Marketing Flashcards
What are the 4/5 Ps redifined by JD Stowe as? (Product, Place, Price, Promotion, Position)
Emotion
Value
Virtual
Excel
Experience
What are the 4 Ps of marketing
Product
Place
Price
Promotion
Demographics of Market
Rate of movement
Rate of growth/decline
Municipal govt influences
Industrial/Manufacturing influences
Income levels
SFH vs MFH
What factors should you use to assess competition
Distance
#of doctors
impression of facility
Estimated client count
probable gross revenue
strengths
differences in fees or perception of fees
Measuring Outcomes of marketing
ATF and targeted increase
# of transactions per year per doctor (goal - 5000)
number of visits per year per client (goal-10)
number of active clients per year per doctor (goal- 1000)
Communication Factors
Non verbal
listening
Sequencing
Scripts (avoid, use points)
Examples of Indirect Marketing
Client education
Confident and consistent messaging
Clean, organized and odor free facility
Professional, clean and friendly employees
Professional yet warm relationships with clients
Examples of Internal Marketing
Recalls
Reminders
Newsletters, welcome cards
Telephone etiquette
Staff enthusiasm
Anything to improve experience
3 Retail considerations
Vision
Image
Space
What % of retail revenue should go to advertising/promo
1-3%
What are 4 strategies of pricing advantage
Unique
Value Added
Value Based
Volume
The Resistance Rule
For any price there will be resistance (aim for 15-20% resistance)
Brochures Should include
professional and eyecatching
informational
doctor w photo and bio
services
hours of operation
contact info
website address
map and directions
QR code
Objectives of Brochures
Essential info for new clients
compel new client to be loyal
establish relationship values with the client
establish a sense of trust
establish a sense of partnership
Steps of Successful Marketing Plan
Gather data
Define your goal
Implement a strategy
Create a written action plan
Execute the plan and measure results
Key Concepts of Fear Free
Communication
Considerate approach
Gentle control
Touch gradient
What is the best measure of customer service?
Word of mouth referrals
What source of information are clients first exposed to?
Internet
What are the value disciplines
Operational excellence
Product Leadership
Customer Intimacy
What 4 things should be included in calculating the cost of a staff meeting
length of meeting, employee wages, food and lost profits
What Net to New Clients ratio indicates healthy growth of the practice?
1:6
This is a proactive process of gathering data about client preferences and activities to better target their services and products to client needs.
Customer Relation Management
Goal should be to retain what percentage 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
Reappointment
Reminder
Clients only retain what % of what they hear?
20%
The average person needs to hear about a product or service how many times before they buy it?
5
Should reference and education material always be branded with the mission of the practice?
no
Trade Area Full Time Equivalent (TA FTE).
Determine your trade area
How many FTE are in the area
% of trade area overlap of the other practices
Multiply the # of DVMs at each practice to determine how many are competing in your trade area
What 3 metrics can you calculate from the TAFTE?
Share of the aggregate household income
Potential Clients per veterinarian
Potential revenue per veterinarian
When it comes to marketing; what is “the key” to increasing compliance and retention?
Communication
According to JD Stowe, how we tell people, what we promise to give them each and every time they visit our practice is called what?
Marketing
What % of retail revenue should be spent on marketing?
1-3%
What are the 6 Cs of Client Relationship Management
Consistency
Compassion
Customer Service
Convenience
Competence
Cost
