In this podcast, Dave reveals one of his greatest passions- working out!
He’s never been a jock, but he has put a ton of effort and resources into staying in shape. Since moving to Minnesota, he’s invested in products from Beachbody, the makers of P90X, Insanity, and T25.
Have you ever felt like you never got the financial education, the business education that you wanted? Many physicians feel this way and with all of the time spent on training and residency, it’s not surprise.
As he’s reflected on these exercise products and their business and their marketing, he extracted 3 practice building lessons that physician can apply from Beachbody.
The first lesson relates to media and how you can utilize the most powerful component of Beachbody’s marketing without spending the crazy amounts of money that Beachbody spends.
The second lesson is about the journey, the transformation that I’ve rarely seen physicians utilize.
Finally, the third lesson is about becoming a rockstar, a celebrity and how to charge premium prices in spite of reimbursements declining.
What lessons have you learned in business? What have you taken away from Beachbody?
How are you planning on growing your practice? How are you going to position yourself to receive premium prices and fight back against reimbursements?
(Note: I outsource transcription efforts, please forgive in advance any grammatical errors. I just simply don’t have time to review it all)
Welcome back to the freedom formula for physicians podcast. And may the force be with you. Welcome to the freedom formula for physicians podcast with all about slashing your debt and taxes and creating a liberated lifestyle. And now, your host, with the love of fantasy books and funk and the hatred of running more than three miles; Dave Denniston.
Hey welcome back. So glad to spend some time with you today. Well you guys may not know but I love to work out. And one of the things I have done for the last two years with having two kids; time is more than ever at a premium. And I hate it hate it paying money for gym memberships. As a matter of fact I haven’t had a gym membership in 012 – 13 years.
It`s been a long long time. So I like to run I will like to get on the bike but here in Minnesota is so cold there is no way that I may be going outside running in 20 degrees, 30degrees, negative degree weather. So I instead invested money in insanity and in T-25. And these are all produced by this company called Beach Body. And I think there are three business lessons that every business man and every practice should preach.
And I know one of the big things as a physician you never went to business school, none of these stuff ever got taught. So I would like to extract three lessons from Beach Body that maker of P ninety x, the maker of T-25, the maker of insanity because they do a wonderful job of marketing and understanding business.
Now the first thing you guys that you notice is how they buy media. For the most part they spend millions and millions of dollars in TV Ads. Whether it`s insanity or beach party or scanning programs; they are in all kinds of stuff and they mostly do infomercials.
Now during those infomercials, one of the biggest things for ?? that I almost never see physicians use are testimonials. And the testimonials are filled with men, women. And they are usually targeted for very specific purpose. So as you think of who is your ideal patient? Who do you love dealing with most? Are they young? Are they old? Are they in-between?
I think more of us can really specialize in doing what we do especially if you are in private practice you really want to have a good idea who are your ideal customer avatars? And you want to build your testimonials around those avatars.
And number two lesson that I would like you guys to think about is showing transformations or telling stories. So how has this person changed since having you in their office? How having a ?? beach party that focusing on weight. They are focusing on a body image. They are focusing on how this person is transformed and how there is so much of a person with better energy and all that kind of stuff.
And I think more physicians` offices can focus on that and really build a great client base who just loves them and doesn’t just see them as another doctors. They are not just seen as a customer but as a client. And the third thing that I think physicians could learn a lesson from is the whole way that beach party terms these fitness professionals into celebrities.
They are no longer just the regular trainers, they are something else. They are something special. Can you imagine the place that now all these guys at the beach charge thousands of dollars per hour probably for their time they speaking of ??. the other income that they receive because they have been turned into a celebrity.
Because as celebrities people have fans, people follow them, people who will pay anything to spend time with them. And on top of that it allows beach party to charge premium prices for their products. They are not selling a 20 dollar DVD, oh no, they are selling a 180 dollar transformational system by the celebrity that you fill you get to know. So, I`d love to know; have you used beach party products? What lessons may you apply to your practice? Do you have restrictions that do not allow you to do these kind of stuffs?
I know for example being a financial advisor we can`t use testimonials it`s against regulations. But what can you do? Is there a way that you can use one of those lessons? Also I would love to hear from you how you are growing your practice? How are you going to position yourself to get premium prices in this era of EMRs and dealing with insurance companies that don’t want to get much in the way of money. Well thank you so much for listening I look forward to hearing from you. This is Dave Denniston with the Freedom Formula for Physicians Podcast. Have a good one.