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CVPM 2021 > Marketing > Flashcards

Marketing Flashcards

1
Q

Veterinary Paraprofessional

A

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

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2
Q

Target Marketing

A

Identifying select consumers in order to direct marketing efforts specifically towards those consumers

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3
Q

Search Engine Optimization (SEO)

A

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.

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4
Q

Public relations

A

The art of developing reciprocal understanding and good will between a business and the public

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5
Q

Public Health

A

The health of the population as a whole, especially as monitored, regulated and promoted by the state

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6
Q

Point of Sale Interaction

A

The location a sales transaction is completed such as the reception counter.

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7
Q

Pay per click (PPC)

A

Online advertising payment model. Advertisers are charged each time a user clicks a specific link

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8
Q

Pareto Principle (80/20 Rule)

A

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.

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9
Q

Meta-tags

A

Pieces of HTML code that are imbedded in a website, but not visible with web browsers

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10
Q

Marketing mix

A

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

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11
Q

Internal Marketing

A

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

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12
Q

High Touch Practices

A

High quality service and ambiance that leaves a lasting impression

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13
Q

6 C’s of Client Relationship Management (CRM)

A
  1. Consistency
  2. Compassion
  3. Customer Service
  4. Convenience
  5. Competence
  6. Cost
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14
Q

Customer Relation Management (CRM)

A

Gathering data about client preferences and activities to better target our services & products to client needs

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15
Q

Customer Experience Management

A

Creating an experience that is positive and memorable

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16
Q

Public Relations

A

The art of developing reciprocal understanding and good will between a business and the public

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17
Q

Advertising vs. Marketing

A

Advertising - creates and places paid media messages

Marketing - matches products/services to consumer needs

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18
Q

5 Basic components of Marketing

A
  1. product/service
  2. marketing communication
  3. market research
  4. customer service
  5. sales management
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19
Q

New:Lost Clients

A

6: 1 - significant growth
5: 1 to 4:1 - investigate
3: 1 to 1:1 - poor growth, aggressively research and begin immediate strategy

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20
Q

Net Income (Profit) target

A

39 - 40% profit

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21
Q

Clients retain information told vs read

A

Told 20%

Read 30%

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22
Q

Client Retention

A

10 - 15% will be lost per year

70 - 75% goal for retaining over a 3 year period

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23
Q

High Tech PRactices

A

highly technical
above the ordinary
attractive to clients who want the best for their pets

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24
Q

Phone Shoppers

A

13% are concerned about price

87% want the best veterinarian

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25
Q

Revenue per FTE

A

1800 hours / year
Avg. transaction fee x invoices/yr (DVM specific)
or
Avg. spend/client/yr x # of active clients

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26
Q

Target Marketing

A

Directed at a particular group (target the majority)

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27
Q

Direct Marketing

A

Centers on bringing new clients in to the practice

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28
Q

Internal Marketing

A

Retain current Clients

  • recalls
  • reminders
  • newlestters
  • client experience
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29
Q

4P’s of Marketing

The Marketing Matrix

A
  1. Product
  2. Price
  3. Promotion
  4. Place (distribution)
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30
Q

3 R’s of Client Retention

A
  1. Recall
  2. Reappointment
  3. Reminder
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31
Q

Cost per client

A

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

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32
Q

A Successful Marketing Plan

A
  1. SWOT analysis
  2. Define a goal
  3. Implement a strategy
  4. Create an action plan
  5. Execute the plan and measure results
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33
Q

SWOT Analysis

A
  1. Strengths
  2. Weaknesses
  3. Opportunities
  4. Threats
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34
Q

What increases SEO?

A
  1. keywords
  2. Hyperlinks (internal, inbound, external)
  3. Update web page frequently
  4. Increase webpage traffic
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35
Q

SEO

A

Search Engine Optimization

the process of affecting the visibility of website

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36
Q

The Resistance Principle

A

For any price, there will be resistance
15 - 20% resistance is accepted
(1.5 to 2 people out of 10)

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37
Q

Benefit (of product)

A

Need of the customer

Intended solution

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38
Q

Feature (of product)

A

Details of a product that make it distinct

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39
Q

Advertising Budget (Retail Products)

A

1 - 3%

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40
Q

Indirect Marketing

A

Focuses on channels where there is no direct communication with customers by the companies.

  • client education
  • consistent messaging from everyone
  • clean, professional, odor free
41
Q

Hypertext Markup Language (HTML)

A

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

42
Q

Advertising

A

Communication that uses carious forms of media to influence or persuade an audience

43
Q

Analytics

A

The review of data, looking for trends.

44
Q

Business Image

A

A company’s reputation. The image is what the public see when the company is mentioned or comes to mind

45
Q

Call to Action

A

Persuasive words that urge the reader, listener, viewer to take a specific action. Example: CALL NOW!

46
Q

Compliance

A

A measure of whether pets actually receive the care that has been recommended by their veterinarian

47
Q

Demographics

A

Description of the vital statistics of objective and quantifiable characteristics of a population.

48
Q

Direct Marketing

A

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

49
Q

Diversity Marketing

A

Promoting new products or services to new markets

50
Q

External Marketing

A

Written or verbal communication that is aimed at attracting new clients

51
Q

Focus Group

A

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.

52
Q

Pay per Click (PPC)

A

Online advertising model.

Advertiser pays every time a link is clicked on.

