One of the most important steps to effectively market a medical practice is to have a plan. Knowing where you were and where you want to be from a growth standpoint is essential. Here are three tips to building a successful marketing strategy that will put you on the right track.
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, specify 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, perhaps with a new twist.
3. Create a Budget Plan
Medical marketing can be costly without a marketing budget. Having a budget helps you understand where your marketing dollars are being spent and how they will be allocated in the future.
With a plan in place tackling 2015 from a marketing standpoint will seem less daunting. Refer to your plan often throughout the year to measure the efficacy of your endeavors and ensure adherence, doing so will save your company time and money.