There are a million ways to market a single dental care practice. And each of them will have a different price tag. Whether it’s websites, direct mailers or Superbowl blimps, they all cost money (Superbowl blimps especially). Deciding how much to spend and where that money should go is a fine art. And one we’re going to help you master during our blog series on ‘Setting a dental marketing budget’.
Before we get into the details, it is important for you to understand that it would be statistically impossible for us to communicate the right budget and budget allocation for your particular practice. There are just way too many variables involved. We use 26 different considerations when developing a marketing plan for our clients. And since all dental practices and their markets are different, we’re talking 26 to the 26th power… That’s a lot of variables!
However, we CAN communicate the basic principles of sound budget allocation and distribution. We’ll show you how to work out an appropriate budget range for your overall marketing activities. And we’ll also show you how to determine where your budget would be best spent, based on the risks involved in each medium compared to the potential returns on investment.
Most importantly, you’ll learn how to avoid the most common budgeting pitfalls, AKA the Seven Deadly Sins. We will discuss this in part one of this blog series. These are the false economies, bad decisions and newbie mistakes that can derail the most well-intentioned marketing strategies and waste your precious time and money.
In part two of our blog series, we discuss why you must set a budget each year and stick to it, whether your business goes up, down or sideways. We’ll show you the formula for determining your dental marketing budget range. And how to adjust your marketing budget optimally over the years as your revenues grow.
We also discuss allocating your budget in a way that minimizes the risk to your investment. Start with the low-risk fundamentals: referral campaigns, direct mail, a website, and Internet marketing. Then, as your marketing activities mature over the years, you can move into moderate and high-risk activities safely.
In the third and final part of our series, we will show you an example 6-year marketing plan for a dental practice in an average market and average level of competitiveness. For this example, the dentist will have owned the practice for 5 years and done very little to promote his/her practice.