Not having a marketing budget for the new year will cost you
Have you created a marketing budget? Here’s why you need to!
It’s almost the new year! If you’re like us here at Veerspace, that means you’re busy paying your employees, examining your books and making a budget for the new quarter. Of course, you’re budgeting for things like staff salaries and office rent. Those are all essential for your practice. But, there’s one other essential question that a lot of our clients haven’t even thought to ask themselves:
How much are we going to budget for marketing?
When it comes to medical practices, making time and money for advertising seems to get shoved to the back burner. We understand why that is. As a doctor and the head of your practice, you’ve got a lot of other things to think about. Marketing seems like a frivolityLet me tell you, it’s not! In fact, not having a marketing budget will most certainly cost you more than you think.
Here’s why…
  • Marketing is essential
Think about it: patients can’t come to you if they don’t know who you are or what you do. How do they find out about you? Marketing! Sure, you can rely on word of mouth. But, even in the best practices, word of mouth will only get you so far. The truth is, if you want patients, you need to get your name out there. For that, you need to market yourself. Without marketing, money doesn’t come in and all those things you know to budget for like office rent, new technologies, and staff salaries are going to suffer.
  1. Every form of Marketing Costs Money
Here’s another harsh truth: All marketing costs money. Sure it’s technically free to create business pages on Social Media. But, if you want those pages and the content on them to be seen by the right people, you’re going to need to advertise on Facebook, Instagram, and Youtube. It is true that you can do this more affordably on Social media than you can with more traditional avenues like billboards. But, the fact remains that you’re going to have to put at least some money towards advertising on Social media sites. And, if you don’t have a budget, deciding how much money to put into Social Media ads becomes much more difficult.
  1. Without a Budget, you’ll either pay too much or too little
When practices don’t budget for marketing, we’ve noticed that they tend to fall into two groups. The first group that realizes the mistake they’ve made halfway through the year and panic. They immediately go out and spend more money than they can really afford on huge campaigns (like billboards, blow out sales or giveaways) that, in the end, have little or no effect on their bottom line. The second group also realizes their mistake halfway through the year but, unlike the first group, they realize that they don’t have the money for big campaigns. Instead, they try to do as much for free as they possibly can. And, because no real marketing is free, these “free” campaigns will not bring in patients and will end up costing them money. So, what’s the solution? The solution, of course, is to sit down and budget for marketing before the panic sets in. When you sit down to calmly plan, you can find what we call the “Goldilocks number”. That means an advertising budget that’s not too big and not too small but just right for you and your practice.
Having a budget in place will keep you and your practice in that Goldilocks sweet spot. Not sure how much to budget or what to do with your social media. We can help with that!