Howmuch should you spend on your marketing? This really depends on if you are new or have been established for awhile. Many successful practice owners know a good rule of thumb is to invest between 5-8% of your gross income on marketing to really fill the practice full of patients and create growth. This may be more, such as 15- 20% for the first year, if you are just starting out in a brand new practice or location. With enough marketing effort, attracting new patients to fill your practice becomes easier and ensures you are full to capacity, maximizing your practice efficiency and profitability. The main reason that practices struggle in attracting all the new patients they want, is that they fail to properly plan, budget, and test their marketing. It takes the correct estimation of marketing effort to not only sustain, but to make your practice profitable. In the end if you are not growing, then eventually you will shrink.
1-4%
Marketing Budget of GI Sustains You or Little Growth
5-8%
Marketing Budget of GI Fills Your Practice
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