Marketing is the lifeblood of any business, including PT practices. It can drive new clients to you, build brand reputation, remind current clients why they should continue doing business with you and help you stand out among your competition.
But how do you know how much to spend on your PT marketing? It all starts by understanding the finances of your company, including:
- How much you make on a monthly basis, including seasonal ups and downs
- What your expenses are
- What your PT company goals are. Are you trying to attract new patients? Are you opening a new location? Are you focused on purchasing new equipment? Different goals require different marketing strategies and costs.
What Percentage Of Your Revenue Should Go To Marketing?
Once you have a grasp of your PT financial picture, it’s time to establish a marketing budget. According to SBA.com, small businesses with revenues less than $5 million should spend 7-8% of their revenue for marketing. However, MedicalExecutivePost.com recommends 5% for private service healthcare businesses and then adjusting the percentage as follows:
- Subtract 2% if your PT group receives the majority of your patients through physician referrals.
- Add 2% if you offer any high-profit or cash-pay products/services.
- Add 5% if you have recently added new high-profit products/services such as aesthetics, concierge, diagnostics or nutraceuticals
- Add 1% if you’re located in or near a major metro area.
- Add 2% if your business is currently losing market share to a competitor in your area.
PT MARKETING FOR YOUR PRACTICE
Website Design, Content Marketing, Search, Advertising and more…
BuildPT Understands PT Marketing
Sound confusing? It can be. That’s why it makes sense to work with an expert in PT marketing like BuildPT. BuildPT was created to provide marketing services specifically designed to meet the needs of private practice physical therapists. It’s the only industry we work in! We work with PT practices large and small, and in every market size. The BuildPT team can help you determine the right marketing methodologies to help you achieve your goals, and how to get the most bang for your marketing buck.
Contact us for more information – we respond quickly!