I don’t know about you but I got into the industry because I genuinely enjoy helping people live a healthier, happier life. Having said that I also have a family to feed and take care of. That’s why I feel so blessed to be able to follow my passion and make a comfortable living from it at the same time.
Imagine if you made a real good living but you weren’t following your passion. Would you be happy?
In this case I interviewed a friend of mine in NYC, Dr. Mark Costas.
Even though he is a VERY successful Dentist his real passion is in fitness and personal training.
What do you think… Should one follow their passion or chase the all mighty dollar.
It’s really easier said than done.
Don’t miss this eye opening interview.
[spoiler]Sam Bakhtiar: Hey. What’s going on guys? This is Sam with my friend Mark Costas here in New York. How is it going on, man?
Mark Costas: How are you doing today, Sam?
Sam Bakhtiar: Good. Now look, Mark looks like he’s working out. He looks like he’s in the fitness industry because what? What do [0:00:12] [Inaudible]?
Mark Costas: I’m a dentist.
Sam Bakhtiar: [Inaudible] like these guys were pumping and [Inaudible] he’s in New York and he’s very – he’s the [Inaudible]. Mark, tell me your story. Tell me [0:00:32] [Inaudible].
Mark Costas: Well I got to say, first of all, very attracted to say I’m in this industry because I was a personal trainer …
Sam Bakhtiar: Oh, to the industry, to the industry.
Mark Costas: Yes. Well, I was a personal trainer for 11 years myself and that is my background and that’s my passion but I did go a different way. Decided to go to dental school and I got to tell you, dentistry has been good to me.
I’ve been able to open six offices in the last eight years and [0:01:00] [Indiscernible]. It’s not exactly what I would choose to do [Inaudible]. If I had my choice to do it all over again, I would probably stay in the fitness industry but I definitely made the best that I could [0:01:12] [Inaudible].
Sam Bakhtiar: Wow. That’s amazing. Guys, did you hear that? This guy – I don’t want to – we don’t have to talk [Inaudible] but you’ve done very well, very well [Inaudible]. He is the guru to the dentists. Makes a lot of money but he said he loves the fitness industry. So remember, you are in a good market. So you’re living your passion so that’s the most important. Mark, tell me what would be like – tell me the top three reasons for your success.
Mark Costas: Well, it’s funny. You wouldn’t think that a dentist would have anything to say to a personal trainer about success or improving their business but business is business is business and I always think the four Rs are the reasons for my success and that’s recruitment, just patient acquisition. In your case, it would be client acquisition and then it’s client retention and then it’s referral generation which is huge. And then if you happen to lose them for one reason or another, reactivation.
So focus on those four Rs. It’s huge and the biggest thing that I could impart with my personal business success is that other dentists, they don’t keep in touch with the patients. They don’t treat them well and they don’t keep in touch. Your medical model is that you treat them. You make them wait for an hour. You do what you need to do and get them out the door. We totally turned that on its head in my dental office. We reach out to them and email them. We give them birthday cards, anniversary cards. Any excuse that we could find to keep in touch with them, we do that. That is really the reason why I’ve been able to run so many successful practices [0:02:54] [Inaudible] highest grade in history.
Sam Bakhtiar: Now I’ve heard somewhere, I read somewhere that it’s 7 to 10 times easier to keep a client like where he’s at than go get a new one. Now obviously you have mastered that.
Mark Costas: Yes, retention is huge. You have to remember keeping a client – the lifetime value of your client is more than you might think because not only are your happy clients staying and paying you the entire life of your relationship but they’re referring their friends and their family. And then if you treat them well and retaining them, the lifetime value of each one of their referral sources is huge also. So you have to look at the lifetime value of the patient not only as the value of what they’re paying you but also the value of all of their referrals, which is huge.
Sam Bakhtiar: So man, this is Sam here with my boy Mark Costas from New York. Thanks so much. I really appreciate your time and I hope to see you soon.
Mark Costas: [Inaudible] thanks.