Multiple Docs asked what to do with marketing during this slow down. I want to share a few things that I've learned having lived thru several severe economic downturns.
I've been able to thrive in downturns even when competitors fail. I watched seemingly strong competitors go out of business while we picked up their market share by following ideas like these.
I've also attached an article from Harvard Business School that may help put things in perspective.
Patients, like business owners fall into 4 categories:
- a) The Slam On The Brakes and spend nothing crowd - these are usually the lower income people,
b) The Pained but Patient crowd - these are the people that can maintain their standard of living, understand the recovery is coming and still spend money on what matters...like healthcare,
c) The Comfortably Well Off - they feel secure and can ride out the bumps. These are typically the top 5% of income earners,
d) The Live For Today crowd - totally unconcerned and typically very young. Most of your patients are in the Pained but Patient and the comfortably well off....so please realize that there is business out there...you just have to make a few adjustments to get it.
Outflow equals inflow - if you keep flowing out (marketing) to patients and potential patients you will create revenue. If you don't outflow....you won't. Patients from your patient groups (as outlined above) are going to obtain the care they need and want. So send offers that will address and solve your patients' concerns and they will respond.
Email is critical right now. There is no easier group to sell to than those that currently do business with you. If you are in our Omnichannel (funnel) program we will send emails for you to help with what you're going to hear about tomorrow (and other great revenue generating ideas). If you are not in the program - we will help you for a minimal fee using your own mail chimp or constant contact.
It's time to make precision adjustments, not panicked slashes to marketing.
In 2008 and the few years thereafter, those that cut their online presence really suffered. If you were to stop your search engine optimization program you would drop in the rankings.
Strong marketers, like us, are taking advantage of those opportunities the way we did in 08 - 09 for our clients. When we position you to take the rankings that competitors abandoned, it's nearly impossible for them to get back on top. Most cannot recover and cause long term revenue issues for themselves.
This situation will last for a period of time and will end. If you stay the course and make intelligent marketing adjustments and don't abandon your marketing, you will not only survive but thrive! And when this is all over and we're back to business as usual, you will have earned the market share of your panicked competitors.