Is there a set dollar or percentage that dentists should spend on marketing each year? As you establish your budget, identify a specific line-item target for marketing. This method helps dentists better analyze how their advertising strategies are working and identifying true return on investment (ROI) for each marketing dollar spent.
Setting a Fixed Budget
To prevent unnecessary overspending, most business experts recommend that dentists set aside 5-10% of their annual expenditures for marketing purposes. Depending on the number of new patients you currently acquire each month or the type of service you’re hoping to expand, you may be at the lower or higher end of this amount.
How Much Does It Cost to Acquire New Patients?
The typical cost to acquire a new patient can fall between $100 and $300, depending on the type of marketing campaign you’re using and who your target market is. The most cost-efficient way to minimize dollar expenditures is to look at long-term acquisitions as opposed to short-term payoff (which can be much more expensive.)
Diversify Your Investments
No, we’re not talking about the stock market. But dental marketing is similar when it comes to diversifying the ways your money is spent. It’s best to set strategies related to various areas of marketing trends to see which ones work best for your unique needs. As time goes by, you can adjust your budget to accommodate for more of one area and less of another, optimizing your ROI for your specific practice and clientele.
For instance, you may want to spend more on video production and SEO, then shift more to social media and blogging. There is no “right” or “wrong” way to build your online presence; the only important thing is that it’s done properly and accurately, minimizing waste so that you can spend your money wisely.
Request a Consultation
At Apex Dental Solutions, we offer proven marketing strategies that fit your practice budget, be it a small independent office or a multi-location specialty clinic. Contact us today to learn more about how we help practices grow—both numerically and financially.