If Your Practice Article originally from March 10th’s 2017 FPC Weekly Newsletter
If Your Practice is Stagnating, Consider This…
Although there are many underlying causes of stagnate growth, one of the most common is underperformance or nonperformance of marketing and promotion. For most of you, you take on the position of the primary practitioner in your practice and spend the majority of time with practice members. As you are well aware, there are other duties and responsibilities that must be fulfilled if the practice is to continue in growth mode.
Unfortunately, the business of working with your members often dominates your time and focus to the point you forget about these other responsibilities. I’m referring to setting aside time for promotion and marketing. This of course is outside time spent on CEO responsibilities. This is all quite easy to correct with proper scheduling.
Your practice will continue to thrive only if you have a constant stream on new prospects seeking your services. I’ve witnessed very few practices that can thrive on referrals alone and enjoy growth year after year. If you are amongst the majority and recognize that an increased flow of new prospects would resolve much of your frustrations and stress, then you must set time aside to implement marketing strategies weekly.
This should include at least 3-4 sources that you wish to attract your prospects from. Your referral system should always be included here. Outside of referrals, these sources will include a marketing budget. Do you recall what this budget should be? I ask this because I often hear from my directors or coaches that X client is confused as to why they aren’t getting enough new prospects while investing only 5% of revenue into their marketing. If you want constant growth, you must agree to invest a minimum of 10% each and every month. Want to collect $100k per month, you better plan on investing at least 10-15k per month on marketing. When running Imagine Wellness Center, we invested an average of $24-$28k per month and averaged an 8-10X return.
Please check your monthly stats and calculate what % of your monthly revenue your investing back into your business and make the appropriate adjustments.