Let’s continue with our series, Winning in the Recession – A Primer for Canadian Professional Practices, by building on the sixth essential:
Maximize the return on investment of a marketing budget.
…“This is important in ‘normal’ economic climates but should take an even higher priority in times of recession. There is an ever increasing trend for the smarter entrepreneur to plan their marketing strategies to create continuous cash-flow well in advance of any calamity.” This can be done using a method whereby you are consistently getting the most suitable patients for you and your practice walking through the door. Many dentists fall prey to “spray” marketing. This type of marketing does not target the most suitable patients and hence dilutes the effects of your investments.
A high return on investment of a marketing budget does not necessarily imply that the marketing budget was minimized. It implies that it was strategically invested.
The winners in this recession will be honing in their abilities to navigate traditional and new marketing opportunities for fit and to drive impact with a focused and compelling marketing message.