Consistent Practice Marketing Can Bring In Good Results
Question: I am concerned about shelling out money I do not have during this recession
. So is it a good idea to market during recession? Some of my teammates are just sitting tight until the economy heads for the better Couldnt I do that also?
Answer: Have you ever come across the statement He who hesitates is lost? Is it quite apt for the question youre asking?
Even in these challenging times, its well understood that consistent marketing done all the time and done the right way can bring in new patients to a medical practice. Studies revealed:
56 percent of medical practices are increasing business during the recession
Businesses that maintain or even enhance their marketing efforts during a recession are rewarded with significantly more business when the economy becomes better compared to their cohorts. Theres also a corresponding augment in market share.
Whats more, even the auto companies continue to advertise as it is part of responding to the competition and an integral part of driving demand.
The moot question is: How much should you shell out? Its a proven business practice to have set percentage of your gross income devoted to practice marketing all the time. Most healthcare practices should spend between 7 and 15 percent of their gross income, depending on the type.
As a part of a successful strategic business plan to either maintain or build market share, practices should maintain this spending.
Do well to remember that the patients are still out there even if there may be fewer of them. And now youre fighting your competitors for your pie of that smaller target market.
As such, the practice that markets has the greatest chance of drawing in those patients and at the same time positioning their practice so that they are rewarded when the economic turnaround does take place.