Marketing Flashcards
Which formula represents the number of lost clients per year?
Active Client last year + new clients - active clients this year
Which focus areas should be included in the written standards of care for the internal hospital image?
Merchandising
Sterility
Cleanliness
Function
What is the equation for finding out how many clients you lost in a year?
= (Active LY + New Clients) - Active Client CY
How many times can you text a client per month to avoid being spam?
2 times per month
JD Stowe (author of Marketing Manual) believes the 5 P’s should be redefined into:
Emotion
Value
Virtual
Excel
Experience
What are the 4 P’s of Marketing
Product
Place (Distribution)
Price
Promotion
+/- Position
How many transactions per year per DVM should you shoot fot?
5,000
Number of visits per year per client - number to shoot for?
10
Number of active clients per year per DVM to shoot for?
1,000
What does Indirect Marketing do (give examples) and what is Direct Marketing?
Indirect Marketing is a marketing technique that includes client education, consistent messaging from team members, team member appearance, etc.
Direct Marketing focuses on bringing new clients into the practice and expanding services to current clients.
Internal Marketing - what is the focus? Give examples
Focus is retaining current clients.
Includes:
- Recalls for patients that visit the practice
- Reminders
- Newsletters, welcome cards
- Telephone etiquette
- Staff enthusiasm
How often should surgical recalls be performed?
Night of the surgery AND three days later
Reminds should not be delivered how far in advance?
Not longer than 4 weeks in advance
External Marketing - what is it for and give examples
External marketing is aimed at advertising services to potential clients.
Examples:
- Social Media
- Websites
- Open House
- Signage
How much of your budget should be for advertising retail products?
1-3%
Three main considerations when considering a retail space
- Your Vision
- Image
- Space
For retail there are four basic pricing strategies:
- Unique
- Value-added
- Value-based
- Volume
Price products and services to have what percentage of resistance?
15-20%
Practice Brochures - List a few items that should be on there:
Mission
Doctors with bio/pics
List Services
Hours of Operations
Contact Information
Website
Map and/or directions
QR Code
*Brochure should be professionally designed
5 Objectives of Practice Brochures
- Provide essential information to new clients
- Compel new clients to consider loyalty
- Establish relationships value with the client
- Establish a sense of trust in the hospital staff
- Establish a sense of partnership
4 Steps in handling negative reviews
- Take time, investigate the complaint, talk to staff, create a planned response
- Respond with empathy and an apology for experience, and an invitation to discuss grievance. If they do not respond, respond to original post again stating you’ve tried to reach out.
- Promote good reviews.
- Create a culture in the practice that helps avoid poor client experiences
Formula for cost per client (as in how much are we spending to retain/get a client)
Gross Revenue / # of clients
X
% of cost
What New Client : Lost Client Ratio is showing growth, investigation, and decline?
6:1 - growth
5:1 or 4:1 - investigate
3:1 to 1:1 - poor growth
The Fear Free experience mission is to alleviate what?
FAS
Fear, Anxiety, Stress
Difference between Advertising and Marketing (and the 5 components of Marketing).
Advertising places paid media messages in the environment and is trying to persuade a target audience to try you once.
Marketing is matching products/service to customer needs. Five components are:
1. Product/service attributes
2. Marketing Communications
3. Market Research
4. Customer Service
5. Sales Management
Of price shopping calls - how many people are truly directly concerned about price?
13%
Customer Experience Management vs Customer Relation Management
Customer Experience Management is creating an experience that is positive and memorable.
Customer Relation Management is gathering data about client preferences and activities to better target our services and products to client needs
6 C’s of Client Relationship Management
- Consistency
- Compassion
- Customer Service
- Convenience
- Competence
- Cost
Client Retention - what is the benchmark and what are the 3 R’s of Client Retention?
10-15% of clients will be lost every year, so retain 70-75% over a 3 year period
3 R’s of Client Retention:
- Recall
- Reappoint
- Remind
What percentage of phone shoppers should be converted to clients?
70%
On average 1 person tells how many people about their bad experience?
13
ATC - benchmark and how much higher than exam charge?
Over $200, 3.5x exam charge
Compliance should be at what %
85%
What response rate does mailed newsletters, direct mail, and electronic have?
Mailed Newsletters - 5%
Direct Mail 2-3%
Electronic 20%
5 Reasons why client education is important:
- Client in exam room may not be the one taking care of pet
- Quality materials show competent team
- All materials are same going to client
- Patient care and compliance increase
- Decrease liability if logged in medical record
Client Education - 3 cautions
- Update materials regularly
- Do not give out bad copies
- Clients have different learning styles
Trade Area per FTE - once we figure this out we can calculate 3 other metrics
- Potential revenue per FTE
- Potential clients per FTE
- Share of aggregate household income
