The final quarter of the year is a time of planning for business leaders. As the year’s success and challenges are reviewed, a plan for progress is also determined. Everyone wants to make more money and spend less money. To achieve this, medical practices must be fully engaged in their marketing plan. This means creating an actionable plan each year that calculates projected growth, sets an annual budget and determines how the budget will be utilized over the course of the year. The goal is to grow the practice while spending a minimal amount in marketing.
Many practices do not accurately plan for the coming year or they create a marketing plan and then do not follow it. It is common for practices to participate in spontaneous marketing. This means that they haphazardly market throughout the course of the year as the need arises. The problem with this is that 99% of the time, the practice ends up spending a lot more money in marketing than if they had a plan that was adhered to.
It is often difficult for medical practices to conceive that they will most likely spend less money in marketing when they begin working with a marketing firm. This is because it is the responsibility of the firm to manage the practices marketing budget wisely. They create a plan and put the plan into action. If an item in the plan is not producing the results that were anticipated, the item can be removed and replaced with another. At MindStream Creative, our clients are pleasantly surprised to discover at our end of year meeting, that they spent a considerable amount less in marketing and grew their practice after engaging with us! It is a true joy for us to help medical practices spend less money on marketing while marketing smarter.
This is the time of year to learn. It is important to look back over the current year and gauge the practices successes and failures. They should then take these items and grow from them. If good results were not realized in one area of marketing, remove it and try another. Each specialty in medicine and area of the country is different. What works for one medical practice, may not work for another. What works one year, may not work the next. The object of marketing is to remain fluid and change with the times. Don’t get in a rut of doing the same thing over and over because that is how it has been done.
I encourage every business, whether medical or not, to have a marketing budget for the next 12 months. Put that budget into writing and refer to it often. If you need help, contact our office at (888) 324-5559 for a free marketing consultation.