Marketing Flashcards
Veterinary Paraprofessional
A person to whom a particular aspect of a professional task is delegated, but who is not licensed to practice as a fully qualified veterinary professional
Target Marketing
Identifying select consumers in order to direct marketing efforts specifically towards those consumers
Search Engine Optimization (SEO)
The process of affecting the visibility of a website web page in a search engines unpaid results
Often referred to as organic, natural or earned.
Public relations
The art of developing reciprocal understanding and good will between a business and the public
Public Health
The health of the population as a whole, especially as monitored, regulated and promoted by the state
Point of Sale Interaction
The location a sales transaction is completed such as the reception counter.
Pay per click (PPC)
Online advertising payment model. Advertisers are charged each time a user clicks a specific link
Pareto Principle (80/20 Rule)
80% of effects result from 20% of the causes.
ie. 80% of revenue comes from 20% of your clients.
20% of your inventory accounts for 80% of the sales revenue.
Meta-tags
Pieces of HTML code that are imbedded in a website, but not visible with web browsers
Marketing mix
helps you define the marketing elements for successfully positioning your market offer. One of the best known models is the 4P’s of MArketing, which helps you define your marketing options in terms of product, place, price and promotion
Internal Marketing
Efforts to increase utilization of services by existing clients, and efforts by the practice to train and motivate staff to work together as a team to better meet the needs of clients
High Touch Practices
High quality service and ambiance that leaves a lasting impression
6 C’s of Client Relationship Management (CRM)
- Consistency
- Compassion
- Customer Service
- Convenience
- Competence
- Cost
Customer Relation Management (CRM)
Gathering data about client preferences and activities to better target our services & products to client needs
Customer Experience Management
Creating an experience that is positive and memorable
Public Relations
The art of developing reciprocal understanding and good will between a business and the public
Advertising vs. Marketing
Advertising - creates and places paid media messages
Marketing - matches products/services to consumer needs
5 Basic components of Marketing
- product/service
- marketing communication
- market research
- customer service
- sales management
New:Lost Clients
6: 1 - significant growth
5: 1 to 4:1 - investigate
3: 1 to 1:1 - poor growth, aggressively research and begin immediate strategy
Net Income (Profit) target
39 - 40% profit
Clients retain information told vs read
Told 20%
Read 30%
Client Retention
10 - 15% will be lost per year
70 - 75% goal for retaining over a 3 year period
High Tech PRactices
highly technical
above the ordinary
attractive to clients who want the best for their pets
Phone Shoppers
13% are concerned about price
87% want the best veterinarian
Revenue per FTE
1800 hours / year
Avg. transaction fee x invoices/yr (DVM specific)
or
Avg. spend/client/yr x # of active clients
Target Marketing
Directed at a particular group (target the majority)
Direct Marketing
Centers on bringing new clients in to the practice
Internal Marketing
Retain current Clients
- recalls
- reminders
- newlestters
- client experience
4P’s of Marketing
The Marketing Matrix
- Product
- Price
- Promotion
- Place (distribution)
3 R’s of Client Retention
- Recall
- Reappointment
- Reminder
Cost per client
Gross revenue / # of clients x % of cost
ie. $1,000,000 gross / 1,000 clients = 1,000
if profit margin is 40%, then cost was 60%
60% of 1,000 is $600/client spent
A Successful Marketing Plan
- SWOT analysis
- Define a goal
- Implement a strategy
- Create an action plan
- Execute the plan and measure results
SWOT Analysis
- Strengths
- Weaknesses
- Opportunities
- Threats
What increases SEO?
- keywords
- Hyperlinks (internal, inbound, external)
- Update web page frequently
- Increase webpage traffic
SEO
Search Engine Optimization
the process of affecting the visibility of website
The Resistance Principle
For any price, there will be resistance
15 - 20% resistance is accepted
(1.5 to 2 people out of 10)
Benefit (of product)
Need of the customer
Intended solution
Feature (of product)
Details of a product that make it distinct
Advertising Budget (Retail Products)
1 - 3%
Indirect Marketing
Focuses on channels where there is no direct communication with customers by the companies.
- client education
- consistent messaging from everyone
- clean, professional, odor free
Hypertext Markup Language (HTML)
The set of mark up symbols or codes inserted in a file intended for display on a www browser. The mark up tells the browser how to display words and images for the user
Advertising
Communication that uses carious forms of media to influence or persuade an audience
Analytics
The review of data, looking for trends.
Business Image
A company’s reputation. The image is what the public see when the company is mentioned or comes to mind
Call to Action
Persuasive words that urge the reader, listener, viewer to take a specific action. Example: CALL NOW!
Compliance
A measure of whether pets actually receive the care that has been recommended by their veterinarian
Demographics
Description of the vital statistics of objective and quantifiable characteristics of a population.
