Even though marketing shows up on the P&L statement of
Most people who view marketing as an expense tend to have more of a fixed mindset rather than a growth mindset. They’re more focused on the money going out, or what might go wrong, rather than the revenue opportunities effective marketing can create.
As a doctor today, you must take matters into your own hands when it comes to marketing. This is true even if you are part of a large practice or healthcare system.
A Quick Clarification
It’s worth mentioning that not all marketing is equal today. Unless your average patient is over 75 years old, TV ads and Yellow Page listings are not likely to generate many results.
But marketing done the right way is absolutely an investment in your practice because, at the end of the day, it should significantly increase your revenue and new patient flow.
In my experience, this is best accomplished through a solid digital marketing strategy that serves people before they ever set foot in your clinic.
Here are three reasons that practice marketing is an investment.
1). Patients Are More Likely To Schedule Appointments If They Can Find You
This may sound like a blinding case of the obvious, and to some extent it is. But take a minute to think about how patients might try to find you today.
Chances are unless they’ve heard your name from someone, they’re not searching Google for you by name. Instead, they’re looking for your specialty and location.
You want to do everything you can to show up in this search personally.
2). Patients Are More Likely To Schedule Appointments If You’ve Already Addressed Their Concerns
One of the most effective ways to market anything today is through educational marketing.
Being generous with your knowledge ahead of time goes a long way to help a potential patient new patient feel connected to you.
Think about it. We all know that people Google search for every possible medical thing wrong with them. {link} What if you had published a blog post that showed up in their Google search addressing their problem?
You’ve instantly created the perception of being an expert in that person’s mind when they click on and read it.
Then when they see that you’re local, who do you think they’re more likely to book an appointment with?
3). Word Of Mouth Spreads More Effectively When There Is More To Share
Patients, of course, still talk about their experiences with doctors. But the reality is that it’s more common now to use text and social media to share information.
Having your own website and blog helps create a lot of resources for patients who love you to be able to share information with others.
The bottom line is that it’s increasingly more important today to build trust and authentic connections with your current and potential patients.
Marketing by way of being a resource to people is the best way to build your practice. This puts marketing directly in the “investment” category, not an expense.
Question:
In terms of top-line revenue, what is the average lifetime value created by each new patient?