How I'd Turn One Event Into $2.5 Million | Ep 1000

My name is Oscar Mosey, and this is scale for fail. All right, tell me about the business. I'm Dr. Ziedostee MD. I own precision health concierge medicine. The business was in business for 18 years before I purchased. I've owned it for the past 18 months. OK. So when we purchased revenue was around 1.8 million. We've grown it to 3 million in the last 12 months, profit of 600K, excluding my comp. What comp took? Last year, it was about 300. And this year, I'll be a little bit more than that. And then three year revenue goal of $15 million. Cool. How do you get customers right now? Right now, most of it-- well, it used to be mostly where a mouth and over the past four months or so, it's switched to SEO. Yeah. So originally, we had a rough first year issues with the seller and then issues with marketing. So we knew that marketing was a big bottleneck. And so we went out and we interviewed five. And we hired one. And $50,000 later and no progress. We ended up firing them. And I went on the website. I did all this myself. SEO turns out on the back end was trash. So when we finally found somebody to fix it, they started actually doing their job. And SEO converted really well. So what's stopping you right now from scaling? It's mainly the marketing piece. We're just not that good at it. It is interesting. The $55,000 on a bad agency. And what you were saying earlier about this motherfucker. That's because I see that. And I'm just thinking, yeah, it's cost-a-do business. I wouldn't even-- That was the lesson learned. Yeah, but it also doesn't mean agency suck. The next one you work with that worked fine, it's just part of the game. You have margins so that you can try out a couple until one works. What are things going to get in the way of scaling for you? The landscape is changing pretty quickly. And if we are not doing it correctly, it can fall apart pretty quickly. The technology aspect, just from when we started, the technology has improved so rapidly. If we don't do it properly, every practice that we go into that we don't do well could cost us months to a year or whatever that is, when we're small, and the competitors are going to eat us up. OK, do you not agree? I'm all for having a lot of urgency. I think people are going to keep getting sick for a long time. Yeah, and if I were to bet on industries, I think health care is fine. They're like, which ones are going to get disrupted? They're going to have more time to themselves. And I think there's also a high end component to this, which is like you're servicing people who have money. And I think generic health care will change a lot with AI, your GPs, your general practice rules, et cetera. People will always be willing to pay more. There always will be a slice. All right, well, let's sit down and figure out a skill. Let's think. OK, so I really think there's-- call it three real things to cover. And that's kind of it. So the first is, how can we speed up the referral machine? And so the question is, right now, what are you doing? Obviously, you're getting word of mouth, but what are you doing in order to lubricate or facilitate it? So we need to do more open houses. We did two. The one open house, we offered members a $500 credit for both the member and the new sign-up. And then we did some raffles, gave some people some free stuff. So we introduced them to some of the aesthetics. I love the giveaway. If you want to have way more people participate, just give a year of the service away. Just a full year of your optimized health. That would be my grand prize. The second place prize, in the way and thinking about this, is we want every referral to have a great reason to tell a friend. For the customers that you have $500, probably makes no difference. They're probably going to refer you anyways. And you're just asking is what facilitated it? But to make it so that it's social capital positive, rather than neutral, it'd be better to do either. Your friend gets some real treatment. Some actual thing that's like a body optimization, whatever, or the six month supplement thing, or that. Or you both get it. As if you were for a friend, you get this treatment. The stick is that it's a $1,000 or $2,000 type ticket. But your cost on this can be way less than that, obviously. It's just a way better reason to come in. Right. And it's only for referrals. So it's not like we're running that as ads. You just have like Tom Dick and Sally coming off the street who are like, oh, I heard I got a coupon for it. I guess that what you're looking for. But it's like anybody who's in existence, it could even be a perk to me. Kind of like a gym. You can have bring a plus one, that idea. But if you are, call it, you have our 5K membership. You get five times our $2,000 one-off treatment or $1,000 one-off treatment that you can give to your friends and have them come in with you to do it. To me, that's like a much more compelling offer. And then what this does is that it allows you that at every touch point, we can ask them about it. So it's like we have the immediate close, right? So this is kind of point number one that you can make it. So you just closed them, you're like, hey, by the way, a lot of people like to do some of these treatments together because it's a lot of fun. And so because you're now one of these members, you're going to be able to bring a friend with you at each of these four instances. And so whenever they book it, ask what friend they want to bring. - Like that? - Yeah. It'd be a great way because our aesthetics business is pretty much completely untouched. And so that