Marketing Budget | Minoa Marketing

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How Much Should I Be Spending on Dental Marketing?

by Naomi Cooper November 1, 2017

No one wants to see any money go to waste, but amidst all of the sales calls and promotions bombarding dental offices, it can be hard to find the sweet spot of spending enough money to get your name established within the community without spending your marketing dollars unnecessarily.

When trying to determine a budget for your dental practice marketing in 2018, consider these following questions:

How well known is your practice within your local area? For a new practice, plan on spending more, particularly in the first year.
How much external marketing has been done in recent years? Again, for a new practice, or one that has done little to no marketing, consider the first year the “building year”.

Practices that fit into one or both of the above descriptions should plan to dedicate anywhere from 6-10% of gross revenue for marketing in a building year. Then in years 2 and following, be sure to track the ROI (return on investment) and budget 4-6% annually for ongoing efforts.

As far as how to allocate the budget, here are a few concepts to keep in mind:

Always keep your target patient in mind. Choose marketing ventures that will best reach your desired patient type. Looking to attract moms? Think about social media as opposed to phone book ads.
Business is cyclical. Market your practice during the times of year when your practice gets busier to reach more patients at the precise time they are searching for your services.
Don’t forget your marketing budget should be fluid. Take time to track and review results over time. Make changes on a semi-annual basis when you see there is room for improvement.

Finally, don’t overlook the benefits of hiring a marketing consultant when crafting your marketing budget and strategy. A professional with specific experience in the dental industry can help guide you through the marketing process and help you find your marketing sweet spot.

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6 Steps to Dental Marketing Success

by Naomi Cooper May 15, 2015

As the old adage goes, “Failing to plan is planning to fail,” and no truer words have ever been spoken…at least when it comes to dental marketing. Marketing can be fun (patient appreciation activities). It’s trendy (social media engagement). And it’s certainly enticing (“Don’t miss out!”). But it can also be frustrating, time consuming and costly, especially if you don’t have a plan in place.

Instead of having a scattershot approach to dental marketing, it can pay off big time to take the time to put a plan in place. Here are 5 steps to get you headed towards marketing success:

Plan for the long term: When developing a strategy, keep in mind that it should be regularly monitored and needs to have the ability to change depending on factors like time of year, the economy, and your budget.
Brand yourself: Work with a professional logo designer to develop a branding strategy that will be used throughout out all marketing materials, online and in print.
Build/update your website: A great website serves as the foundation for the marketing plan, so it’s an incredibly important component. Hire a skilled web designer with experience in the dental field to create a site that attracts new patients and meets the needs of your existing base.
Train the front desk: The team answering the phones plays a crucial role in the marketing plan. They need to have the communication skills to not only convert new patient calls into appointments, but to also extract the important information from every caller in order to track the results of the marketing efforts.
Create buzz online and off: Social media is a hot buzzword today, and it’s not just for fun. The reason it’s so popular is because it’s grounded in something we all know – good old-fashioned word of mouth marketing. Word of mouth remains a powerful driver of new patient flow. Encourage your existing patients to become brand ambassadors for your practice and ask them to share their positive experiences online at social networking sites like Facebook and consumer review sites such as Yelp, Google My Business and Healthgrades.
Just say no!: It’s easy to overspend on marketing when there isn’t a plan in place. Believe it or not, it’s not uncommon for a dental practice to receive 20-30 sales calls a week from people selling various marketing packages. Stop the kneejerk reactions and wasteful spending. With a proper marketing plan in place, you can regain control of your practice promotions and feel confident that your hard-earned marketing dollars are being well spent.

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Catch up with Minoa Marketing on Pinfex.com!

by Naomi Cooper September 22, 2013

Thanks to Pinfex for the mention on their latest blog “Most Compelling Dental Articles of Summer 2013 – Did You Miss Them?“. One of my recent Inside Dentistry articles was included in the Pinfex list, where I touch on the importance of creating and maintaining a dental practice marketing budget. The blog is a terrific resource for dentists, compiling informative articles on all facets of dental practice management. It is an honor to be included amongst other renowned dental industry professionals.

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Crafting Your Dental Practice Marketing Budget

by Naomi Cooper December 20, 2012

The beginning of a new year is the optimal time to take stock of your dental practice marketing plan. Finding the time to give your marketing some serious thought and consideration can pay off hugely n the long run. It helps in staying on top of deadlines. Carving out a schedule ahead of time ensures you are promoting your dental practice consistently and efficiently, and does not leave you vulnerable to knee-jerk marketing tactics every time a sales person calls.

However, it is difficult to finish a marketing plan without determining a budget. Setting a marketing budget may seem like a daunting task. Several factors should be weighed when considering how much money should be allocated, and where your money will be best spent.

Consider how well known your practice is within your local community. If you have not done much marketing in the past, you should probably expect to spend more, particularly in a building year (when you are creating your infrastructure).
In the building year, best practices indicate approximately 5-8% of production should be put towards your marketing. It’s imperative to track your return on investment, and plan to dedicate 3-5% for the second year and going forward.
Always keep your target patient profile in mind. For example, if your target customers are Moms, engaging in social media marketing will be more effective than paying for phone book advertising.
Business is cyclical, and dental practices are no different. Think about what times of the year your practice gets busier – these are generally the times when your patients are looking for dental services. Marketing during these times can help to reach new patients when they are searching for you.
Do not forget that your marketing budget should be fluid. Set a time frame within which you will dedicate time and money towards a series of marketing activities, and take the time to track and review the results. Make changes where you see there is room for improvement.

Creating a marketing budget does not have to be a difficult process. Simply taking the time to sit down and giving careful consideration to the money allocated to promoting your process is a smart step in reaching new patients and keeping your dental practice running most efficiently.

What questions have you encountered in creating your practice’s marketing budget? Do you have any advice for beginners?