The Pitfalls Of "Saving" Money On Your Marketing Budget
Written by P.Rao on Nov. 6th 2018
Business owners often think that they’re saving money by not spending an appropriate amount of their revenue on dental marketing. That's completely incorrect.

Think about it with this perspective - if you're looking to grow your business from $750,000 to $1 million annually, then we know you're going to need to add $21,000 in additional revenue each month. What would you be willing to spend each month on marketing in order to do so? If you choose to take the cheap route, you may struggle to get there. Many owners will expect to see $21,000 in additional revenue each month while only spending $500/month on marketing. There's no marketing in world that will return a 42 to 1 ROI.

Your business can’t grow the way you need it to without making a calculated, yet impactful, investment in dental marketing. By not investing an appropriate amount in your marketing, you're handing new customers over to your competitors each month. Review your marketing options with a strategic approach focused on helping your business to reach its overall growth goals. 

Use Your Marketing Budget To Guarantee Your Practice’s Growth

Creating a marketing budget is essential to reach your goal ($1 million annually in our example).

If you use the Customer Lifetime Value calculation, you can determine exactly what you need to do to get there.

Example: For this example, let's say a new customers's first year value is worth $1,000. If you want to grow the practice by $250,000 annually, that means you need to see approx. 250 more new patients in one year. To break that down even further, divide by 12 and you get 21 more new patients per month. That means you're looking to increase the revenue of your practice by $21,000 per month. That's your target.

Remember, successful marketing is not an overnight success story. However, once you set up an appropriate marketing budget, you'll start to see the growth and the ROI you need.

Need help with creating a customized marketing budget?

Get in touch with us at SocialSeeds for a no-obligation marketing assessment today!

Prateek - SocialSeeds

SocialSeeds helps business owners find new clients and grow successfully. Our expertise is new client acquisition via social media advertising as well as creating comprehensive marketing strategies for your business. Get in touch with us and learn how we can help you grow.
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