On May 19, Harshal Limaye, Founder & CEO, Mktg.Doctor, joined Aesthetic Medicine live for a session on ‘How should an aesthetic medicine practice spend on marketing’.
Here’s listing select key takeaways from the discussion:
● Think of marketing as an investment to build and grow your assets.
● There is no standard formula of a budget to be kept aside for marketing. Roughly, it is 10 to 15 per cent of the projected annual revenue (sales).
Factors to consider while formulating the budget
● The lifecycle of your business
● Your specialty (Your niche)
● The market you operate in (Location)
● Number of providers
What would one spend on, considering the stage of his/her business?
● An up to two-year-old practice should spend the budget on – Website, SEO, Facebook, Youtube, Email marketing, PR, and marketing software.
● Three to five-year-old practice should leverage the tier one spends and opt for Google, Facebook ads, social media marketing, marketing automation.
● Five to ten-year-old practice should add more budget to ads spends, TVC, PR/news channels and billboard.
● Understand your marketing objectives before spending money on marketing.
SMART marketing objectives:
● Specific to your practice
● Measurable
● Achievable
● Relevant
● Timebound
● Measure your marketing campaign success with a tool – KPI i.e key performance indicator.
● Identify your marketing objective, select primary KPI and lastly map metrics to your KPI.
Maximise your ad spends based on the platforms
● Use Google ads for lead generation, pay for the clicks. People are actively searching so focus on transactional keywords.
● Use Facebook ads for brand building, pay for impressions. It is a storytelling platform, so it’s better to keep the conversion light. Cash on the interest algorithm used by this platform.
● Do cross-platform advertisements.
COVID crisis: Tips to sustain and grow your practice
● Re-evaluate your business cycle (Where you fit in the cycle)
● Revisit your marketing objectives
● Invest in your assets