The idea of creating a marketing budget may seem overwhelming. In fact, many cosmetic and plastic surgery practices fail to see the need to create a clear and well-thought-out budget. This jagged piece of the marketing puzzle involves deciding how much you will spend on advertising, when you will spend it, and where to channel these funds. Strategic planning is not an easy process, yet it offers long-term value for your practice, serving as a benchmark for tracking progress and highlighting areas that need improvement. The most effective way to get the biggest bang for your buck is to use a detailed marketing budget as your guide.
Set Your Yearly Goals
Short-term and long-term goals are the basis for your marketing budget. With these goals in mind, your team can determine the best methods to drive up revenue. To formulate these goals, first pinpoint the type and size market you currently serve, as well as the level of direct competition. Depending on the size and age of your practice, these goals will include a set growth in profitability, increasing the patient load, improving your online presence, and the launch of new services. The most effective way to set marketing goals is to use the SMART method, ensuring your points are specific, measurable, attainable, relevant, and time-bound. With clear goals in mind, you can then create an action plan.
Determine How Much You are Willing to Spend on Marketing
Deciding what to spend on marketing can be daunting. When getting started on your budget, look at your practice’s past performance. Find the percentage of revenue you spent on advertising and other marketing efforts last year by comparing profits with the amount of money your practice spent on marketing. Next, determine your projected revenue for the upcoming year, usually this is an increase of at least 10%. To achieve practice growth, you will have to spend the same percentage on marketing as last year, plus an increase. Remember, the amount you set aside for marketing will include fixed costs, such as billboards, directories, and ongoing SEO services, as well as variable costs for items like Google AdWords.
Create Your Budget
Once you have set your short-term and long-term goals, and set aside a percentage of anticipated revenue, you can finally create your marketing budget. This budget will not be for only advertising; it should cover a variety of marketing tools, such as SEO, social media and email. Identify your target audience and make sure your marketing approach fits the demographic. To further hone the direction of your marketing funds, use a SWOT analysis to study your practice’s strengths, weaknesses, opportunities and threats. Always focus your funds on those things that work the best for you and that show revenue. Plan on visiting your budget regularly to review accomplishments and ensure funds are staying on track.
Grow Your Aesthetic Practice with MD Internet Marketing
MD Internet Marketing is not an SEO or web design firm; we are here to help you to achieve your business goals and obtain quality results through data and best practices by working with your current venders. Through a customized marketing management system, MD Internet Marketing can grow your individual practice, while helping you avoid costly marketing mistakes. For more information, contact MD Internet Marketing at (954) 993-5154.