would be a great way to do it. - It's easy to do, and like one of the people who are investing in that typically, they're strong crossover. The second is, is there, what moment are people like? - Whoa. - Like, what is that while moment in the patient journey? - It's a little bit different for everybody. So like, you know, the average 50-year-old guy who thinks he's perfectly healthy, and he comes back in in four or five months, and he's like, dude, I haven't felt this good in years. And I'm like, yeah, it's because you didn't know you were feeling like crap. - Yeah. - Now that we've actually fixed all these things, or like, you know, the 80-year-old patient who, you know, lost a bunch of muscle mass and could barely walk. And now that we've used whatever treatments we have, and they're like, wow, you know, I actually got my independence back. - Do you do love that? Do you do what cadence of touch points do you have with patients? - The older demographic usually starts out at a much higher cadence. I like 60 days, and then 90 days, and then we-- - Check it out. - As we optimize, we kick it out, and then younger people. So like, if you signed up for it, you'd come in for your labs, you'd do your VO2 max testing, you'd do your nutritional analysis, and then 30 days later, you show up, you'd come in for your one-hour point move. - Is candy good on my nutritional analysis? - 100% perfect for all of that. - I love that for you. - So, and that's the thing, it's personalized medicine, right? So you do what you want. I just give you the information. What I'm trying to identify by asking the question is, if there is a universally, they're gonna feel much better at day 90. - And then get the report right. So it's like maybe 90, because it's-- - 90 days is a good spot. We have actually already kind of solidified on that 90 days that we're going to start implementing. - So we have one at our close, this is our offer. We have our 90 day, and for me, I would want this to be a band-fam process, meaning every one of these kind of meetings, we set the next one. And then we say, "Who do you want to bring with you?" And so it's almost like assumed that you're gonna bring someone with you every time, 'cause that's how we do it. And we've also, and I'm sure there's tons of research so you could back it up that people who do healthy things together are five times more successful, blah, blah, blah, blah. - Right. And so this is evidence back, which it is. When you do things together, you will get way better benefits. So like, I'm doing this as a practitioner. This makes sense. - A lot of times that's how we get family members. So wife signs up, we get husband signs up, we get wife. - So the third is, you have a newsletter, correct? - Yes. - Okay, so what's the CTA inside of your newsletter? - So we are, we're very low pressure, right? So we don't have calls to action. I'm realizing now, as we're further in it, that I truly do now feel that our product is so good that more people should know about it. And so we're not afraid to ask people. So I have not thought of putting a call to action in the newsletter yet. - This is what I want you to do. - PS, perfect. - Very simple. - It's very, it's not in your face. It's just like, PS, this quarter, we're running a, you win a year of our premium VIP service from any of your friends and family. And so if you want to enter, and anybody who enters automatically gets, that no matter what. To me, that's like pretty compelling. Because they're doing their friend a favor because they're getting this no matter what. But then the friend is really excited and for this big giveaway. And the nice thing with giveaway specifically is that you can tell everybody what the price is. So there's no sticker shock because when they come in, and then we offer, like they come in, one person wins the 20. But then everybody else, you're like, great, you can do the 5K or the 10K or whatever else. And I think you doing the drawing at, if you do that raffle thing that you do, like once a quarter, you do one of these to the list, that'll probably in and of itself generate a lot of business. - Yeah, okay, that feel okay, okay. So this is kind of like the referral engines. We needed a referral offer, which I think this feels okay. This BAMFAM approach of like, you're gonna get five of these called coupons, not coupons, we wouldn't use that word. But like every one of these five treatments, you're going to have the option of bringing somebody else with you because of all the evidence reasons it just said. So who do you want to bring with you next time? 'Cause now we're not asking for referrals. We're just saying who do you want to bring? It's just much easier, yeah, okay. So the second. element of this beyond the referrals. Walking through the sales process. Now since we have the sales the marketing person in house she handles all of the calls. And so she does her script about what our office is and then she finds a 15 minute time on one of the physician's schedules. So there's a phone call first. Right and this is the marketing girl takes this. Yep. All right. So this is set. All right. And then they come in person or they go zoom. For the most part it's zoom. I would say about 10% come in person. Interesting. Okay. And then the zoom is with the dock. Well, the zoom is with Haley. Marketing again. Yep. Marketing. So this is dock plus her. Okay. Got it. Know what? They either sign up for they don't. And so the call? Yep. And so if they want to come in to do a little bit more discovery they'll do they'll do a walk around with Haley. And then they'll decide whether they want to sign up