It’s not easy for a dentist to determine the amount they should spend on their digital marketing campaigns. But there’s no necessity for you to worry. As we will help you decide it by providing you with some tips and formulas that you can follow. To determine your spending limit for your dental practice.
Here are some questions which may be the ones that you often wonder about for making an appropriate marketing budget:-
- How much should you be spending?
- How much are your competitors spending or willing to finish?
- What amount do you need to spend to grow your practices and, in turn, keeping them profitable?
- What are the facilities that I need to offer to my patients to get attracted to me?
But the main thing is that all of these questions are to be answered based on the condition of your dental practice. So let’s start over here:-
Case 1:- If you are new at your dental practice:-
Your newly started practices must be having a significant overhead and debt towards service. Attracting a good amount of new patients at your dental clinic in comparatively less time. It will help you to pay the loans that you have taken from banks. It also helps various financial institutions and the bills of multiple departments.
You can decide your spending limit by reading the following points:-
- Most dental business experts highly recommend spending 20 percent of gross revenue earned on marketing for a newly started practice.
- The amount you need to spend on your dental practice’s marketing majorly depends on your local market.
- For example, if your business is established in a large city. If your practice is facing huge local competition and you want to make a big splash. Then set your benchmark at 30 percent rather than 20 percent.
- On the other hand, you can be spending only 20 percent in areas where there is no competition. Or only a little competition, as it will be accepted over there.
Always keep in mind that ‘Your first marketing campaign will always be the most important one for you,’. Thus, you’ll wish to create an impact that will be reaching as many people as possible in your local community.
- Search engine marketing and paid advertising are the most critical marketing tactics you need to implement on your website. To attract your patients. Search engine marketing offers you one of the best returns on investments in comparison to any marketing tactic.
- Search engine optimization (SEO) requires time and investment for a new practice to see results; however, the payoff is significant. Once you reach the top of the search engines and an excellent online reputation. You will start seeing a steady flow in the number of new patients. It will make your recent patient acquisition much more accessible.
- On the other side, pay-per-click ads will ensure, that you are being shown up at the top of the search engine results. So that you can easily be found out by your new patients, right from the time when your practice starts.
- Ensure that you invest a decent portion of your startup funding towards a strategic marketing program. It will put you on the map.
- Great listings in the search engines and pay-per-click advertising campaigns. It can increase the flow of new patients into your newly started dental practice.
- Once you are successful in getting at the top of the search engines. You’ll start seeing a constant flow of new patients at your dental clinic. It will make increase in your revenue as well.
Point to keep in mind:-
Search engine optimization will offer your engine the best return on investment than any marketing tactic. It will ever do, but the condition is only if you get it right.
Case 2:- If you are an established dental business and want to grow
- Many dental practices in Covid time aim to develop but find it challenging to attract new patients every month. To meet their growth requirements, it is important. The initial reason for this could be that their current digital marketing strategy. Or even their website isn’t performing that well compared to their competitors.
- They may be aiming at increasing only one or a maximum of two million dollars in their revenue. It is very much possible that they may also be interested in adding associates to their dental clinic.
- Also, it is very much possible that they now recognize that showing up everywhere online. When someone is searching will play an essential role in generating the additional 20-50 new patients. They need every month to meet these goals.
To fix these issues and start achieving satisfactory results,
- These practices should be looking forward to spending at least 5-10% of the gross revenue they aim for.
- The dental practice should be aware that an SEO program requires about 6 to 12 months. For gaining traction, it will be helping in bringing long-lasting and effective results if it is being done sustainably.
- Also, It’s often very important to redesign your website with modern standards. It will help you improve your Search Engine Optimization And the promotion and positioning of your practice.
- During a short period, it is very important to use Google pay-per-click ads. It will be helping you in reaching the top of the search engines. Because that direct investment will be leading new patients to your dental clinic very quickly and effectively. While you keep waiting for your search engine optimization results.
In addition to the above,
You can also break down the profit amount you would like to see in your practice.
- Taking it as an example, If you wish to increase the revenue of your practice by $140,000 in a year. You’ll need to acquire 140 new patients who will be bringing in 1000 dollars per year.
- That means approximately ten extra new patients each month. The additional and the average cost of acquiring a new patient lies between an accepted hundred dollars to 300 dollars.
- Suppose you wish to increase the number of patients per month, taking ten patients as an example. It would help if you were prepared to spend an additional $1000 to $3000 to acquire them.
- Some dental managers expect to get about ten new patients in a month with their dental marketing. Only while spending a few 100 dollars, which has claimed to be 100 percent return on investment. It is impossible to achieve by using any marketing methods a’s a cliche. Still, you need to spend money to make money.
- The long-term payoff is, however, worth it.
Dental practices have been established, but due to some reasons, they are plateaued or are shrinking.
- Established practices compulsorily need to attract new patients, including younger patients and families as well.
- For this, they can replace them with the patients who fall off.
- In this case, the established dental practices should look at the revenue. Which they would like to have a look at, and work on a budget of a minimum of 5-10%.
- They will have to bump up their marketing budget to invest in a few marketing assets like a new website. Or anything else similar to this in the short term.
- Many practices seem to be shrinking or are getting stagnant. Because they lack good marketing programs and investments like a good website and other similar things.
- Under investing in marketing can lead to stagnation or a shrinking of a dental practice. Mainly if your competitors are marketing at an aggressive level.