Tuesday, July 6, 2010
Marketing ideas for medical practices: Use PR to your marketing advantage
Monday, July 5, 2010
Why you should do medical practice marketing?
Wednesday, June 30, 2010
Take your dental practice marketing to the next level with an e-brochure
Attend a webinar to give more bones to your orthodontic marketing
Orthodontic treatment is the segment of dentistry that involves the straightening or moving of crooked or over crowded to make better the appearance and bite of the teeth.
Of all the specialties, orthodontists are among the specialties that was hardest hit by the recession and the current trend of delaying healthcare. Thankfully, there are steps you can take to boost the situation. Find out from a leading marketing expert who consulted over 1,000 practices and how they introduced new services and marketed them effectively to grow orthodontic practice and boost their bottom lines by attending a webinar.
Such a webinar is full of orthodontic marketing ideas. Based on real-life instances, in the webinar, you’ll learn ways to boost patient flow and referrals utilizing proven marketing techniques developed over a period of 30 years. During such an informative web conference, you will get to learn which are the new product lines that are working for orthodontists, how marketing can bring down your boost your bottom line, why the mishandling of phone shoppers is presently costing you a fortune, and how to dramatically enhance your results, how to boost your referrals with minimum investment and maximum professionalism, and much more.
In addition to all this, you can even discuss your specific orthodontic marketing challenges with the experts during the Question and Answer session at the end of the conference.
Who all should attend such a webinar? Any orthodontist who wants to build their practices and grow revenue by adding in-demand services and marketing their practices efficiently can go for this webinar.
How to find out the tight marketing budget for your practice?
One of the oft-asked questions from healthcare practitioners is “How do I figure out the right marketing budget for my practice?” The answer depends on what type of practice you have, your location, your sub-specialty, annual revenues and your revenue target. Normally, the greater your revenue goal, the more money you should give to marketing.
For instance, if your present revenues are around $500,000 a year, and you want to grow by another $100,000 (20 percent growth), your marketing allocation should be about $50,000 the first year. That figure assumes an ROI of at least 2:1, or $2 earned for every $1 invested. Healthcare marketing agencies normally aim for a 3:1 ROI, and we have occasionally seen ROIs as high as 50:1. Of course, your ROI will depend largely on the strategy or tactic being measured and other variables like practice type, location and specialty.
Always begin with your annual revenues and revenue goals
Your marketing budget should always be tied to your gross revenue and added revenue goal. Here are some more instances of typical marketing allocations based on desired revenue growth goals.
To Increase By This Amount: | Invest Approximately This Amount: |
$100,000 | $30-50,000 |
$250,000 | $100-125,000 |
$500,000 | $200-250,000 |
You can also find out your marketing budget based on a percentage of your present revenue. Most businesses invest 5-10 percent of their revenues back into marketing, with 7 percent being a typical average. The same is the case with many healthcare practices.
Your practice type and location are also key considerations.
Your practice type is a vital component in determining your marketing budget. There are many clients who are plastic surgeons. They regularly invest 20 percent or more of their revenues back into marketing. Orthodontists who often have larger cases, also tend to invest 10-25 percent or more into their orthodontist marketing.
To a lesser extent, your practice location will also have an impact on your investment. If you’re in a major metropolitan area like New York, Chicago, Dallas or Los Angeles, your media budget (for print advertising, radio, TV or outdoor) will be more. And if you are in a more rural area, your media costs will be lower. In both case, you can adjust your investment up or down by as much as 20 percent.
You should remember that marketing is not an expense. It is an investment. Turn to healthcare marketing agencies to learn more about budgeting your marketing program.