You’re half way to 2016!
If you aren’t seeing the growth trends you’d like for the year, there’s still time to turn things around, in order to achieve both your business and personal goals.
Learn when to quit and when to stick
Evaluating your marketing ROI can seem tedious, but it’s a task you can easily delegate. Have your business print this guide, pull a report of all new patients and their referral sources. List them by referral source. Make sure every new patient is included.
List each referral source, the number of new patients from that source, as well as the sum production from those patients, and the cost per month. Calculate both the cost to acquire a new patient from this referral source, as well as the production created from this effort.
Once you have these numbers, label each investment as “High, Medium, or Low Risk”. This is determined by the consistency of new patient flow, as well as cost for the marketing effort or source.
Here’s an example of just one referral source:
Marketing ROI Report January-June 2015
By looking at this, you can see in the past 6 months you’ve made $11,000, but after factoring overhead, you may decide to cancel this campaign. Generating patient referrals will always be a low risk investment, whereas TV or radio advertising will likely be higher risk investments.
At a glance, you will be able to compare your investments. Some high-risk investments will be worth keeping, depending on your overall goals. For instance, if you want to build your portfolio for bigger cases, it makes sense to invest a bit more to target implant and full mouth reconstruction cases. Although you’ll spend more per new patient, the new patients will be of higher value, as they will be seeking bigger ticket services. As they begin to refer friends and family, your investment will become better over time.
It’s always important to have a consistent flow of new patients. Lower risk marketing methods, such SEO (Search Engine Optimization), Online Reputation Building, Email Marketing, and social media marketing can help to supplement your natural practice growth and almost always provide a consistent, positive ROI.
There are extraneous factors that you’ll want to consider when determining whether to stick or quit a current marketing method.
For instance, some marketing efforts are meant to increase your recognition in the town. These may be worth keeping, even though the tracked ROI may seem low. Remember, a consumer needs to see a message 6-7 times before retaining it and often taking action.
Contact Us with questions or to schedule a marketing evaluation and consultation for only $150 (usually $499). Offer expires July 31st, 2015.