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Get The Most From Your Marketing Dollars

Get The Most From Your Marketing Dollars
by Ed Rabinowitz

“I try not to do anything where I’m not making back three times the money I’ve invested..."

Marketing is more than just buying a billboard or a business card sized ad in the local newspaper, especially if the intention is to get the most out of your marketing dollars. But according to Chris Panebianco, CMO at Bankers Healthcare Group, that realization is often overlooked.

“It’s not only dentists,” Panebianco said. “People overlook [the importance of making sure marketing dollars are well spent] in every aspect of business. And I think the reason why is they don’t have clear goals.”

If misery loves company, that’s fine. But otherwise, dentists would be wise to disassociate themselves from an approach that is like driving but not knowing where you are going.


SET GOALS

Looking at marketing through a dentist’s eye, Panebianco said it’s critical to know what you want to accomplish before spending a single penny. That means asking yourself questions such as: Is your goal to get more patients? If so, what kind of patient do you want to attract? From there, study the area where your practice is located. Do the demographics match with the group you are trying to attract? Or the service you’re looking to provide?

Once you answer those questions, identify what it will cost to attract those individuals through a mailing campaign, or a billboard, and then back the numbers up.

“If I know I’m going to spend $1,000, how many new patients do I need to make that back?” Panebianco questioned. “I try not to do anything where I’m not making back three times the money I’ve invested.”

Remember, the rule of thumb is that the easiest customer to get in the door is the one who has already been to the practice.

“Always start with your current customers,” Panebianco said. “They’re organic. They’re the patient base.”

Read full article on Dentist's Money Digest.