You need to be able to make $1,000 off of five phone calls for people looking for physical therapy. What are the chances that within 30 days you will get an appropriate number of phone calls, say 3, 4 or 5 phone calls. They’re looking more at the budget, the $800 or $1,000, and what they should be thinking about is what’s the potential upside.įirst of all, remember, what’s my likelihood of getting your money back that if you spend $1,000 on Google. If you look at physical therapy practice that is struggling right now, they have a poor mindset in terms of what they’re willing to spend. I encourage you to do the same when considering your clinic’s marketing budget. I care more about what I make than what I spend. I will spend as much as I need to to make the money that I want. I don’t have a cap on the expenses of marketing, and neither should you. If you want to grow your business, think like an investor. That’s the way I would encourage you to think about your marketing strategy and your clinic’s marketing budget. If you spend $2,000 to make $20,000 – why would you not want to do that? Conversely we could go to $3,000 to make $30,000. But after you improve on this marketing plan you will hopefully be able to increase that return manifold.Īfter some time, you might spend $1,000 and bring in a profit of $1,200, and then eventually $2,000, or even $10,000.Īt this point now, you might be spending $1,000 to make $10,000. You may start your marketing campaign by simply striving to get a return OF your investment. If you spend $1,000, how quickly can you get $1,000 dollars back? If you start to think about investing, then the first milestone that needs to be reached is actually return OF your investment. The typical person on the street cares only about the money that they make from their investments and that’s why they lose more often than not. Now the thing I want you to really think about is why would you stop at $1,000? If $1,000 returns you $1,100, you’ve got to be happy with that at first.įor me, when I invest in anything, the number one thing that I look for is not return on investment, it’s actually return OF investment. It might be Bing, it might be Instagram or other social media, but you’ll figure that out based on the research or that statistics. Don’t be in love with Google, and don’t be in love with Facebook. So dig a little bit to figure out how and where to spend that money. If you’re more likely to catch their eye on Facebook, then advertise more there, and if it’s Google they prefer, use that. Once you’ve got your perfect patient identified, research how their personality type searches for advice. Maybe the situation would be better for you to spend more on Google and less on Facebook, or vice versa. Sure, start with something like $1,000, and spend that according to your town, your area, and your perfect patient. So don’t limit yourself by putting a cap on this. The more money that you spend should mean a bigger return for you. I would encourage you to want to spend as much money as you possibly can on your marketing. I think the best way to answer this is to get you to think like an investor. How Much Should Physical Therapists Spend On Marketing? Sometimes you need to think outside the box what practices can you utilize that most other PT clinics are not? This is the question I will be answering for you today. Do you have a solid marketing plan in place or do you find your physical therapy marketing plan to be all over the place without growth stability and you’re seeing a decline in patient volume?Įxperts claim that you need to focus your business plan on gaining a “return on investment.” But this way of thinking can be flawed. A lot of physical therapy businesses spend 7-8% of their gross income on marketing. Some business owners claim that you should spend at least 5% of your revenue on your online marketing strategy, otherwise it could lead to a decline in patient volume or stagnant growth for your PT clinic. A balanced budget orchestrates how your physical therapy business will run, and that includes your marketing campaign.Ī lot of marketing efforts consider that a certain percentage of your revenue should go into marketing your clinic. The first thing you need to do is to understand your finances. Your physical therapy marketing strategy should be at the forefront of your efforts to gain a referral, attract a new potential patient or grow your physical therapy practice. Having a successful marketing campaign can help your clinic attract a new patient as well as retain existing clients. Why is having a marketing campaign so important for your physical therapy clinic or private practice? Managing Your PT Practice Marketing Budget
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