Practice marketing plan: Your path to net profitability
On May 26, Harshal Limaye, Founder & CEO, Mktg.Doctor, joined Aesthetic Medicine live for a session on ‘Practice marketing plan: Your path to net profitability’.
Here’s listing select key takeaways from the discussion:
● Identify what is the aim of your practice: It is to create value for your patients through services, employees through job/training and lastly for owners – for yourself through profits.
● You need to ensure your expenses are less to achieve greater net profits.
● Understand the core components of your business which includes – revenue, cost, product or services and customers.
● Understand the value proposition of your practice. As it is a great tool to determine the marketing segmentation aspect (who, why, when). Use templates for identifying the value proposition.
● Three key areas for achieving net profitability: Finance, operation and marketing.
● In marketing, three strategies which work the best are – Acquisition (acquiring new patients), Retention (retaining your existing clientele, it is quite crucial), Customer growth (enhancing patient’s experience).
● Mine your database and market the services to your existing patients.
● Practice marketing plan: Plan month by month, focus on one broad service and promote that for a month. Look at your sales and list the top three services. Cross-promote them with services of the highest profit margins.
● Tips for pricing your marketing offers: Package pricing, cross-promotion, seasonal events, profits analysis per services, sell services with higher profits, utilise vendors.
● Ingredients of the practice marketing plan: Offers, package offers, cross-promotions, referrals, gift cards, membership, sales event, seminar, contest.
● In times such as these (the current pandemic), focus on retaining your past patients and go heavy on cross promotion.