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VHMA CVPM Additional > Session 10 Marketing > Flashcards

Session 10 Marketing Flashcards

1
Q

5 P’s of marketing

A
  1. Product
  2. Place
  3. Price
  4. Promotion
  5. Position
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2
Q

5 P’s of marketing can be redefined into:

A

Emotion
Value
Virtual
Excel
Experience

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3
Q

The marketing matrix

A

4 (or 5) Ps of marketing

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4
Q

Important 4 Ps of the 5ps of marketing

A

Product
Price
Promotion
Place

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5
Q

How do you manage the 4 Ps?

A

Directly related to local demographic

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6
Q

Market Segmenting

A

Segments can be:
Households
Breeds
Species
Education
Income

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7
Q

Considerations in marketing and situational analysis

A

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

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8
Q

How to assess the competition

A

Distance
# of DVMs
Impression of facility
#of clients
Probable gross revenue
Strengths
Difference in fees or perception of fees

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9
Q

Setting objectives in marketing

A

Objectives are the first strategy of goal setting

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10
Q

Objective goals must be SMART

A

Specific
Measurable
Achievable
Realistic
Time bound

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11
Q

Benchmarks to measure practice to before and after marketing

A

Average transaction fee
5,000 transactions per year per doctor
10 visits per client per year
1,000 active clients per year per DVM

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12
Q

Communication

A

Marketing is all about communicating the passion and value behind products and services

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13
Q

Marketing communication is done with

A

Nonverbal
Listening
Sequencing (logical train of thought beginning with client)
Scripts (better to avoid using; try bullet point guidelines instead)

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14
Q

Marketing quote

A

Marketing is how we tell people what we promise to give them each and every time they visit our practice

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15
Q

Emotion

A

Clients want comfort

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16
Q

Scripts

A

Define points to follow so it doesn’t sound like a robotic script but all the info is the same across all staff

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17
Q

Indirect marketing

A

A marketing technique that is used by practices on a daily basis

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18
Q

Examples of indirect marketing

A

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

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19
Q

Direct Marketing

A

Centers on bringing new clients into the practice and expanding services to current clients and is delivered in countless ways

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20
Q

The key to increasing compliance and rentention

A

Client education

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21
Q

Internal marketing

A

Focus to retain Current clients

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22
Q

Examples of internal marketing

A

Call backs
Reminder cards
Newsletter/welcome cards
Telephone etiquette
Staff enthusiasm
Anything that makes the client experience better

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23
Q

Recall (CB) rules

A

Evening of surgery and 3 days later

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24
Q

Reminders via email or postcard rule

A

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

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25
Q

Eternal marketing

A

Aimed at potential clients.

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26
Q

External marketing key

A

Determine the prospective clients and patients and the best method to attract them

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27
Q

External marketing examples

A

Social media
Website
Outdoor signage
Open houses
Hosting community classes
Office hours

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28
Q

Website development

A

Allows for direct, indirect, internal and external marketing.

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29
Q

Note for website design

A

Hire a design company to develop and maintain

Make sure it is set apart from the other vet websites

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30
Q

Target marketing

A

Aimed at a specific group of people

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31
Q

Example of target marketing

A

Specific breeds
Specific tx
Disease/conditions
Ages
Environments

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32
Q

Retail marketing what are main 3 considerations

A

Vision
Image
Space

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33
Q

Designated driver

A

A specific employee with time and effort to assess the retail area regularly

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34
Q

Designated driver responsibilities

A

The retail space

The products

Strategies to sell the products

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35
Q

Staff training for retail

A

Manager should spend at least 30min/week reviewing key selling points with the team.

“A lot of people buy that because…”

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36
Q

Needs of the facility

A

Create a convenient space for clients to shop

Warm unclean ambiance

Interior decorator

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37
Q

Vet recommendations

A

Doctors need to know and push

Believe-offer-sell

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38
Q

Assumptive sales

A

One sale strategy is to assume the client will buy a product or service instead of asking

“I’m sending you with X”

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39
Q

Advertising/Promos

A

Budget 1-3% of revenue for retail advertising

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40
Q

Most powerful advertising

A

Word of mouth/testimonials

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41
Q

Examples of advertising/promos

A

Name the mascot
Guess the # in the jar
Open house and tours
Practice anniversary celebrations
Santa/pet photos
Pet contests
Look alike contests

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42
Q

Most important criteria for promotions

A

Does not take any time away from any existing tasks that are more important

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43
Q

Unique retailing

A

Uncommon items

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44
Q

How to use unique retailing

A

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.

