs. You only need a cryotherapy machine, and you're good to go!
Offer Exclusive Membership Services
Clients love exclusivity! In fact, studies have shown that over 60% of millennials make purchases within 24 hours due to the fear of missing out.²
Offer your clients subscription-based exclusive services to enhance your chiropractic business profitability. This will also increase your customer loyalty.
Some of the exclusive services you could offer include;
Discounted bundled-up treatment plans.
Mobile/at-home chiropractic services.
Access to special offers and discounts.
Priority during service bookings.
Write E-Books and Host Webinars
Offer your clients more value by sharing your unique insights through e-books and webinars. What are the best home-based treatment alternatives? How can they ease their pain before they get to your office?
Identify the main challenges your clients are going through and then provide them with useful tips. Make sure you price your e-books and webinars fairly. You should also use marketing strategies such as offering discounts to the first buyers/subscribers.
Offer Professional Speaking Services
Event speaking is an invaluable marketing tool. This is especially true when it incorporates on-site chiropractic evaluations. Consequently, it shows your industry dominance and provides potential clients with a “taste” of your services. Public speaking also increases your business’s brand awareness which is critical to your bottom line.
Therefore, find out whether there are community fairs that you could participate in. You should also consider healthcare centers that are willing to partner with you.
Leverage the Power of Chiropractic Business Diversification Today
Your chiropractic practice has massive potential, and the only thing holding you back is your market reach. Subsequently, there are many clients out there, and you just have to find creative ways of reaching them.
The above strategies will increase your revenue streams, enhance customer loyalty and increase brand awareness.
Founded on facts: for peer-reviewed articles, scholarly journals, and articles cited above please see the below sources.
U.S. Chiropractic Market Size, Share & Trends Analysis Report - https://www.grandviewresearch.com/industry-analysis/us-chiropractic-market
25+ Powerful FOMO Statistics to Skyrocket Sales (2021) - https://optinmonster.com/fomo-statistics/
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