Session 10 Marketing Flashcards
5 P’s of marketing
- Product
- Place
- Price
- Promotion
- Position
5 P’s of marketing can be redefined into:
Emotion
Value
Virtual
Excel
Experience
The marketing matrix
4 (or 5) Ps of marketing
Important 4 Ps of the 5ps of marketing
Product
Price
Promotion
Place
How do you manage the 4 Ps?
Directly related to local demographic
Market Segmenting
Segments can be:
Households
Breeds
Species
Education
Income
Considerations in marketing and situational analysis
Rate of movement of the population
Rate of growth or decline
Municipal government influences
Industry/manufacturing influences
Income levels of the community
Single vs multi family housing
How to assess the competition
Distance
# of DVMs
Impression of facility
#of clients
Probable gross revenue
Strengths
Difference in fees or perception of fees
Setting objectives in marketing
Objectives are the first strategy of goal setting
Objective goals must be SMART
Specific
Measurable
Achievable
Realistic
Time bound
Benchmarks to measure practice to before and after marketing
Average transaction fee
5,000 transactions per year per doctor
10 visits per client per year
1,000 active clients per year per DVM
Communication
Marketing is all about communicating the passion and value behind products and services
Marketing communication is done with
Nonverbal
Listening
Sequencing (logical train of thought beginning with client)
Scripts (better to avoid using; try bullet point guidelines instead)
Marketing quote
Marketing is how we tell people what we promise to give them each and every time they visit our practice
Emotion
Clients want comfort
Scripts
Define points to follow so it doesn’t sound like a robotic script but all the info is the same across all staff
Indirect marketing
A marketing technique that is used by practices on a daily basis
Examples of indirect marketing
Client education materials
Confident and consistent messaging from every team member
Clean organized odor free facility
Professional clean friendly employees
Warm professional relationships with clients
Direct Marketing
Centers on bringing new clients into the practice and expanding services to current clients and is delivered in countless ways
The key to increasing compliance and rentention
Client education
Internal marketing
Focus to retain Current clients
Examples of internal marketing
Call backs
Reminder cards
Newsletter/welcome cards
Telephone etiquette
Staff enthusiasm
Anything that makes the client experience better
Recall (CB) rules
Evening of surgery and 3 days later
Reminders via email or postcard rule
Do not deliver more than 4 weeks in advance of the due date
Should be convenient with a direct call/schedule button on the e-mail
Eternal marketing
Aimed at potential clients.
External marketing key
Determine the prospective clients and patients and the best method to attract them
External marketing examples
Social media
Website
Outdoor signage
Open houses
Hosting community classes
Office hours
Website development
Allows for direct, indirect, internal and external marketing.
Note for website design
Hire a design company to develop and maintain
Make sure it is set apart from the other vet websites
Target marketing
Aimed at a specific group of people
Example of target marketing
Specific breeds
Specific tx
Disease/conditions
Ages
Environments
Retail marketing what are main 3 considerations
Vision
Image
Space
Designated driver
A specific employee with time and effort to assess the retail area regularly
Designated driver responsibilities
The retail space
The products
Strategies to sell the products
Staff training for retail
Manager should spend at least 30min/week reviewing key selling points with the team.
“A lot of people buy that because…”
Needs of the facility
Create a convenient space for clients to shop
Warm unclean ambiance
Interior decorator
Vet recommendations
Doctors need to know and push
Believe-offer-sell
Assumptive sales
One sale strategy is to assume the client will buy a product or service instead of asking
“I’m sending you with X”
Advertising/Promos
Budget 1-3% of revenue for retail advertising
Most powerful advertising
Word of mouth/testimonials
Examples of advertising/promos
Name the mascot
Guess the # in the jar
Open house and tours
Practice anniversary celebrations
Santa/pet photos
Pet contests
Look alike contests
Most important criteria for promotions
Does not take any time away from any existing tasks that are more important
Unique retailing
Uncommon items
How to use unique retailing
Blend medical care w/ products
(Exercise toys aids weight loss)
Blend expertise with products (increase value to client)
Do market research before selling
Product knowledge of unique selling points.
