3 Tips To Create A Solid Marketing Budget For Your Private Practice

May 17 | , , , , , , ,

 

A clearly defined marketing strategy is a great asset for your private physical therapy practice. There are several things that go into a clinic’s planning, but perhaps the most important is the budget. Without a straightforward method and idea of what your marketing will accomplish, deciding on a budget can be difficult. Here are three tips to help you develop your practice’s marketing budget:

1. Decide on goals
A marketing strategy is a year-long process, so it’s important to define your objectives for the campaign. Make sure the plan is not only specific to your audience, but also that it is something that can be measured. A quantitative look after the plan has run its course will tell you whether you accomplished your goals. A set deadline will also help keep your practice on track with the campaign. Objectives will help your company set an ideal amount for spending, which can then be increased or decreased to arrive at a final budget.

“Goals should be specific to your audience and measurable.”

2. Determine where to allocate funds
Once you’ve figured out the campaign’s goals, it’s time to decide how you’re going to accomplish those objectives. There are many forms of media to invest in for marketing, but the ones you choose will depend on your goals. More than likely, you will spend on more than one at a time. Look to past advertising strategies or to competitors to deduce what method will work best to satisfy your intentions. Are your patients elderly? Social media marketing may not captivate them, but it would work with a younger audience. Keeping your company ambitions and target demographic in mind, you can select how you will spend your budget.

3. Estimate, estimate, estimate
Evaluating the cost of the elements of your marketing campaign is the most helpful tool for determining a budget. It’s hard to deduce an exact number from the very beginning, so assessment of certain methods can help your practice develop a flexible idea of the overall price of marketing. Adding up the costs of all the tools your clinic hopes to use from market research to TV commercials to website maintenance will help you figure out what aspects you can afford and which ones need to be cut. With a little bit of room in your budget for last minute changes and additional, unseen costs, your practice can determine a total that makes sense.

Entrepreneur suggested that new practices, those that have been in business fewer than five years, use 12 to-20 percent of their projected or gross revenue on their marketing strategies. Developing a budget for your practice’s marketing plan can be overwhelming, but with clearly defined goals, a course of allocation and a flexible, but solid estimate, your physical therapy practice can create an advertising method that works.

 

This article is brought to you by PREFERRED Therapy Providers Inc. PREFERRED is the nation’s leading payor management services network. Our expertise is working with physical, occupational and speech therapy practices – from single clinics to multiple clinic locations.