What is your marketing
Although marketing is viewed as an expense to your business, it really is an investment – and one of the best investments, because the return on investment can be much greater than traditional forms of investing. What is the one thing you need in order to acquire new patients? Keeping in mind that patients only care about themselves, you need to inform patients of two things: what you can do for them and what makes you unique. This is your customer value proposition, your differentiator, and it NEEDS to be marketed.
Marketing and advertising are key components in acquiring new patients and, in turn, achieving more sales. So why then, would you quit doing the one thing that can help you get to the light at the end of the tunnel? There’s a saying: “When the going gets tough, the tough get going.” In the world of business you can remember: “When the going gets tough, the tough get marketing.” Considering all this you need to continue to invest in your business, and the best investment is marketing.
Remember: It takes money to make money.
Let’s explore this topic further.
At its essence, you spend money to market your company, which, by definition, sounds a lot like an expense. But here is why you absolutely cannot look at marketing as an expense:
- Sales (patients) decline. As a result you cut your marketing back in order to save money for your practice. Here’s the problem: you now are not only losing patients but you are also failing to replace the ones you are losing. In physics this is known as inertia. According to Merriam-Webster, inertia is defined as: “a property of matter by which something that is not moving remains still and something that is moving goes at the same speed and in the same direction until another thing or force affects it.” The key to this statement is the last part, “something that is moving goes at the same speed and in the same direction until another thing or force affects it”. Your sales will continue to decline until you have “another thing or force that affects it”: MARKETING.
- You might have had some bad experiences with marketing, like under fulfillment, no apparent ROI, etc. but it is important to remember that all marketing is not created equally. The key to effective marketing is getting the right information to the right people at the right time.
- There are all kinds of examples of how an expense can be looked at as an investment. For example, a sports team signs a big name free agent for fifteen million dollars per year. Fifteen million dollars… That’s an expense right? Wrong. That fifteen million dollars now goes towards increasing revenues like ticket sales, concession sales, jersey/apparel sales, increased TV and Radio revenues, and so on and so forth. Your payout is shaping up to be huge from your expense investment.
Hopefully, by now, you are starting to see marketing as an
investment and not an expense.
Assuming you’ve come around, you can start to really dig into your marketing dollars and optimize your return on investment (ROI). You now demand your marketing dollars to bring in more money than has been invested, you demand a positive ROI. To do so you start studying your analytics.
When you invest, your goal is to make more money than you have invested. This works, and you have most likely seen this in some of your other investments. So, every time you invest one dollar into your marketing, you expect more than one dollar to return on your investment. Running analytics on your marketing, doing A and B testing with you marketing campaigns, adapting to what is working and not working, and scaling properly, are all key cogs in ensuring that every time you invest one dollar your return is more than one dollar. You now have begun to optimize your marketing investments.
It is not hard to track what is working and what isn’t working when it comes to marketing. Why do you think companies use coupons that need to be scanned, or offer free gifts during an advertisement? These things are easily trackable. Between this and the phenomenal tools that are offered through Facebook, Google, and many other online resources, it is not hard to track the performance of a marketing campaign and ensure that you are receiving a positive ROI.
Marketing is an investment.
Tell yourself this over, and over, and over again until it is your second nature. Analyze your marketing; what’s working? What’s not working? How can I optimize my ROI? Ask yourself these questions, put in the extra effort and determination, and get ready for pay day.