STEP 2 KNOW YOUR CUSTOMER ACQUISITION COST (CAC)
Many practice owners want to grow their practice, but significantly underestimate the time and investment necessary to attract the volume of new patients they need to achieve their goals. How many hours a week do you spend planning your marketing? How often do you track the cost to acquire a new customer, and look at your marketing metrics to make decisions? Why your marketing budget may be crushing your growth potential... Most PT owners are hesitant to spend money on marketing because they see it as an expense, not what it really is, which is an investment in generating more income to your business. This usually is a result of prior bad experiences with marketing, where results were poor. What is the value of each new patient to you? Typically this is between $800-$1100 each new PT patient. Therefore, what are you willing to spend to bring in that revenue? Knowing your CAC is vital, and the goal is to have the lowest CAC, which does not mean spending less on marketing. In fact, the opposite is usually the case. Invest inmoremarketing that works, and your CAC will lower, while your new patient numbers rise.
CAC = Marketing Expenses / NP
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