53
Q

Stowe’s redefinition of the 4 P’s (5)

A
  1. Emotion - comfort
  2. Value - outside of price
  3. Virtual - Technology
  4. Excel - extraordinary experience
  5. Experience - clients want to be treated well
54
Q

SMART - marketing

A 
Specific
Measurable
ACHIEVABLE
Realistic
Time dependant
55
Q

Benchmarks

Measuring Outcomes

A
  1. Average transaction fee per Doctor
  2. Transactions per year per Dr. - (begin with 5,000 as a reasonable guideline)
  3. # visits per year per client (aim for 10)
  4. # active clients per Dr. per year (aim for 1,000)
  • measure before and after outcomes of marketing initiatives
56
Q

Communication

A

non-verbal
listening
sequencing - logical chain of thought
scripts (don’t use!)

57
Q

Indirect Marketing

A

used on a daily basis to current clients

  • confident/consistent messaging
  • clean, organized, odor free
  • professional staff
  • professional, yet warm relationships with clients
58
Q

Direct Marketing

A

brings new clients into the practice and expands services to existing clients

59
Q

Internal Marketing

A

retain current clients

  • recalls
  • reminders
  • newsletters, cards, report cards
  • phone etiquette
  • enthusiasm
60
Q

External Marketing

A

advertising to potential clients

  • social media
  • websites
  • signs
  • open house…
61
Q

What kind of marketing comes with website development?

A

direct, indirect, internal and external

62
Q

Target Marketing

A

directed to a particular group

63
Q

Retail Marketing 3 main considerations

A
  1. Your Vision
  2. Your image
  3. Your space
64
Q

Advertising Budget

A

1-3% of gross

65
Q

Feature

A

details of the product that make it distinct

66
Q

Benefit

A

intended solution to the problem or need of the client

67
Q

4 Strategies - Pricing Advantage

A
  1. Unique
  2. Value-added
  3. Value based
  4. Volume
68
Q

Display Strategies

A

no more than 5 feet high

no less than 1 foot from the floor

69
Q

Internal Hyperlinks

A

linking other pages within your website

70
Q

External Hyperlinks

A

linking other businesses to your website

71
Q

Inbound Hyperlinks

A

other businesses linking yours to theirs

72
Q

How to manage negative reviews

A
  1. Investigate the complaint
  2. Show empathy, apologize
  3. Promote good reviews
  4. Create a positive culture in the practice
73
Q

Marketing Plan

A
  1. Gather data - perform SWOT analysis, identify a target group
  2. Define your goal - increase compliance?, increase new clients/…
  3. Implement a strategy
  4. Written Action Plan - include a budget and a time line and predicted ROI
74
Q

Net New Clients

A

New : Lost

6: 1 significant growth
4: 1 to 5:1 begin investigating
1: 1 to 3:1 poor growth, immediate attention

75
Q

Advertising

A

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
76
Q

Marketing

A

matches products/services to consumer needs

  • which products/services should be promoted?
  • which products/services should be maintained?
  • which products/services should be dropped?
77
Q

5 Basic Components of Marketing

A
  1. Product/service attributes
  2. Marketing communications
  3. Market research
  4. Customer service
  5. Sales management
78
Q

Public Relations

A

develop understanding and goodwill between a business and the public

79
Q

What is a reasonable beginning goal for # transactions per year per Dr.?

A

5,000

80
Q

Customer Experience Management

A

process of creating an experience that is positive and memorable

81
Q

Customer Relation Management

A

process of gathering data about client preferences and activities to better target our services and products to clients needs.

82
Q

Six C’s of Client Relation Management

A
  1. Consistency
  2. Compassion
  3. Customer Service
  4. Convenience
  5. Competence
  6. Cost - value driven purchases
83
Q

How long does it take someone to decide if they like the practice?

A

likability is established within 90 seconds

84
Q

How much does it cost to recruit a new client vs. retaining an old one?

A

5 x more to recruit

85
Q

High Touch Practice

A

High quality service and ambiance that leaves a lasting impression

86
Q

High Tech Practice

A

highly technical way above the ordinary and attractive to clients who want the best for their pet

87
Q

How many clients is reasonable to lose in a year?

A

10 - 15%

88
Q

3 R’s of Client Retention

A
  1. Recall
  2. Reappointment
  3. Reminder
  • should be scheduled for at least 1 follow up event
89
Q

_______ is a proactive process of gathering data about client preferences and activities to better target their services and products to client needs.

A

Client Relation Management

90
Q

The goal should be to retain _____% of clients over a 3 year period.

A

70-75%

91
Q

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.

A

Recall, Reminder, Reappointment

92
Q

How much information do clients retain when they are told something?

A

20%

93
Q

How much do client retain when they read something?

A

30%

94
Q

The average person needs to hear about a product/service around ____times beore they purchase it.

A

5 times

95
Q

Client reference and education materials should always be branded with the mission of the practice.

A

False

* should be branded w/ contact info

96
Q

Measuring outcomes from Marketing initiatives.

A 
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
97
Q

What type (s) of marketing does website development achieve?

A

Direct, indirect, internal and external

98
Q

How should you handle negative Reviews online?

A
  1. Investigate the complaint
  2. Include empathy and an apology - never explain online, invite to call
  3. Promote good reviews
  4. Create the culture in the practice

CVPM 2021 (7 decks)

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