We’ve all heard the cliche, “You have to spend money to make money”. While it has become a common phrase, it doesn’t make it any less true when it comes to dental marketing.
But where should you start? Creating a dental marketing budget can often seem confusing and overwhelming, especially if you’ve never considered formalizing a marketing budget before.
Online marketing is here to stay, but how much money should you be spending on it? More importantly, how can you make sure the money you spend is actually working to attract new patients?
That’s why I sat down and put together a full webinar for you. A dental marketing budget is a huge topic that often frustrates dentists and I wanted to give you the tools you need to start 2018 off on the right financial path.
Here’s What You Could Learn About Your Dental Marketing Budget During The Webinar:
The important thing to remember when it comes to creating a dental marketing budget is that there is no one-size-fits-all approach. You might have to spend $3,000/per month while a competitor only has to spend $1,000/per month.
Or a new practice in town might need to spend $5,000 or more per month to get the same results you do at $3,000.
Don’t be discouraged! Just because there isn’t a 100% guaranteed “one size fits all” solution to determining your marketing budget, doesn’t mean we’ll leave you high and dry without the tools you need.
Think about your dental marketing budget the way you try to get your patients to think about their oral health and dental care.
They might choose a dental practice in town that doesn’t have the best reputation if it means they get to spend less money up front.
However, we all know what happens in just a few months time. The filling falls out or there are problems with the implant, and that very same patient calls your office for an emergency appointment.
In the long run, this patient spent more time, money and stress on a problem that could have been avoided if they had done their research and invested in a high-quality dental practice from the beginning.
The same is true of dental marketing. You can try to cut corners and save today. However, you know you’ll be better off in investing an appropriate amount into your dental marketing budget to make sure it actually works to attract those new patients you need.
So what do the experts suggest?
The Small Business Association suggests 7-8% of your revenue should go toward marketing, if revenue is less than 5 million.
At Firegang, we usually recommend our clients spend at least 5-7% of their revenue on a strategic marketing budget. However if you’re in a competitive area and want to dominate your market you should plan to budget 10% of your revenue.
Like I said earlier, there is no “one size fits all” answer. A lot more goes into determining and implementing a marketing budget that will work for your practice than simply calculating 6% of your revenue, so make sure you consider all the factors that belong in your dental marketing budget.
Now is the time to set your practice up for success by creating a new dental marketing budget.
Review all of your marketing options with a strategic approach that is focused on helping your practice to reach those goals. Though, in the beginning, your budget might be smaller than the competition, that does not mean you can’t scale and grow with the resources you have right now.
Before you know it, your practice will be able to implement even more marketing strategies as a direct result of growth and production.
Marketing is not an overnight success story, but once you begin to prioritize your strategy, you just might be amazed at the growth and ROI you see.
This post was originally published in December 2016 and has been updated to include the latest dental marketing information.