Developing Marketing Strategies for Your Medical Practice (Part 3)
We’ve just completed the assessment of your practice, defined short-term and long-term goals for your medical marketing campaign, hired and trained office staff, researched about our patients’ demographics, started to reach out to referring physicians to find out what kind of relationship they’d like to develop with you, identified ROI opportunities, and put together a budget, and we agreed that your profits will be reinvested for the next 12 months.
Now we start marketing your medical practice. Our research most likely identified opportunities in:
• Online Marketing
• Referring Physicians Outreach
• and Community Programs
Starting with medical internet marketing is perhaps one of the most effective and most immediately-visible ROI opportunities.
Research dictates that over 60% of patients have their first interaction with a medical practice online. In over 3,300 medical practice marketing campaigns I can tell you that this number is closer to 90%. Why is that?
Take three of the most important referral sources to a specialty practice: self-referral (20-30%), patient to patient referral (consistently 15% throughout the years), and primary care physician referrals (20-40%). All three of these referral sources have one thing in common: they all seek information to verify the credibility of the referral source, and they do so through looking for a medical website.
At a bare minimum, nowadays, 55% of your entire medical practice business depends on your online presence. In 2011 I forecast at least 70% of initial interaction will be online.
It would only be prudent to invest in marketing that targets this source.
Those doctors with clear goals will certainly have the edge.
(In case you’re wondering, the other 35-45% referrals comes from traditional marketing - something that most physicians have not understood for years… and I don’t blame them. As a physician myself, I was never taught in med school that medicine is a business, and I was never told that the business of medicine will be the biggest pain in my existence as a doctor. For years I was convinced that the $300,000 salary comes from just the title of M.D.)Continued on the next page