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Behavioral Practice Consulting Solutions

Professional Development

Practice Marketing Series #3

Topic: Efficiency in Marketing

One of the greatest principles in marketing your practice is an efficient approach.  I characterize efficiency in marketing to mean an effective and well developed approach to marketing that is cost effective, target oriented, and time effective.  Here are some thoughts related to this approach in the private practice. 

            Cost Effective:  Generally we have a limited amount of funds to expend on marketing.  Generally I recommend about 10% of your profits should be reinvested back into your business within the first five years of your practice to grow your business.  If you reach your practice goals before this time you can adjust this down with an eye towards enhancing existing relationships fueling your practice.  The 10% rule still stands as a good marker and in many cases an aggressive approach to marketing with require more investment, hopefully with a good return.   

            Utilize low-cost marketing strategies before going high-cost.  This would favor more legwork or time intensive marketing such as free speaking engagements in favor of high dollar display advertising in the newspaper or other publications.  Once you have saturated the lower cost options then decide if marketing dollars spent on high cost venues is warranted. 

            Targeted Marketing Strategies: The more specific you are with your marketing efforts the more chance you will have to see results.  General or very broad marketing strategies are good for large corporations or capital rich enterprises but in the domain of small businesses this is generally a luxury too good to afford.  The best way to target market is to have specialty and a defined audience.  With these you can more effectively designate those outlets where your marketing dollars and efforts will give you the most “bang for your buck.” 

            Time Effective Marketing:  Don’t burn yourself out with lots of hours spent marketing with little results or strategy.  Keep your time to a premium by utilizing hours with logical and defined referral sources and marketing opportunities.  One rule related to this is, the more the better.  Go for large audiences through networking or organizations as opposed to marketing individual providers ad nauseam.  You may target some individual providers but an auditorium of hundreds for a free speaking opportunity would be a much better use of an hour than meeting face-to-face with one therapist.  Be wise with your time.  

            A general rule with your time is to expend up to the time you want to devote to your practice.  So if you have a desire for a 20-hour a week practice and you have 10 regular hours filled, you need to shoot for another 10 hours a week marketing.  Get out there and work! 

Efficiency demands that you plan ahead and work to develop a marketing strategy with specific action items each week, month, and quarter.  This can be anything from individual visits face-to-face, telephone calls, cards, a speaking engagement, or writing an article for a church newsletter.  Creativity is the rule and getting out of the office and getting your name out there is key.

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