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The Financial Implications of New Clients

Updated: Jan 7

Everyone knows that new clients are important to a business, including your veterinary practice. Without new clients, you remain stagnant—your business doesn’t grow, you don’t generate revenue, you can’t advance your long-term practice goals, you’ll struggle to hire new staff… the list goes on and on. Obtaining new clients is the lifeblood of your business, and you’ll have to devote a lot of thought, time, and effort into the task of gaining new clients and ultimately growing your practice. To put it simply: acquiring new customers is essential for any business to achieve growth.

Now more than ever, customers are likely to change providers because they know that they can shop around. They know that their hard-earned money can be spent elsewhere; customers are interested in getting the absolute best value for their buck. An enduring, personalized relationship between customer and provider, while extremely important, just isn’t as valuable as it may have been in past decades, or even a few years ago. Because of this reality, new clients are of the utmost importance to your business and overall revenue generation. It’s simply not enough to obtain a batch of new clients and convert them into long-term, retained clients that make up the bulk of your business. Your practice needs to obtain new clients consistently over time, and maintain that level of new business to stay relevant and financially viable.

Loyal customers, those that you retain over time and continue to do business with, are certainly nothing to be scoffed at. In fact, they’re essential. However, make no mistake: retaining existing customers ultimately makes up only a percentage of your business’s success. To put a number on it, the analytics show that selling to repeat customers makes up about 20 percent of growth per year. That’s a good number, but it doesn’t constitute astronomical growth. Selling to new customers—truly cornering a market and pushing your product or service to its absolute maximum capacity - is the real way to expand your business exponentially.

When it comes to the world of veterinary medicine, it’s essential that your practice makes a good first impression. That’s how you convert potential consumers into actual paying customers. This is why the first phone call from a prospective client is so important—business from a client can be won or lost within the first few seconds of that initial call! Other important factors for first impressions include physical appearance of the clinic, signage, design of materials, and staff professionalism.

These are just a few aspects of the overall goal: to convert potential clients into real customers. Yes, they may become long-term clients who make up a significant and financially relevant portion of your customer base; it’s important to keep in mind, though, that new customers continue to be essential for revenue generation. By implementing strategies to continually bring in new customers over time, you’re not only generating profit in the present—you’re ensuring the success of your business for years to come.

Our Advice on Financial Implications of New Clients in Vet Practice

Why are new clients crucial for the growth of a veterinary practice?

New clients are crucial for growth as they increase revenue, help the practice expand services, and are essential for replacing natural client attrition, ensuring long-term viability and success.

Why can't veterinary practices rely solely on long-term, retained clients?

Veterinary practices can only rely on short-term clients due to natural attrition. New clients are essential for sustaining growth, diversifying the client base, and driving continual revenue.

What percentage of growth per year is attributed to repeat customers?

Repeat customers contribute to about 20 percent of a business's growth per year, highlighting the importance of acquiring new clients for substantial expansion.

How can the initial phone call influence client acquisition in a veterinary practice?

The initial phone call can make or break client acquisition by setting the tone of professionalism and care, significantly influencing a potential client’s decision to choose the practice.

How do the physical appearance and staff professionalism of a clinic affect new client conversion?

The clinic's physical appearance and staff professionalism critically shape first impressions, build trust, and impact a potential client’s decision to engage with the practice, affecting new client conversion rates.

For more practice management tips, tricks, and expert advice, bookmark the DVMelite blog and check back often for fresh content.

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