As successful plastic surgeons’ assets grow into the millions, many will look to work with a financial advisor to help allocate their capital resources effectively, in order to maximize their time and return on investment and the smartest business leaders in the world, all work with coaches and advisors to help them maximize the most precious commodity in business, the capital resource of time. By surrounding yourself with experienced professionals, all of whom are experts in their craft, can help create the greatest possible results in the shortest amount of time.
Although many practice owners see marketing and advertising as an expense, it is really an investment. As you and your marketing team invest the resources of time, money, and human capital to gain above-market marketing returns.
We used to believe all ads had to be profitable or they were considered unsuccessful and needed to be canceled. This is what is referred to as an Expense-Based Approach to advertising, and it is part of a scarcity mindset. Through our extensive experience, we have learned that there is now a much better way to go about marketing asset returns. Instead of treating marketing and advertising as an expense, you should treat it as an investment. The money you put into marketing is your capital investment with the sole purpose of growing your portfolio, which is your practice. We know that with solid marketing processes in place, a percentage of your targeted prospects are going to turn into new clients who will keep coming back year after year, if provided a great experience by your practice. The key is having a marketing system that ensures your efforts are returning a healthy profit and that you have the right mix of assets. Just like your financial portfolio, not all investments will be winners, so having a long-term strategic plan and being adaptable are vital to success.
If you are unsure of what to do, how to allocate your marketing budget, or are skeptical of your current vendors, consider hiring a team of experienced professionals that can help your practice see double-digit revenue growth year-over-year.
What Digital Assets Should You Actively Manage?
First, your digital assets are anything related to you and your business that are recorded on the internet. For example, your website, your practice’s social media accounts, emails, and online listings like your Google My Business profile, images, and more are all digital assets. It is critical for practices today to manage their entire online portfolio in a way that is secure and accurate! Your digital imprint is something you have likely already invested heavily in, making it necessary to ensure your investment is working as effectively as possible and is properly protected.
Just as you should be actively managing and protecting your investment portfolio and your practice, it is a must to take control of your digital presence, as well. Your digital assets should be treated just like your investment portfolio as their return should be well above the average market return. Just as you have access to your bank account and investment portfolio, having access to your internet portfolio is essential. Your digital assets contain a tremendous amount of value, and it is vital to take the time to protect them, secure them, grow them and maybe hire an expert to help you get things done more effectively to provide even higher returns.
One issue we see often with new clients, is their lack of access and control of their own internet assets. At MDIM, we can work with you and your vendor to gain access to all digital assets that you should not only have access to but that should also be in your name. While it is often necessary, even recommended, for another person or party to have access your Internet assets in order to help facilitate ongoing marketing endeavors, your internet portfolio should be in your name. The initial set-up of your online portfolio should be handled with extreme care and planning beforehand can help keep your internet assets inventoried and protected. Having a professional do this for you can often save you trouble in the long run. It also helps for future transitions, if you ever need to merge or transfer your assets to a different platform. For example, if you decide to change website vendors and need access to the DNS records, your Google My Business profile, and your social media platforms, you will be able to smoothly provide access to the new website vendor and easily remove access for the old one.
As 2020 comes to an end, now is a good time to take stock of how your marketing assets are being managed. If your numbers are not where they should be, or if you want to take a more in-depth look at your overall online performance, we recommend partnering with a digital marketing agency to set and achieve realistic goals.
MD Internet Marketing is a digital asset manager that helps doctors allocate capital to various investments that provide above-market returns. Our firm manages well over $1 million in marketing investments and 10’s of millions more in practice revenue, as we work with our practices to maximize their return on every marketing dollar. We typically invest 3-6% of projected annual revenue in marketing while most other marketing agencies spend 15-20% of annual revenue. We can help you grow your online presence by optimizing and gaining control of your online assets. Our trustworthy team has over a decade of experience and access to hundreds of plastic surgeons’ logins with high levels of safeguards in place to share information in a safe and compliant manner.
As always, the experts at MD Internet Marketing are here to answer questions about your online marketing needs and digital portfolio to help your business succeed. Please give us a call at (954) 993-5154 or fill out our online Contact Us form to discuss your online portfolio.