Statistically, most practices spend less than 2% of their gross income on Marketing.
👉Successful small businesses on average invest 8-11% of their gross income on marketing.
How many hours a week do you spend planning your marketing, tracking the cost to acquire a new patient, and look at your marketing metrics?
Marketing is an investment in generating more income into your business.
✨A lot of therapists are hesitant to spend money on marketing for two reasons:
1) They see it as an expense and not an investment.
2) They have had bad experiences with marketing, where results were poor. What is the value of each new patient to you?
Typically this is between $800-$1000, depending on geographical location.
What are you willing to spend to bring in that revenue?
CAC (Customer Acquisition Cost) = Marketing Expenses/ NP
Knowing your CAC is vital, and the goal is to have the lowest CAC possible, which DOES NOT mean spending less on marketing.
Quite the opposite in fact!
Investing in Marketing that actually works lowers your CAC and increases your new patient numbers.
🔥In the end, if you are not growing, then eventually you will shrink!