According to the U.S. Small Business Administration (SBA), the average business spends 7% of its annual revenue on their advertising; in raw dollars, if you make a few adjustments, you could save thousands on your marketing!
Business promotion is a core element of one’s standard operating costs, i.e. “the cost of doing business.” However, how one promotes their clinic is an invaluable commodity for the astute marketer, which requires keen senses! Moreover, promotional better strategies allow you to save thousands on your marketing!
Your medical practice, like every other business, needs a steady stream of patients to stay solvent. Beyond word-of-mouth and family, you need to engage in some sort of advertising to succeed. Unless you’re prudent, you will probably fall into the government statistic. It also means you will likely be spending thousands on your marketing as well. As such, it is in your best interest to figure out how to shrewdly boost your returns on investment (ROI)!
Therefore, let’s see where we can maximize our budget, and save you money immediately.
Every business school in the country teaches one very important principle, it costs you significantly more money to get a new patient than to maintain and do more business with your current patients!
* It is 6 Times More Expensive to Win a New Customer than to Retain an Existing One – ThinkJar.com
Additionally, according to Sales and Marketing Magazine, 80% of all people who inquire about medical services take action within one year (emergencies excluded). However, they seldom do business with the clinic they originally contacted. This means you are educating your prospective patients to do business with your competition.
Your best and most lucrative strategy then is to focus on and provide excellent service for your current patients! Above all else, it is far more logical to do business with those people that know you and trust you.
In fact, the evidence is in and the Internet is chock-full of information supporting this evidence! Author Tricia Morris, from Business2Community.com, writes an excellent, enlightening, and convincing piece on the subject. According to her research, “the probability of selling to an existing customer is 14 times higher than the probability of selling to a new customer.”
Her article titled “It is 6 Times More Expensive to Win a New Customer Than to Retain a New One” further points out the following interesting facts:
- If satisfied by the customer experience, 73% of the customers will recommend a brand to others, and 46% say they will trust that brands products and services above all others. – SDL Global CX Wakeup Call Report
- 97% of global customers say that customer service is very important or somewhat important in their choice of and loyalty to a brand. – Microsoft Global State of Multichannel Customer Service Report
- 76% of consumers say they view customer service as the true test of how much a company values them. – Aspect Consumer Experience Survey.
- 62% of global customers have stopped doing business with the brand or organization due to poor customer service experience. Microsoft Global State of Multichannel Customer Service Report
- Once a customer leaves, for in five say they will never come back, and if they do, 59% say they will be less loyal. – SDL Global CX Wakeup Call Report
- According to a new PwC Survey, more than a quarter of the U.S. CEOs are increasing their spending on advertising this year. But the most valuable promotion will come to those who not only invest in winning customers by keeping them.
Okay, you now know some very intriguing statistics. So what are you going to do about it? Where do you begin? Moreover, who’s your audience? Maybe most important of all, what do you say to these existing patients? How are you going to increase your ROI and the effectiveness of your advertising? Continue reading Save Thousands On Your Marketing!