or not. Got it. So I get I call in. Hey, this I need my health to be not stuck sucky. She says great. Let me see if I can find a 15 minute slot on Dr. Z. It's calendar. And then she you see a 15 minutes lot on your calendar. She takes she hops on the zoom. She says, okay, let me go get him. She gets you. You hop on you say, hey, I think you should buy some shift from us. And then the person says, yeah, that could be interesting. And then you're like, Haley will take care of the rest of the business. And then you hop off and then Haley closes the sale. Yeah. Effect effectively the what not effectively that effectively why they want to speak with the physician is because they want to know what we're going to do, right? Because what we're doing is a little bit different than most other physicians. And so they want to take the time to understand if we actually do what we say we do. And so it's kind of building confidence for the patient like, hey, we're going to do all these things. And we know what we're doing. Okay. Great. So after that, they then come in person. Yep. Okay. So they get onwarded in person. And then at this visit, that's all onwarding. Do they get any treatment? So what we do is we have instructions for fasting labs. Based on that first call, we've analyzed what type of labs we want to run with them. So we do labs here. Okay. Got it. And then then they have a in person meeting with the physician 30 days later. Got it. So to me, this looks like a warm process, not a cold process. Because someone just getting on the phone, having a phone call in 15 minutes to 10k a year, they've got to know something about you, most likely in order to make that purchase here. This will work for the style that you were doing right now. The closures are fine. Like if you were running Meta ads or search ads, it would be unlikely that we'd need to put more friction in the process in order for this to work. But I'm not necessarily sure that that would be my immediate recommendation. And so if we're looking at the demand side of the business, further this way, I think basically you should probably have an event-based marketing strategy, rather than ads-based. Not to be clear, not that ads-based doesn't work. It does. I'll give you two adjacent strategies that you can do in sequence rather than a true, like, rather than what I would consider a traditional call funnel, which I don't think is the strategy here. So number one, is you did one event, right? And it was honestly lackluster in your ability to do the main thing that would have mattered for the event. And so like, I think there's a world where you could have spent $10,000 and made like 400, instead of whatever you made 70, right? So in that world, it's like, how can we do one a week? Yeah. No, I guess that's really my question. Is there anything that prevents you from doing one of these per week? Because there's for sure events. You're in a big enough city where you're in Sarasota. There's probably a health or wealth or business-related event every week, for sure, and probably more. And so I would take that as my primary kind of like paid strategy is you bring the big machine that you got and you do the expensive scan, which is normally $500. I don't know. What is it normally? So realistically, we could do like 150 bucks. Okay. Actually, there is another machine that we're going to buy that people are literally driving across the state. Right. And people do pay $500,000 to use that machine. Is it something that people would get more than once? Oh, yeah, you do never six months, especially once we put you on treatment to analyze. Okay. So then I would say I would still do a giveaway at the event, which is a year of scams, right? And I'm trying to think like maybe call like a year of digital health, because once a year of scans, right? So it's like a year of integrated health, same big idea of giveaway. And I just wouldn't be afraid of like, this is marketing. We have to be willing to give things away and know our math. The first time you do it, you're afraid of that you're going to give one client away, but you got 475 patients. It's not going to make a difference to the business. And so it's like, I would be wanting to give away the 20k thing, because what's that going to do? I get to talk about it to everybody, but it's like, it's not it's not a it's not a pressurized sale. I'm like, this is what we do for our VIP. Enter here in the meantime, go get a scan right now. You're going to have a line. That's what I want. I think what I would do is I'd have my scan is I would have people watch a VSL and send an appointment for later that day for a close. You just will have you need some separation. So if there's any is there any part of this process where there's some kind of baked in five to seven minute wait at some point. The scan itself will take 20 minutes. Okay. Can they watch something while they're getting scanned? That's true. Yes. Okay. Great. So we do scan plus VSL at the same time. So that they understand what's going on, but the whole time they're being sold. And then right afterwards you can have those close meetings. You'll know immediately if it feels too fast. If it does feel too fast, I would just set the next appointment and add a VSL in between. That would be it. So like V1 test is scan plus VSL straight to close. The V2 of the test is for some like you'll get a vibe if you're like people feel like this is too fast. Then V2 is scan plus VSL and then we do appointment as our next meeting. And then before they have the appointment either VSL and you close. It's still two appointments. I'm just saying you may schedule