I think in order to know how to implement plans to make your marketing more profitable, you first need to understand why you need to market yourself and your practice, and agree that you will have to sink a portion of your money and time into several sources in order to maintain a profitable business.
Inevitably every business has to put into motion a marketing plan with the intent that it will generate profitable revenue. For you, a chiropractor, revenue and profits come in the form of new patients, preferably a continuous flow of new patients.
At the risk of sounding like a broken record, it’s not enough to get a degree, lease a space, slap a sign up and wait for that steady stream of patients to walk through the door. If only it were that easy…right?
Like me you’ve probably asked these questions at one time;
Where do I begin and how much should I spend on marketing?
When it comes to getting more new patients, you want to focus on the marketing that gives you the best return on your time and money.
A sizable chunk of your marketing budget should be put toward external marketing with time spent on internal marketing. For example, you can expect to spend a good portion of your marketing dollars to run newspaper ads and set up a chiropractic website. In contrast, sending out referral stream letters are more time consuming but less expensive.
Where is the best place to spend my marketing dollars?
There a many places and ways to spend your marketing money. While starting small is ideal, you should eventually get to a point where you can spread out and use multiple sources for marketing.
Once you become seasoned and gain confidence, why not branch out starting with a minimum of 5 good sources for reeling in new patients.
Some examples would be…
Why a minimum of 5? Of course your long term goal should be to have 8 or even 10 good sources of new patients…but 5 is a good number to get comfortable with, and then add more over time.
Here’s what I mean by “good source”, something that consistently produces 5 or more new patients per month, giving you 25 new patients per month, which as long as their good (meaning the patients not only convert to care but stay in your care) should put you in the $30-40k range in collections each month (this assumes your case average is good).
What is the best way to get a better return on my marketing dollars?
Want a better return on your marketing dollar? Then stop spending money on marketing that doesn’t produce results and sink that money back into the campaigns with the better results. And the only way to know what campaign is producing the best results is to track all the marketing you do. It won’t take long for your stats to show which campaign is working better.
If your stats show you that newspaper ad A yields a higher ROI than newspaper ad B, then you should be running with newspaper ad A.
Does this mean you should never run ad B? No, as long as it’s bringing in a positive ROI, you should. You want as many ‘poles in the water’ as you can afford to maintain.
If you’re budget doesn’t allow you to run multiple newspaper ads in the same month, go with the more profitable one this month and build up to working both ads the next month.
What’s considered “good results”?
When it comes to chiropractic marketing, anything above a 2-to-1 ROI is desirable. Obviously an ROI of 2:1 on all your marketing sources won’t build your practice effectively, so you’ll want to have a few 10:1 or even 20:1 marketing channels working at the same time.