Business and Economic Consultant
Marketing
The Hidden Key To Marketing Your Practice
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Marketing
One key question in Business is “how much time and money should I devote to marketing my practice?” While this is different for every practitioner it is ESSENTIAL that you budget a minimum of 20% of your time towards marketing. It is common to consider an investment of at least 5-10% of your gross income back towards marketing to be a good benchmark.
To track your R.O.I. (Return on Investment) it is imperative to know the case average in your practice. This tells you what an average new practice member is worth to you in your practice. This is determined by taking your PVA (Total office visits divided by total new members) and multiplying it by your Office Visit Average (total income divided by total office visits).
Once you have your case average you can then determine your R.O.I. by dividing the dollars you returned by the dollars you spent on the event.
For example, lets say your Office Visit Average is $30.00 and your PVA is 50.
Case average is $30.00 x 50 = $1500 (That means that, on average, every new practice member you attract to your practice is worth $1500 to you from a business standpoint!).
Let’s say you put on a Patient Appreciation Day and the total cost to you was $1,000. As a result of this promotion you attracted 3 new practice members.
R.O.I. = 3 x $1500 = $4500/$1,000 = 4.5 x 100 (for percent) = 450% R.O.I.
THIS WOULD BE A GREAT RETURN ON INVESTMENT AND A VIRTUAL “NO BRAINER” TO REPEAT THIS EVENT IN THE FUTURE.
The other factor to analyze when you are looking at R.O.I. is your time. Keep track of the total hours you and your team spend on any given project. From here it is simple to determine your R.O.I. for your time by dividing the hours spent into the dollars returned.
Example – Patient Appreciation Day – Doc spent 12 hours, team spent 30 hours for a total time expenditure of 42 hours.
Total time return = $4,500/ 42 = $107.14/hour (A modest return)
Doctor time return = $4500/12 = $375/hour (A decent return on time investment)
You can then add this data into your thought process when you are deciding on which items to keep and which items to subtract from next years marketing calendar. Some activities are great for the Doctor but very hard on the team so it is important to keep both statistics.
Tracking your R.O.I. for your marketing allows you to know what is and isn’t working for you as an individual. By monitoring this you can get clearer and clearer about what form and style of marketing is most congruent with your authentic expression and from this you can plan on doing more of that style of marketing in the future.
By tracking it you can also cut your losers and let your winners run so that you are maximizing your time and money in your marketing efforts. To not track your marketing is to be “shooting blind” and “hoping and praying” that what you are doing is working instead of knowing that you are getting a good return on your investment of time and money!
What You Need to Excel in Article Marketing
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Article Marketing
Excelling in the field of article marketing is something that every ebusiness owner would like to achieve. Well, the reason for this is pretty simple; if you have what it takes to dominate this field, you’ll get everything you need to become very successful in the online arena. You see, article marketing is the key to impressive page rank, enormous search engine traffic, more sales leads, and of course, more online revenue.
Here’s how you can excel in this endeavor:
Genuine interest to help your readers. Here’s the truth; you will not succeed in the field of article marketing if your main goal in writing your articles is to sell your coaching programs. If you load your articles with self-serving links or blatant ads, I can assure you that your audience will close your articles in a heartbeat. Well, you can avoid that from happening by simply making your articles informative and useful. Whenever possible, help your readers understand their pressing issues and offer to help them find the best solutions. Or do your research and give them the best answers to their burning questions. Doing this will actually benefit you as you’ll be allowed to position yourself as someone who’s a great source of information and somebody who’s an authority in your niche. I bet you’ll like that. (more…)
What to Do on LinkedIn
09 months ago
So, you’ve joined LinkedIn on the promise that it’s a great business tool and you’ll definitely get clients from it, right? Now what? You know that clients coming from this medium won’t happen on their own, but what should you do next?
This is such a common question – what should I be doing on LinkedIn and more importantly how do I get business out of it? – that I thought it was important that I gave you some tips.
You see social networking is just like networking at an actual business event. If you attend a business event once and never again and didn’t talk to anyone when you went to that event, how can you expect to get business from it? And yet, this is what many business owners do on LinkedIn. (more…)
Enhance the People’s Awareness About Your Business
0Acquiring publicity for you as a business owner and your business as well is not as difficult as it may seem. With the development of the World Wide Web, people are now in control of the information and things to be shared or given out. This is also a great tool for you to promote your products and services and for your business to gain exposure. This is the best way to be known to the world and gain profit.
There are various ways in which you can advertise your business. They can help in making your business to have the attention and attraction it needs so that you can acquire an increased number of customers and clients. In this case also, you can say that you are the publicist of your own business. (more…)
Why Should A Business Use Facebook?
09 months ago
Why would I want to use Facebook? That’s a question I have been asked many times by business clients when I bring up the subject of using social media for business purposes.
The main reason for the skepticism is that they think that Facebook is really only for scatty teenage girls who are talking about their latest boyfriend or the latest celebrity gossip or something equally as insignificant..
Of course, what businesses fail to realize is that the same scatty girl also talks about businesses, such as the latest dress she has bought, or the fact that she had a good time at a certain restaurant last night, and therein lies the opportunity for an extension to a local business’ marketing strategy. (more…)