Hey dentists, today I’m going to go through 5 easy steps to build your marketing plan.
Abdul Farooqi here; and you know I hear all the time 10% of your annual revenue is the best figure for your marketing budget. I don’t think that is the best way to determine your marketing budget. So I am going to show you five steps and It is going to give you much better understanding on what to spend on your marketing and here you spend
Step 1. Set a goal on where you like your practice to be after 1 year or after 3 years. Then once you set a goal, the second thing you do is:
Step 2. Determine your average customer lifetime value. So think about what does your average customer look like; how often do they come to your practice, and how much money they end up spending for you over the course of the year. Think about how many years to they stick with and then you and arrive to an average customer lifetime value. To working with general dentists, I believe that number is bet 1500 to $2500. From my experience that range seems to be the case; so once you determine your average customer lifetime value, think about how many people are actually searching for your service; and now that you know your average customer lifetime value, you can determine how much you can spend to acquire each customer. So if your average blue is $2000 you can still spend a $1000 to acquire patients. I’m not saying that that needs to be the number, but just saying you can still be profitable to acquire patients.
Step 3 Then what you do once you have figures out all the different channels you can advertise on, such as, Facebook, Google; Ad.. real marketing ; email marketing , then you can test it out for a period of half a year, and
Step 4 then what you do is the 4th step is measure the results of each type of marketing. Of course, for these types of marketing make sure your messaging is consistent with the value you are offering to your customers. But you have measured the results to each type of campaign. Once you measure, you will understand what type of marketing is the most profitable to you and there will be an outstanding channel of marketing for you. You just have to measure it.
Step 5 The final step is, just do more of what works. Take the most profitable channel and by now after3-6 months you will know for sure which cannel is the most reliable, and you can start spending money on what works, and just grow automatically and stop wasting money on things that don’t work at all.
I hope that really clears up a lot of confusion on what your marketing spend should be. If you need more help we will gladly help you out. Just click on the website, it
should be available below. Hear from you.
Take care and have a nice day.