Plastic and cosmetic surgery are currently in high demand. This demand has led to healthy market competition among plastic surgeons. According to plastic surgery statistics report, the three practices that are currently popular include lower body lift, buttocks augmentation, and labiaplasty.
Due to more cutting-edge methods, customers are interested in getting the best services for their bodies. If you’re planning to venture into this business, then you must find ways of being competitive and visible among potential clients. You should also know how to set your budget for marketing and best plastic surgery practices to realize sustained growth.
Sometimes, spending more money on your marketing budget, can help you achieve your goals faster. Therefore, it's essential to have a better approach when it comes to putting your marketing budget in place. Below are four simple steps to use as your checklist when planning and setting your plastic surgery marketing budget.
Know Your Sales Flow
Building an effective plastic surgery marketing budget requires you to consider your sales flow. In this process, you will track results throughout your revenue cycle which is from prospective to existing plastic surgery customers.
It also involves harvesting of data from your customers using some automation software since it proves to be simple. The following can guide you through when collecting your data; your monthly site visits data, leads generated per month, customer leads converted to sales, and the expected revenue of a new deal. This data becomes crucial in setting budgets based on your set goals other than mere percentages.
Know Your Working Expenses
Understanding your operational expenses is also critical when setting your plastic surgery marketing budget. Consider how much time and labor it will demand from your practice. Also, you have to plan for internet bandwidth that is used by your internal staff when carrying out marketing and the additional headcount that is related to employee benefit expenses.
Other factors such as hiring an external recordkeeping agency and the cost of inaction need to be correctly calculated to determine rapid market changes. If you manage to increase your market share in the face of current and future competition, then it's a good indication for your surgery practice.
Set Your Plastic Surgery Marketing Budget Based on Your Business Goals
A marketing budget is an essential component of your plastic surgery marketing plan. Put in place strategies that can help you achieve your marketing goals within the shortest period. Your plan should outline the costs and the amount of time that it will take to achieve your goals.
You will also be required to work backward with the income that is needed to achieve your specific marketing goals. The final thing is to figure out how you converted your leads into revenue and use the conversion rates which is cost per lead metrics to know what is required your long-term marketing strategy.
Put Your Growth Stage in Consideration
Your plastic surgery marketing budget can be influenced by the stage in which your organization is in at the moment. There are two stages; the growth and the planning mode. If it happens you are at the growth mode, you will be required to come up with a top-line revenue at a much faster rate. This means you have to deeply invest in quick-win marketing strategies such as the growth-hacking approach.
At the planning mode, you’ve already realized steady growth for your practice hence there is need to consider long-term marketing strategy through activities such as earned media. Activities in this stage include securing a top position in Google ranking and publishing of authoritative inbound content that can earn you referrals over time.