Getting Your Marketing Budget Right
How much should you plan on spending for marketing in 2020?
According to Harvard Business School: 14% of last year’s net revenue is the correct number. That might be a good starting point, but to me, that kind of pat answer seems naïve, because for Podiatrists, the playing field is never even!
Are you operating under the shadow of bad reviews? Working in a crowded marketplace? Are too few new patients entering your waiting room? How are your competitors doing?
There are minimum standards for what you’ll need to do to attract new patients and keep your base happy in 2020. Most podiatry practices under-spend on marketing, and the results, if anything, are predictably unsatisfying. And, since everyone operates under different circumstances, some practices require a larger budget.
The truest answer to the budget question is that you should review your net revenue, your obstacles, and goals, and then plan to spend as much as you possibly can!
I’m not suggesting that you overspend, only that you make the educated decision not to short-change your odds for greater success.
Marketing is a Calculated Investment in Your Future
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