How much to spend on marketing…
How much is a new patient worth to your medical practice?
If you don’t already know this number, today is the day to find out!
Nowadays, to get new patients, you need to invest in marketing. From SEO and website marketing to social media and content marketing to community engagement and beyond, we can use a vast world of tools to customize a marketing strategy to help you land ideal new patients.
But how much should you spend on all of this?
It depends. What is a new patient worth to you?
To determine the lifetime value of a patient, answer these questions:
- What is the average cost of each patient visit?
- How many times does the average patient receive treatment?
- How many peers does the average patient refer?
- What is the average recurring revenue generated by each patient?
- What is the average revenue from procedures?
Tally these numbers (then consider business operating expenses), and you’ll understand how much you can spend to get a new patient.
Remember: Getting a new patient is more expensive than holding onto an existing one—so it’s essential that marketing goes hand-in-hand with retention! Don’t worry—we handle that, too. From attracting new patients to boosting loyalty and encouraging referrals, Virginia Creative Group has got you covered.
Need a creative partner who can handle it all? Let’s talk.