it here. Okay. So I would just say like can we do one of these per week and from a scaling this perspective, every practice that you have, there's going to be events that are going to have high net worth individuals that are older that are going to be attending. And it doesn't really matter. Like you could go to a cigar, but maybe they might have them. I mean, hey, there's people who likes cigars who also still want to be healthy. Yeah. 100% we could bring in a free thing. Yeah, exactly. So I think this would be my strategy. Big giveaway. Everybody gets a scan. While they're watching the scan, we then set them up for a close. If not, we schedule and then meet up the next day or we can use them afterwards either way. But this is going to be monsterly gendered the events. The second, which is the even more scalable version of this, which honestly, you could probably do this and get your 15 million, which I like has to take to even bring up more, but we're doing it for people at home. Like you said, you have a partner that's in wealth, financial advisor stuff. So one of the most common for like a high trust sale in person events and workshops work better than just about anything. Yeah. And so you could do a one day full health thing that includes this scan and maybe one other thing that's baked into the ticket. And then you just talk about your stuff and it could be a half day. It doesn't really matter. It's kind of like the diabetic dinners that you might have heard of that kind of world. It's the same idea. And then I would probably meet with them in person to close. Yeah. And so your lead gen is basically ads. So this is where this is where like meta, this is where a meta ad campaign would be like more valuable. But you're going to have to sift through the crap, but you also have the ocean to go after. So that's a bit of a trade. But I'll just walk through this. This is for sure what I would start with on the demand side. So we run meta ads. It goes to the one day workshop, name it whenever you want. One day workshop with the, you know, you know, $500 in scans, whatever. You can charge money for it. You can have it be free. It's probably better to charge something for it. They get $99 just so you get a little bit of refresh out. You also have a card on five, which makes the clothes easier. And then from there, then I would just book all the in persons. And then at the in person. And then how he does the close. And between here, they watch a VSL before they come in. So it's basically ads, pitch one schedule, pitch two, the VSL in between. So if we're looking at big picture, what this hits overall, the big meta thing is the attraction offer that you're going to use as a giveaway. That's going to be to get referrals. And then the bamfams, the booking meeting from meeting every time that they have their treatment, we should ask them if they want to bring. And that's one of the big benefits. And then we peel them off and we run the sales process because they're going to be warm. Anyways, the existing process will work newsletter at we add our PS. And then we add our our 90 day, you know, checkpoint as well. But I still think this is going to do the majority of the work, which is every single time they have a meeting, ask who they're bringing with them. And that's one of the main benefits of working with us. Now you can't bring the same person twice. But you can bring anyone you want because the marginal cost is nothing. And if you convert a third, it's like who cares, right? Sales process, I'm not going to mess with. This is what I think is going to be the big thing on the demand side. And you already know how to do this. And so it's really just how many events can we do. And so I would just challenge you to be like, can we do one a week? You'll close a year's worth of income every every month. I mean, that would be incredible. Yeah. I mean, if you have a 300 person event, you could probably with that kind of offer get scans on a third of the people there, get 100 scans. If you convert 25% of people who get scans, 25 sales. Yeah, it'd be nuts. Right. It's two and a half million in an event. And LTV, yeah, it'd be nuts. Who cares? And to be fair, what I'm you seeing 'cause I look at a lot of businesses. The people who are running this model are printing right now and so the numbers are insane. And you have unsophisticated business owners, which healthcare professionals tend to be, even the entrepreneurial ones. And it's just 'cause most of them, the reason I laughed at the $55,000 thing is it's like, there's a curse of being a physician and I know there's having three physicians in my family, is that because you started in business, trading your time in the beginning, there's a tendency to think in small numbers and there's a reason that like not many physicians actually scale their practices. Like by number of physicians versus scaled practices, it's a crazy ratio compared almost any other business. And so there's this trap of making a lot of money but not so much money. That's like enough money to be comfortable, like gold and handcuffs. And so they tend to be very risk-averse because also the type of person who gets in a medicine tends to not always, but is very risk-averse. There's also the world of defensive medicine and all that I want to get into. But all that to say, it's like that $55 brand who gives a shit, right? And then betting on this, you know, $10,000. So it's like, they want $50,000 to this event. It's like, yeah, but if we do a million bucks, we keep the shit. And we might do one and it might not work, but it's like, this is the game. And all we got to