If you are a dentist, it is important to perform marketing for your dental practices. Before planning the marketing activities, you need to fix a budget. This way, you would know how much you have invested in marketing and calculate the results you are obtaining. Determining the dental marketing budget involves planning and analysis. It is not a decision that can be taken in just a few minutes. We have explained as a full list here about the steps involved in planning a dental marketing budget.
Know the operating expenses: If you have just established your dental practices, you may have a rough idea about how much revenue you earn and how much expenses take place in a month. If you are going to outsource dental marketing to an expert, you need to analyze how much you can spend every month for marketing purposes. If you are planning to do it on your own, you should be willing to spend your time and money. You may have to invest in certain marketing tools as part of promotional activities. It is always best to outsource since it is hard to take care of your dental practice as well as do marketing on your own. When you discuss with a marketing expert, they will share their base prices and services they offer to promote your business.
Decide the method that suits your requirements:
Percentage of revenue: It is an excellent option if you are not able to decide on a budget. The marketing budget will be fixed on a percentage basis. If the revenue increases, the marketing budget will also increase. Are you wondering how much percentage to allocate for marketing? It is determined based upon several factors such as size and kind of business you own. Certain small businesses will be willing to spend 50% on marketing at the start of opening the business. But it is recommended to stick around 10% to 15%.
Fixed amount: Think about how much you can spend for the next six months or one year. After determining the budget, you can buy the advertising or marketing plans in advance. When you buy in advance for long terms like six months or one year, you can get excellent discounts.
Marketing plan goals: After determining a solid marketing strategy, you have to find out what is required to accomplish the goals and your plans. When you want to increase your revenue by about 15%, you have to see how much you have to spend on marketing to accomplish that goal.
Competitive spending: In this method, you have to research and find out how much your competitors are spending on marketing. You should be willing to spend above the average limit. The main drawback of this method is you need to determine the right pricing that has been set up by the competitors.
Internet marketing contributes a better return on investment:
It is always best to use internet marketing for promoting your dental practices since it is affordable and you can easily reap the investment in a quick time.