Direct Marketing
Type of marketing campaign that seeks to elicit an action (such as an order, a visit or request for further information) from a selected group of consumers in response to a communication from the marketer
Diversity Marketing
Promoting new products or services to new markets
External Marketing
Written or verbal communication that is aimed at attracting new clients
Focus Group
A group of clients who are asked to participate in a discussion about a particular topic or issue. The information from the group is used to develop programs, improve service, or solve problems at the practice.
Pay per Click (PPC)
Online advertising model.
Advertiser pays every time a link is clicked on.
Stowe’s redefinition of the 4 P’s (5)
- Emotion - comfort
- Value - outside of price
- Virtual - Technology
- Excel - extraordinary experience
- Experience - clients want to be treated well
SMART - marketing
Specific Measurable ACHIEVABLE Realistic Time dependant
Benchmarks
Measuring Outcomes
- Average transaction fee per Doctor
- Transactions per year per Dr. - (begin with 5,000 as a reasonable guideline)
- # visits per year per client (aim for 10)
- # active clients per Dr. per year (aim for 1,000)
- measure before and after outcomes of marketing initiatives
Communication
non-verbal
listening
sequencing - logical chain of thought
scripts (don’t use!)
Indirect Marketing
used on a daily basis to current clients
- confident/consistent messaging
- clean, organized, odor free
- professional staff
- professional, yet warm relationships with clients
Direct Marketing
brings new clients into the practice and expands services to existing clients
Internal Marketing
retain current clients
- recalls
- reminders
- newsletters, cards, report cards
- phone etiquette
- enthusiasm
External Marketing
advertising to potential clients
- social media
- websites
- signs
- open house…
What kind of marketing comes with website development?
direct, indirect, internal and external
Target Marketing
directed to a particular group
Retail Marketing 3 main considerations
- Your Vision
- Your image
- Your space
Advertising Budget
1-3% of gross
Feature
details of the product that make it distinct
Benefit
intended solution to the problem or need of the client
4 Strategies - Pricing Advantage
- Unique
- Value-added
- Value based
- Volume
Display Strategies
no more than 5 feet high
no less than 1 foot from the floor
Internal Hyperlinks
linking other pages within your website
External Hyperlinks
linking other businesses to your website
Inbound Hyperlinks
other businesses linking yours to theirs
How to manage negative reviews
- Investigate the complaint
- Show empathy, apologize
- Promote good reviews
- Create a positive culture in the practice
Marketing Plan
- Gather data - perform SWOT analysis, identify a target group
- Define your goal - increase compliance?, increase new clients/…
- Implement a strategy
- Written Action Plan - include a budget and a time line and predicted ROI
Net New Clients
New : Lost
6: 1 significant growth
4: 1 to 5:1 begin investigating
1: 1 to 3:1 poor growth, immediate attention
Advertising
creates and places paid media messages
- immediate results
- being boastful can backfire
- it will persuade them to try you once, then you need to deliver to keep them coming back
Marketing
matches products/services to consumer needs
- which products/services should be promoted?
- which products/services should be maintained?
- which products/services should be dropped?
5 Basic Components of Marketing
- Product/service attributes
- Marketing communications
- Market research
- Customer service
- Sales management
Public Relations
develop understanding and goodwill between a business and the public
What is a reasonable beginning goal for # transactions per year per Dr.?
5,000
Customer Experience Management
process of creating an experience that is positive and memorable
Customer Relation Management
process of gathering data about client preferences and activities to better target our services and products to clients needs.
Six C’s of Client Relation Management
- Consistency
- Compassion
- Customer Service
- Convenience
- Competence
- Cost - value driven purchases
How long does it take someone to decide if they like the practice?
likability is established within 90 seconds
How much does it cost to recruit a new client vs. retaining an old one?
5 x more to recruit
High Touch Practice
High quality service and ambiance that leaves a lasting impression
High Tech Practice
highly technical way above the ordinary and attractive to clients who want the best for their pet
How many clients is reasonable to lose in a year?
10 - 15%
3 R’s of Client Retention
- Recall
- Reappointment
- Reminder
- should be scheduled for at least 1 follow up event
_______ is a proactive process of gathering data about client preferences and activities to better target their services and products to client needs.
Client Relation Management
The goal should be to retain _____% of clients over a 3 year period.
70-75%
Each client who presents to the practice should be scheduled for at least one of the 3 follow up events so that the practice automatically contacts each client in the future.
Recall, Reminder, Reappointment
How much information do clients retain when they are told something?
20%
How much do client retain when they read something?
30%
The average person needs to hear about a product/service around ____times beore they purchase it.
5 times
Client reference and education materials should always be branded with the mission of the practice.
False
* should be branded w/ contact info
Measuring outcomes from Marketing initiatives.
Benchmarks ATF/Dr. (begin with 5000 as a reasonable guideline) # visits/yr/client (aim for 10 or more) # active clients/Dr./yr (aim for 1000)
- measure before and after outcomes of marketing initiatives
What type (s) of marketing does website development achieve?
Direct, indirect, internal and external
How should you handle negative Reviews online?
- Investigate the complaint
- Include empathy and an apology - never explain online, invite to call
- Promote good reviews
- Create the culture in the practice
