Reading time: 4 – 6 minutes
It’s a deleterious error most chiropractors unknowingly commit…
The miscategorizing of their practice marketing as an expense, instead of what it really is (when done correctly).
Marketing and advertising, for an overwhelming majority of chiropractors, most certainly ends up in the expense area of the practice P&L and is often the very first line item cut when practice cash flow dips or wanes.
Frankly, this is understandable when you look at the type and method of chiropractic marketing most docs are using today. Brand, institutional marketing. Void of any emotion or benefit. Lacking any compelling hook or unique big idea.
For most chiropractors, their practice marketing truly is an expense. Most often, docs either don’t receive a positive return on their investment from their chiropractic marketing efforts, and/or they just don’t have proper tracking in place to know one way or another. Fact is; most chiropractors are using the wrong type of marketing, with the wrong type of marketing message, and getting the wrong type of results. And, so, for these docs, categorizing their marketing as an expense is wise.
But, for the savvy chiropractor, doing the correct type of marketing, with the correct type of marketing message… they’re getting the correct type of results…
A positive ROI (return on investment).
And for these doctors… doing things “correctly”… their marketing is not an expense. It’s an investment. An investment which gets returned to them in the form of new patients and greater cash flow.
Correctly, in this case, means: with foundational direct response marketing principles. All chiropractic marketing pieces have a compelling headline, a focus on the prospective patient, benefits, a USP, an irresistible offer, and a clear and concise call-to-action. In addition, the chiropractors doing things correctly have tracking systems in place to hold every marketing dollar invested accountable for a return on investment. Just like you would with a dollar invested in a stock, mutual fund, or T-Bill.
Point is – true chiropractic marketing is an investment.
It’s not like money spent on utilities or office insurance. Money put towards the marketing of your practice should only be considered an expense when it’s spent on wasteful, unproductive, ineffective advertising. [Sadly, most promotional methods being peddled to chiropractors these days falls under this heading. But, that's a topic for a different day.]
Understand, when you’re investing capital in effective direct response chiropractic marketing for your practice, your return on investment will be there. At a bare minimum, you’ll breakeven on the front (acquisition of new patients), allowing you to generate your profit on the subsequent office visits and payments from these new patients. Either way, if every time you invest a dollar in chiropractic marketing you make back $2 immediately, or $1 now and $1 in a month from now… you’ve made a wise investment.
In this case, it’d be foolish to forgo an investment vehicle like this. And, that’s what I want you to really understand and grasp today…
When you’re using the correct type of chiropractic marketing in your office, and you’re experiencing a positive or breakeven ROI on the frond-end, your marketing should never be considered an expense. Not only should your “marketing budget” never be reduced or cut when you’re trying to reduce “expenses”… ultimately, you should be eager to increase the amount of money you’re investing in your chiropractic marketing efforts. Again, if every time you invest $1 you make back $2… wouldn’t you be excited to invest as many $1′s as possible?
Of course you would. And, you should feel the same with your chiropractic marketing.
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