What type of product knowledge should the team know?
Features & benefits
Actively market
Don’t just leave stuff on shelves, actively market them
Accommodating children in marketing
They can influence product sales
Show products in use
Demos increase compliance
Return policy
Generous return policies are a proven excellent strategy
Know your pricing advantage
Unique
Value added
Value based
Volume
Display strategies
Keep products no higher than 5’ and no lower then 1’
Group products for easy comparison
Displays open
Products stocked & in view of reception
Near check out for impulse buys
Seasonal promos
Display strategies can think of
Grocery stores
Retail marketing considerations (16)
- Vision
- Image
- Space
- Designated driver
- Staff Training
- Needs of the facility
- Vet recommendations
- Assumptive sales
- Advertising/promos
- Unique retailing
- Actively market
- Accommodate kids
- Show products in use
- Return policy
- Know you pricing advantage
- Display strategies
The resistance principal def
The fact that for any price there will be resistance
The resistant principal goal
15-20% resistance is appropriate for a business if it is to push the envelope for profitability
SEO
Search engine optimization
SEO def
The process of affecting the visibility of a website in search engine results.
SEO goal
Have the practice website at the top of the listed results
SEO includes
Keywords
Internal hyperlinks
Inbound hyperlinks
External hyperlinks
Keywords
Words chosen by potential clients should be woven into the website and the more often the word appears the higher the SEO
Inbound hyperlinks
Other businesses linking to your website increases SEO
External hyperlinks
Linking other businesses on your website
Webpage promotion
Something that brings people to the website and brings them back
Webpage promotion ideas
Pet portals
Client education
Client instructions
Downloadable forms
Event calendar
Clinic tour
Blogs
Social media links
Practice brochures contain
QR codes
State mission
Intro doctors
List services
Hours of operation
Practice brochure objectives
Provide essential info to new clients
Compel new clients to consider loyalty
Establish relationship values
Establish trust in the clinic and staff
Establish a partnership with owners
Social Media
Clients appreciate recommendations from friends
Client education materials
Professional error free and easy to read
Always include practice info and QR codes
Business cards
Clean and eye friendly
Magnets
❤️
On - hold messaging
Market to your clients while they are in hold
Donations
Develop a donation budget
Gift cards
For charity or fundraisers
Who should have a business card?
Everyone!
Employee training as it relates to marketing
Marketing techniques will not overcome the effects of poor client relations within a practice
Employee marketing
Exam rooms
Recommendations
Client Perception
Exam rooms
Where the client relationship is built. Maximize marketing in exam rooms
Recommendations within the team
Train for assertive marketing techniques
Client Perception
Tour your practice to experience things as a client
Managing negative reviews
- Investigate the complaint
- Apologize and invite to discuss
- reach out to client personally and if unable to reach respond a second time the review noting you tried to reach them and encourage them to reach back out
- don’t hash it out on the review site
Managing good reviews
Promote good reviews
Be proactive and create a positive culture in the practice that helps avoid negative reviews to begin with
A successful marketing plan
Gather data
Define your goal
Implement a strategy
Create a written action plan
Execute plan and measure results
Creating a written action plan
Include:
Timeline
Budget
Predicted ROI
Cost per client theory
The more we are willing to spend on marketing per client the more ambitious we are - more risk is involved
Cost per client equation
Gross revenue ÷ # of clients × % of cost
2 equations for revenue per FTE vet
- Avg transaction fee × invoices per year
- Average expenditure per client per year × # of active clients
Shopper call conversions
13% if shoppers are directly concerned about price. 87% are looking for the best vet for their pet - turn shoppers into clients
Aim for a ROI of
39-40% profit
Net New clients
Include measuring the ratio of new to lost clients.
Lost clients
Clients who requested records be sent elsewhere.
Death of pet
New client ratios
6:1 (new:lost) = significant growth
5:1 - 4:1 needs investigation
3:1 - 1:1 poor growth - aggressively research and improve
Advertising
Creates and places media messages
- for immediate results or controlled message
- at best you persuade the audience to try you once
Marketing
Matches products or services to consumer needs.
