It’s September, which means the year will be over in less than 3 months. It’s now time to start planning for 2014.
To plan for the new year:
1. Analyze the Year’s Performance
An effective way of analyzing the practices medical marketing strategy for the year is through ROI (Return on Investment). ROI is used to evaluate the success of investments. The formula for ROI is:
ROI = (Gain from Investment – Cost of Investment) / Cost of Investment
- Gain from Investment = proceeds obtained
- Cost of Investment = how much was invested
When presenting your results, include what was the gain and cost for the investment as this is important for interpretation.
2. Create a Marketing Plan
As the year ends, it important to review your previous marketing plan. You should ask yourself these questions:
- What worked?
- What didn’t work?
- How can these failures be improved?
- Was the marketing plan followed strictly?
As you analyze the year’s marketing plan, you will start to notice what needs immediate improvement and what ideas should be scrapped completely. Any successful marketing ideas should be implemented again, if possible. For example, a promotion that was very successful could become a yearly promotion.
3. Create a Budget Plan
Medical marketing can be costly without a marketing budget plan. Not every marketing idea will benefit the practice. As marketing plans are vey tricky, it is highly recommended that you outsource your medical marketing efforts to a marketing firm that specializes in medical marketing such as Mindstream Creative. A medical marketing firm’s responsibility is to manage the practice’s budge wisely. They create plans and effectively carry them out without deviating.
Preparing for the new year is a daunting task that should be started as early as possible. If this becomes overwhelming, contact Mindstream Creative for help.