How to Get Big Results From Small Adjustments to Your Practice Budget

We’re halfway through the first quarter of 2021, and many elective medical practitioners have created their budgets for the year. As we recently noted in another blog, marketing budgets typically make up 5% to 12% of revenue for business-to-consumer practices.

When you were planning your budget, did you leave some wiggle room for minor adjustments? If so, you’ll have an easier time moving money around if you determine one program is doing really well, while another is not.

So, where should you direct some of your budget this year? We’ve identified three areas where small budget adjustments can generate big results as you promote your practice in 2021.

1. Webinars

When hosting live webinars, create a dynamic experience for the viewer. This will help drive a stronger prospect conversion rate. And as webinar network BigMarker explains, a growing number of webinar attendees are signing up to watch after registration ends, so you should record and replay your webinars to see big results.

2. Direct mail

In our experience, average direct mail response rates hover just over 1%. Before COVID-19, they were 2.3%. (Generally, 1% to 3% is considered successful.) But you need to make sure your direct mail programs are highly targeted in order to achieve big results.

3. Other systems

It’s easy to get into a rut when marketing your practice. But here are ways you can break out of it: trying a new piece of technology such as a webinar platform designed for older Americans, or digital marketing programs. If you’re willing to be flexible and experiment a little, it’s more likely you’ll achieve the big results you’re seeking.

If you haven’t already earmarked some of your budget to these three items, consider reallocating 5% to 10% of your marketing dollars to them. It’s easier than you think to generate higher conversion rates.  

Make minor budget adjustments to get big results

Find the additional funds for these three programs by calculating the cost per acquisition for each campaign you run. Figure out which ones are worth the expense, and which ones aren’t.

In conclusion, don’t fall back on pre-pandemic sales strategies. COVID-19 has forever changed how to market to your future patients. Medical professionals who make minor adjustments to their strategies and fine-tune their approaches will get big results in 2021.

Get more information about how LeadingResponse works with elective care practitioners to increase their caseloads and their revenue.

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