Attempts to forecast which products or services should be promoted, maintained, and dropped
5 basic marketing components
Product/service attributes
Marketing communications
Market research
Customer service
Sales management
5 basic marketing components
Product/service attributes
Marketing communications
Market research
Customer service
Sales management
Public relations
The art of developing reciprocal understanding and goodwill between a business and the public
What does public relations do?
Paves way for the sale of service and products
Increases moral and job satisfaction
Encourages employees to give back to community
Provides early warning system
Helps protect long term reputations
FAS
Fear
Anxiety
Stress
Key concepts in implementing fear free
Communication
Considerate approach
Gentle control
Touch gradient
What is a reasonable beginning goal for # of transactions per year per doctor
5000
What net to new client ratios indicate healthy growth of a practice?
6:1
Customer experience
The sun total of all the experiences the client has as they interact with your practice and team
Client loyalty
Know your top 20% and overwhelm them with service
Phone call
Answer by 3rd ring
Introduce yourself
Reception counter
Banter
Use client and pets names often
Likeability is established in 90 seconds
The facility
Landscaping (pet park)
Include a weight loss clinic and dental clinic
Services provides
P/u & d/o services
Large print material for senior clients
House calls
Patient care
Personal possessions encouraged
Encourage social visits
Advertise boarding as a B&B
Cat condos
Follow up to visit
Email a photo of the per and discharge instructions
Medical and SX callbacks within 48 hours
Developing practice standards
Linking together all services
CEM
Customer experience management
CRM
Customer relationship management
CEM
Proactive process of creating a customer experience that is positive and memorable
CRM
Proactive process of gathering data about client preferences and activities to better target our products and services to the clients needs
CRM & CEM
CRM can be used to enhance CEM
Six C’s of client relationship management
- Consistency
- Compassion
- Customer Service
- Convenience
- Competence
- Cost
High touch practices
Refers to high quality service and ambiance that leaves a lasting impression in clients
Benefits of high touch practices
Retains more clients
Offers client options in decision making
Creates comfortable space
Respects clients wishes, fears, feelings
High tech practice
Above and beyond ordinary and attract clients who want to do the the absolute best for their pet
Client retention
Small practices will lose 10 - 15% of clients every year
Client retention goals
Retain 70 -75% of clients over 3 year period
3 Rs of client retention
Recall
Reappointment
Reminder
Clients retain
20% of what they are told
30% of what they read
Average person needs to hear something 5 times before they purchase it
Client reference material should always be branded with the mission of your practice
False - only needs to be branded to your practice not the mission
Shrinkage
A decrease in on-hand inventory that is caused by use that is not recorded or invoiced
Replacement cost
Price that will have to be paid to replace an existing inventory asset with the same or similar product
Second largest expense category
Inventory
Largest expense category
Staff costs
Inventory control
Process of weighing the need to maintain sufficient inventory against the monetary cost of carrying the inventory
Merchandise inventory
Products purchased for resale to clientd
Medical supply inventory
Professional inventory
Medical supply inventory def
Items used in the course of providing veterinary medical and SX services
Just in time
Receiving a product just as needed vs storing the product
Just in time pros
Low holding costs
No expired product
Just in time cons
High ordering costs
Stock outs and back orders
Inventory management roles
Manager
Researcher
Department lead
Receiver
Documenter and tracker
Counter
Bookkeeper
Inventory manager
Responsible for all task associate with all inventory roles
Department lead
Responsible for identifying product needs within their specific department
Documenter and tracker
Handles the PMS inventory side
Bookkeeper
Responsible for COA, entering goods and data, purchasing budgets, and reports
Which roles should be separate from inventory manager?
Receiver
Documenter and tracker
Inventory goals
All roles filled/defined/trained
Products available
Qty controlled
Accurate reports available
Regular evaluations
Efficiency
Controlled drugs logs maintained
Security/safeguards exist
Employees possess product knowledge
Fees are adjusted regularly
Potential losses due to poor inventory management
Too much product
Not enough product
Too Frequent ordering
Shrinkage
Theft
Back orders
Expired products
Incorrect products
Rush shipments cost
Freight charges
