Deciding how much you should budget for your dental marketing can be confusing. But maybe you should be looking at it as an investment and not an expense.
If you’re a bit unsure about whether or not you’re spending the right amount to market your dental office, take a few minutes to watch this video from Xaña Winans, who runs one of the most experienced dental marketing agencies in the country. Xaña will explain why effective marketing is one of the most profitable investments you can make. She’ll also give you a super easy way to calculate what your return on investment (ROI) is for your current marketing so you can make smart marketing budget decisions.
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“Am I spending too much on marketing?”
Has that question ever crossed your mind? I’m sure it has.
It’s a great question. But it may not be the right question.
Hi, I’m Xaña Winans, owner and CEO of Golden Proportions Marketing, the most experienced dental marketing company in the country. Today, I want to propose a slightly different question to ask yourself that will give you a better perspective on your marketing budget.
Many dental practices we come across make the mistake of lumping their marketing budget in with other routine costs of doing business, like bookkeeping or IT. No offense to your accountant or Carl the IT guy, but marketing doesn’t deserve to be downgraded to that level.
Marketing, when done right, is actually an investment, not an expense, since it creates revenue for your office. When viewed that way, you won’t be concerned with the total amount you pay out-of-pocket for marketing. Instead, you’ll be more interested in how profitable it is for you.
Think of it like this, when you anxiously tear open your monthly or quarterly statements from your financial advisor, your biggest question isn’t “how much did I invest?” It’s “how much did I make?”
If you’re lucky and your investment funds are giving you a double digit return, you’d be pretty excited, right?
Well, guess what? Effective marketing campaigns will deliver a 500% return or more on your investment (or ROI). Try finding that on the stock market.
If you’re getting less than a 500% ROI, your budget is either invested in the wrong kind of marketing or promotions that aren’t being done properly. It’s also possible that you are generating a good number of new patient leads, but you’re failing to convert them into actual patients. Before you throw away any more money, take a close look at where you are leaking profits and plug up those holes fast.
So how do you know what your marketing ROI is? Glad you asked!
We have a quick and easy Dental Marketing ROI Calculator that you can use for free. You’ll just need to input some basic information, including…
How much did you spend on your marketing?
How many new patients did you bring in?
How much revenue did you generate?
How long do your patients remain active with your practice?
How many new patient referrals do you get?
Visit goldenproportions.com/roi and input your data today to find out if you have a dental marketing gold mine or money pit.
And if you have any trouble using the form, let us know. Carl can give you a hand.