do is find one event. And then after we have that one event, we just know from every year here going forward, you're now in our permanent event calendar. And so the goal is we just get, we try out event, try out event, and then it's like every other, every third becomes a humdinger and you're like, great, this is permanently in the calendar. And every year we reach back out, say, hey, let's be a platinum sponsor, whatever. And then that becomes the marketing cadence and then you're gonna hit capacity really fast. - Yeah. - That would be the game that I would play. - I agree. - Feel good? - Great. - Any questions about that? - No. - I like this idea because it's kind of the way we were going, but this is a better way to do it. - Right. - So yeah, that's how I would do a skeleton. - Thank you. - Yeah, appreciate it, yeah. Easy. (upbeat music) - All right, let's look at the scaling room. Let's see where the practice is at right now. You're doing three million, right? How many people will work at the practice right now? - 16. - 16, okay. So you're gonna be in this phase into this phase so the product dies to optimize phase. So 10 to 19, you're in like kind of a director on what your title is, but it's probably medical director or something like that. Where's the CEO? - I'm the CEO. - That's right. - She's the head. - Lord of Lords. - Lord of Aussie, I kind of don't have a true title right now, basically the other founding partner he is, he's the medical director. So I'm kind of in this weird phase where I'm almost still part of the business, but I'm not. And so I'm trying to figure out what that role actually is, but essentially my goal is to try to help grow the business. - Cool. So if we're looking at this, this is where you have to graduate into the next level. So I'll just walk through this really quickly. But right now you're in the process of having this kind of supplementation in the aesthetics angle. And so like that's what you're building into increased LTP right now, right? That's the thing one. From the spending more niche down messaging with new offer. So for us, the new offer is going to be that giveaway, right? And that's basically the play here. Now the sales adds material. You're in process for the VSL, right? And basically building out this sales motion that we just went over. That's kind of like what we need to go, what we need to do to graduate from here. And then the CS playbook, the on-boarding, is this BAM/BAM referral process where it's like, okay, bring a friend every single time and that's the game that we're going to do to increase LTP on the back end. Now from like what are the problems that are about to hit, right? Quality is going to start coming in issue as you get more and more patients, especially as you get this machine turned on. And then you have new docs in that are in this experience, don't know you as well, et cetera. And so it's like how do we have incremental product improvements for the customer roadmap that we're on? You probably won't need to worry about the addison. Because we're going to be doing basically event-based marketing for now. So we just really just reach out to all we have to do there. But sales training is going to become a bigger issue at these events. And so it's like we're going to have to get better and better and more system highs at the sales training. Also means that like you're going to have to like coach Halley might have to coach other people to do it because there might be a world where you're doing two events a week or three events a week, right? And then I'm in a bet because you're at, you know, almost 500 customers, when you're at 1,500, you're going to see that there's some clear cohorts, cohorts. Yeah. And we covered some of this activation with that 30 and 90. But there's probably going to be a customer in there that's willing to pay 50 or 100,000 here. Yeah. And we want to give them the opportunity to do that, right? And so we don't need to worry about that now. But that's like what's coming around the corner and say that's where you're out in the scaling roadmap. And for anyone who's at home, we're offing down let this for free. Just typing information I'll tell you where you're out. There's 90 minute video that tells you what to do. OK. So I'm going to simplify this because we talked about a lot. But I want to like every person who comes in, we need to ask them who they're bringing with them for each treatment. To your list, we're doing giveaway once a quarter, which in this 90-day period that we're talking about, this has to happen. And you need to get really violent with how many events are coming up that you can attend and run this play. Let's say, do you have kids? No. OK. Do you have a wife? Yes. OK. Let's say your wife gets napped unless you do a certain amount of events. How many events do you think you can do between now and 90 days from now? I'm being deserts. I would do 90. You do 90? If that were the-- How about that was-- Well, then can you do 12? Realistically, what we were planning was one per month. OK. I would just like to say, let's do one a week. And y'all know it. We will try. Your wife's going to get napped. We won't do it. OK. We'll do it. OK. Well, I just want to see a world where we do 200, 300, 400K from 10 events over the next quarter. That would be fantastic. You need to do 4 million. And then you're already pacing your-- I mean, plus your three, right? You're already pacing your at least 10 million plus by the end of the year. Minimum. That would be nuts. We're awesome. We're awesome. Cool. Let's do it. [MUSIC PLAYING] And so that was scalar fail. We'll see you next time.