The 7 Qualifiers You Need To See When Picking A High Ticket Medical Niche
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While it’s easy to just pick a medical niche out of a hat and run with it, there’s a proven method to picking a viable niche that will greatly increase your chances of success.
However, one of the cornerstones of choosing a viable niche is to run the medical niche or sub-niche through the following ten qualifiers:
Qualifier #1: The medical niche must have a high dollar amount lifetime value.
When it comes to medical services, the prices can range from $20 to $200,000, so it makes better business sense to focus on high ticket practices. Obviously they’ll have much less price resistance.
Your goal is to focus on medical niches that have a patient lifetime value is $2,000 or more.
That will also most likely eliminate 99% of practices that specialize in general massage therapy or acupuncture and most day spas that don’t have board certified doctor(s) on staff.
Qualifier #2: There must be a reasonable belief that there’s a large pool of potential patients in your target market’s area.
When I was newbie consultant I never used to consider this qualifier, but as I worked with more and more clients, I realized that it’s flat out stupid to not take this into consideration.
After all, if my local client’s geographic service area can’t sustain new patient growth, then no matter what I do, it will look like my marketing won’t work.
That’s why you at a minimum you should take a look at demographic and psychographics of your niche’s target market within 20 miles (preferably less than 10 miles) or less of their service area.
Qualifier #3: The practices in the niche must offer multiple high ticket medical services that you can build marketing campaigns around.
This isn’t a real issue for most practices, but there have been several times where I’ve attracted a influx of small limited procedure boutiqe practices.
And it was a real uphill battle to get patients for the practices and eventually upsell them on additional marketing services because they only offer one or two medical services or procedures.
But while I want the practices to have multiple medical services/procedures that I can get patients for, when I first started I had no real appreciation for how much work is required to target 3 or 4 target markets for my clients.
I just thought I’d throw up a few ads, create a few squeeze pages and call it a day.
Boy was I wrong.
Each type of procedure and target patient requires an extensive marketing campaign with it’s own language, triggers and sales copy.
But don’t make mistake of lumping all of your marketing services together into one price for targeting all of your client’s target niches.
Meaning that you should price each one of your marketing packages around “one” type of target patient.
Each additional patient type will result in a price increase to add-on marketing services targeted towards that patient.
This might not seem like a big deal now, but you’ll thank me when all of a sudden a $1,000 per month client turns into a $5,000 a month client after 90 days.
Qualifier #4: The niche must have long-term treatment plans that result in patients coming back time and time again.
It’s one thing to fill a doctor’s appointment book for the week, but it’s a entirely different thing for you to provide the practice with a patients that visit multiple times each quarter.
Your ultimate goal is to build your consulting practice on clients who recognize that you can get them long-term patients.
But it doesn’t happen by accident. It’s intentional.
You must actively seek out and target medical practices that tend to have patients who need long term treatment plans so that you can build patient reactivation campaigns into your marketing service offers as well.
Qualifier #5: The doctors in the niche must already be spending money on marketing and advertising because they believe in marketing their practice.
If the majority of medical practices in a niche aren’t advertising, there’s probably a legitimate reason for it.
Most likely they’re built on referrals of some sort.
Their referral base might be insurance related or they might just have a big enough patient database that they no longer have to do much marketing.
However, the point is this:
If they don’t currently do any marketing or advertising then I wouldn’t waste much of time digging much deeper into the niche.
It likely won’t work out for you.
Qualifier #6: You must be able to provide marketing services that consistently deliver results for your clients while allowing you to charge high ticket prices.
Let me shoot straight with you here:
If you don’t know if you can deliver results for your medical clients, then you shouldn’t even dream of targeting the medical niche.
This niche is not for the faint of heart and you will be surrounded by alpha males who have over a dozen years of formal education so they’re smart enough to spot BS a mile away.
So you need to be able to deliver results.
However, because you can deliver patients that result in tens of thousands of dollars in revenue and profits, you have to be comfortable charging $1,500-$2,500 to start and up to $5,000 or more.
If you can’t mentally cross that threshold, you need to deal with that asap.
Qualifier #7: There can’t be a ton of consultants or several big-time consultants in that niche.
One of the biggest clues that you might want to hold on targeting a niche is if there are alot of marketing consultants already in the niche or if there are several major consultants in the niche.
It’s not that the medical niche is not worth the time, it’s just that unless you can really standout with your marketing message, it’s going to be hard to get traction.
No sense in wasting months of time and thousands of dollars in a niche where everybody is always beating you to the punch.
Now just to be clear, a medical niche may fall outside of two or three of these qualifiers, but the goal should be to find medical niches that meet all seven of these qualifiers.
After all, this is about putting yourself in the best position to succeed in a high ticket medical niche.
