Navigating A Marketing Spin Out
Navigating A Marketing Spin Out
Your practice's numbers may be hurting at the moment. Or you may just want to cut back spending as a safeguard to be ready for the worst. Whatever the case, the worst thing that your firm can do right now is to stop marketing outright. If you do this your practice will “spin out of control”, losing out on valuable cases (or patients) because your name isn’t out there. Potential clients or patients might not even consider your practice because they only see your competitors - and not you.
Put Your Car Into Neutral, Don’t Hit The Brakes
Cutting back on spending is a good idea. Frugality always has its place. Scrutinize your marketing budget to see what is generating your best return on investment. One form of advertising that is continually declining for most practices is the yellow pages. Is it working for you? If not, it has to go. Check your contractual obligations for all of your advertising and pull out on the investments that are generating the least return.
Navigate The Spin
Once you cut the underperforming media, it’s important to invest in other media that promise to be somewhat “recession-proof”, and that offer the best return on investment proportionate to the amount of money that you’ll have to put into the advertising.
The best bet here is Internet marketing. Internet marketing is one of, if not THE most cost-effective type of advertising there is. More and more people are using the Internet to find what they need, which is why this medium is so effective even now. For example, last month, on Google, there were approximately 11,100,000 searches for the term “attorneys”. Whether you are a lawyer, a doctor or a dentist, in almost any market, the investment that you’ll need to make in Internet marketing is substantially less than TV, radio and print - not to mention yellow pages. And unlike TV and radio where you’re paying for your ad to get in front of everyone, with search engine marketing, your dollars are more targeted because people who find your website have actually typed in a search related to your practice.
Another form of marketing that is extremely inexpensive, but highly effective is referral marketing. You know that your business is driven by referrals, so why not capitalize on that? Work in your community to promote awareness about legal issues. Use email customer relationship marketing to stay in touch with current and past clients. Be creative and play to your strengths. This form of marketing can give you a great return on investment.
Get Back On Track
Once your spending is under control and your marketing budget is optimized for the times, you can rest a little easier. When the economy at large, and the economics of your practice, allow it, you can then kick your marketing back up to be more aggressive. Until then, at least you know that you’re being smart, that your marketing investments are safe, and that you’re still staying in front of potential clients or patients.
Navigating A Marketing Spin Out - To learn more about this author, visit Dan Goldstein's Website.
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In race car driving, drivers are sometimes faced with a potentially disastrous situation. Their car begins to spin out of control. A rookie driver may make the mistake of slamming on his breaks and trying to turn his car back on track. This is actually the worst thing that a driver can do. A seasoned driver will instead navigate the spin. He will throw his car into neutral and steer into the turn until he regains control of his vehicle. He then has to be ready to quickly turn back in the direction that he wants to go and hit the gas to get back on track. Your firm has to do the same thing with marketing in this economic downturn.
Your practice's numbers may be hurting at the moment. Or you may just want to cut back spending as a safeguard to be ready for the worst. Whatever the case, the worst thing that your firm can do right now is to stop marketing outright. If you do this your practice will “spin out of control”, losing out on valuable cases (or patients) because your name isn’t out there. Potential clients or patients might not even consider your practice because they only see your competitors - and not you.
Put Your Car Into Neutral, Don’t Hit The Brakes
Cutting back on spending is a good idea. Frugality always has its place. Scrutinize your marketing budget to see what is generating your best return on investment. One form of advertising that is continually declining for most practices is the yellow pages. Is it working for you? If not, it has to go. Check your contractual obligations for all of your advertising and pull out on the investments that are generating the least return.
Navigate The Spin
Once you cut the underperforming media, it’s important to invest in other media that promise to be somewhat “recession-proof”, and that offer the best return on investment proportionate to the amount of money that you’ll have to put into the advertising.
The best bet here is Internet marketing. Internet marketing is one of, if not THE most cost-effective type of advertising there is. More and more people are using the Internet to find what they need, which is why this medium is so effective even now. For example, last month, on Google, there were approximately 11,100,000 searches for the term “attorneys”. Whether you are a lawyer, a doctor or a dentist, in almost any market, the investment that you’ll need to make in Internet marketing is substantially less than TV, radio and print - not to mention yellow pages. And unlike TV and radio where you’re paying for your ad to get in front of everyone, with search engine marketing, your dollars are more targeted because people who find your website have actually typed in a search related to your practice.
Another form of marketing that is extremely inexpensive, but highly effective is referral marketing. You know that your business is driven by referrals, so why not capitalize on that? Work in your community to promote awareness about legal issues. Use email customer relationship marketing to stay in touch with current and past clients. Be creative and play to your strengths. This form of marketing can give you a great return on investment.
Get Back On Track
Once your spending is under control and your marketing budget is optimized for the times, you can rest a little easier. When the economy at large, and the economics of your practice, allow it, you can then kick your marketing back up to be more aggressive. Until then, at least you know that you’re being smart, that your marketing investments are safe, and that you’re still staying in front of potential clients or patients.
Navigating A Marketing Spin Out - To learn more about this author, visit Dan Goldstein's Website.
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Dave KurlanDave Kurlan is the founder and CEO of Objective Management Group, Inc., the industry leader in sales assessments and sales force evaluations, and the CEO of David Kurlan & Associates, Inc., a consulting firm specializing in sales force development. Dave has been a top rated speaker at Inc. Magazine's Conference on Growing the Company, the Sales & Marketing Management Conference and the Gazelles Sales & Marketing Summit. He has been featured on radio and TV, including World Business Review with General Norman Schwarzkopf, in Inc. Magazine, Selling Power Magazine, Sales & Marketing Management Magazine and Incentive Magazine. He is the author of Mindless Selling and Baseline Selling – How to Become a Sales Superstar by Using What You Already Know about the Game of Baseball. He created and wrote STAR, a proprietary recruiting process for hiring great salespeople, and he writes Understanding the Sales Force, a popular business Blog and is a contributing author to The Death of 20th Century Selling and 101 Great Ways to Improve Your Life, Volume 2. - Visit Dave Kurlan's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
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Joe DagerJoe Dager is President of Business901, a progressive coaching company providing no-nonsense direction in areas such as Lean Six Sigma Marketing and organized referral marketing. What others say: In the past 20 years, Joe and I have collaborated on many difficult issues. Joe’s ability to combine his expertise with “out of the box” thinking is unsurpassed. He has always delivered quickly, cost effectively and with ingenuity. A brilliant mind that is always a pleasure to work with.” - James R. If you want to learn more about Business901, start a conversation with us. We can be found @ Web/Blog: Business901.com Web/Blog: FundingYourNonprofit.com LinkedIn Profile Follow me on Twitter - Visit Joe Dager's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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John AlexanderJohn has taught keyword research and SEO skills to small groups of business owners and Webmasters from over 80 different countries world wide since 2002. John is also the Director of Search Engine Academy ; Co-director of Training at Search Engine Workshops offering live, SEO Workshops with his partner SEO educator Robin Nobles, author of the very first comprehensive online search engine marketing courses at SEO Training Online and the SEO Workshop Resource Center. I look forward to hearing from you! - Visit John Alexander's Website |
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