In addition to products to sell in your practice, you can also increase revenues via affiliate marketing to increase passive chiropractic practice income
Greater practice profitability means different things to different people. For some, it provides the ability to have the things they want in life — a bigger house, a more luxurious vehicle, a boat, or an RV. For others, an increase in passive chiropractic practice income means that they can save more for retirement, put more into their children’s college funds, or take that much-needed vacation.
But how do you grow your practice’s revenues exponentially, potentially even doubling them? The answer lies in making certain investments in your practice, some of which can produce passive income.
A ‘fun’ctional website
For every dollar that you invest in creating a positive experience for your website visitors, there is a $100 return. This represents a 9,900% return on investment and involves creating a website that is both functional and fun, the latter of which refers to being engaging for your online visitors.
A functional website is responsive, enabling the visitor to complete certain tasks (such as scheduling their next appointment) with ease, and is simple to use. It also works just as well on mobile devices as desktops, providing a positive interaction with your practice’s online site regardless of their preferred electronics.
The other side of creating a positive user experience is developing an engaging site. Give the visitor a reason to keep coming back, whether by posting informative blogs, offering special discounts, or providing other methods of interaction. An example of the latter is having short quizzes they can take to test their knowledge of different health conditions.
Social media marketing
Another investment good for boosting revenues is social media marketing. Businesses report that, on average, a $1.00 investment in their social media strategy results in a $2.80 return. That’s in addition to also seeing an increase in website traffic and increasing brand awareness.
Social media advertising can make it easier to reach your desired audience. You can narrow the ad based on certain personal demographics, such as age and gender, as well as targeting users within a specific geographical location. This enables you to expand your online reach, getting into the news feeds of people who aren’t currently interacting with you.
There are also several low- or no-cost options for boosting your practice’s social media presence. They include posting share-worthy content, holding special contests for followers who engage with you, or simply asking questions that inspire social media users to want to answer, thereby increasing their interaction with your practice.
Passive chiropractic practice income: affiliate marketing
Chiropractic Economics’ 2022 survey found that roughly 11% of an average chiropractor’s income is derived from retail sales, such as nutritional products. In addition to products to sell in your practice, you can also increase revenues via affiliate marketing to increase passive chiropractic practice income.
Affiliate marketing involves promoting another company’s products or services in return for a portion of the sale or commission. Glassdoor reports that the median pay for an affiliate marketer is $77,967 per year, with the range of typical earnings being between $60,000 and $102,000 annually.
Amazon offers an affiliate marketing program called Amazon Associates. This e-commerce site pays up to 10% in commissions. All you have to do is recommend certain products on your website, include the link to the product on Amazon, and you’ll make money for every completed purchase. Target offers a similar program called Target Partners. This program’s commissions top out at 8%.
Developing informational products
If you’re willing to invest a little time to increase your revenues, developing informational products can provide an additional income stream that continues to pay for years to come. It does take more time upfront, with the amount of time you need depending on the products you create.
One option is to author a book. You could write about your experiences to help inspire the reader or educate them about a specific topic. What you write about will depend on your intended audience. Are you looking to appeal to patients or other chiropractic professionals? The topic for each would differ.
Once the book is written, promote it on your website and social media pages to draw more income. You could also speak at various events that allow you to promote the book there. If you’re not much of a writer, you could pay someone to write your book for you. Ghostwriters offer this service, enabling you to share your thoughts and stories without having to write them yourself.
eCourses are an additional way to earn passive chiropractic practice income. Again, the topic of the course will depend on your target audience. You might develop a course for patients with low back pain, for instance, that includes various stretching exercises. If you want to appeal to other professionals, your course might teach them how to develop a certain skill or ways to build their practice.
Investing in your practice can increase your revenues and, in some cases, produce passive chiropractic practice income. This helps you achieve your financial goals while creating the lifestyle you want, whether now or in retirement.