If a marketing budget sounds like a reward instead of a tool, stop right now. Grab a chair and let’s chat about your marketing budget. Really, it is not your, or anyone’s fault, but a marketing budget can sound far-fetched. Below are a few myths and their facts. Okay, let’s get started.
1. Myth: This is a dental practice, not a corporate company.
This can be tempting, I know. It can be hard to view your practice as a business. But, at its core, it is a small business. On top of that, it is a small business in a saturated market. To stand out you need marketing. You may have a handful of patients come to your office because they appreciate your work, but even the most talented dentists still have to market. Patients today are overwhelmed by the amount of information they are given. So, it takes a strategic marketing plan to reach them.
2. Myth: I can barely afford to pay my office’s bills, I cannot have another expense.
It is always the right time to invest in your practice. You invest in continuing education courses because you know that the return from the knowledge you learn is greater than the time and cost of the training. It is the same for marketing! Perhaps the statement is backward. Maybe it should say “Because I do not have a marketing budget, I cannot afford my bills”. Think of marketing like this. If you spend $100 on a Facebook Ad and generate one new patient, and the average patient’s lifetime value is $1,800, that is a fantastic return on investment!
3. Myth: Word of mouth is the only marketing I have used. And, I am doing fine.
Are you fine or fantastic? A marketing budget can be the difference between getting by, working 40 hours a week to flourishing, and working 25 hours a week. Simply, marketing finds new patients, which increases collections and your income. Thus with a marketing budget, you can increase your money and decrease the time spent at work.
4. Myth: Once we get a few more new patients we will start a marketing budget.
It may never feel like a ‘good’ time to start a marketing budget. It can be scary. Well, any investment is scary! But, you are investing in yourself, which should be the easiest investment to make. If you do your research and find the most effective strategies for your practice you can get more than a few new patients each month.
A small or lack of a marketing budget may be holding your practice back from reaching its full potential. Learn more about marketing budgets and other consulting advice through Lucent Spot Marketing. We would love to talk to you about your practice!