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45
Q

What type of product knowledge should the team know?

A

Features & benefits

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46
Q

Actively market

A

Don’t just leave stuff on shelves, actively market them

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47
Q

Accommodating children in marketing

A

They can influence product sales

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48
Q

Show products in use

A

Demos increase compliance

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49
Q

Return policy

A

Generous return policies are a proven excellent strategy

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50
Q

Know your pricing advantage

A

Unique
Value added
Value based
Volume

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51
Q

Display strategies

A

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

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52
Q

Display strategies can think of

A

Grocery stores

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53
Q

Retail marketing considerations (16)

A
  1. Vision
  2. Image
  3. Space
  4. Designated driver
  5. Staff Training
  6. Needs of the facility
  7. Vet recommendations
  8. Assumptive sales
  9. Advertising/promos
  10. Unique retailing
  11. Actively market
  12. Accommodate kids
  13. Show products in use
  14. Return policy
  15. Know you pricing advantage
  16. Display strategies
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54
Q

The resistance principal def

A

The fact that for any price there will be resistance

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55
Q

The resistant principal goal

A

15-20% resistance is appropriate for a business if it is to push the envelope for profitability

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56
Q

SEO

A

Search engine optimization

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57
Q

SEO def

A

The process of affecting the visibility of a website in search engine results.

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58
Q

SEO goal

A

Have the practice website at the top of the listed results

59
Q

SEO includes

A

Keywords
Internal hyperlinks
Inbound hyperlinks
External hyperlinks

60
Q

Keywords

A

Words chosen by potential clients should be woven into the website and the more often the word appears the higher the SEO

61
Q

Inbound hyperlinks

A

Other businesses linking to your website increases SEO

62
Q

External hyperlinks

A

Linking other businesses on your website

63
Q

Webpage promotion

A

Something that brings people to the website and brings them back

64
Q

Webpage promotion ideas

A

Pet portals
Client education
Client instructions
Downloadable forms
Event calendar
Clinic tour
Blogs
Social media links

65
Q

Practice brochures contain

A

QR codes
State mission
Intro doctors
List services
Hours of operation

66
Q

Practice brochure objectives

A

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

67
Q

Social Media

A

Clients appreciate recommendations from friends

68
Q

Client education materials

A

Professional error free and easy to read

Always include practice info and QR codes

69
Q

Business cards

A

Clean and eye friendly

70
Q

Magnets

A

❤️

71
Q

On - hold messaging

A

Market to your clients while they are in hold

72
Q

Donations

A

Develop a donation budget

73
Q

Gift cards

A

For charity or fundraisers

74
Q

Who should have a business card?

A

Everyone!

75
Q

Employee training as it relates to marketing

A

Marketing techniques will not overcome the effects of poor client relations within a practice

76
Q

Employee marketing

A

Exam rooms

Recommendations

Client Perception

77
Q

Exam rooms

A

Where the client relationship is built. Maximize marketing in exam rooms

78
Q

Recommendations within the team

A

Train for assertive marketing techniques

79
Q

Client Perception

A

Tour your practice to experience things as a client

80
Q

Managing negative reviews

A
  1. Investigate the complaint
  2. 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
81
Q

Managing good reviews

A

Promote good reviews
Be proactive and create a positive culture in the practice that helps avoid negative reviews to begin with

82
Q

A successful marketing plan

A

Gather data
Define your goal
Implement a strategy
Create a written action plan
Execute plan and measure results

83
Q

Creating a written action plan

A

Include:
Timeline
Budget
Predicted ROI

84
Q

Cost per client theory

A

The more we are willing to spend on marketing per client the more ambitious we are - more risk is involved

85
Q

Cost per client equation

A

Gross revenue ÷ # of clients × % of cost

86
Q

2 equations for revenue per FTE vet

A
  1. Avg transaction fee × invoices per year
  2. Average expenditure per client per year × # of active clients
87
Q

Shopper call conversions

A

13% if shoppers are directly concerned about price. 87% are looking for the best vet for their pet - turn shoppers into clients

88
Q

Aim for a ROI of

A

39-40% profit

89
Q

Net New clients

A

Include measuring the ratio of new to lost clients.

90
Q

Lost clients

A

Clients who requested records be sent elsewhere.

Death of pet

91
Q

New client ratios

A

6:1 (new:lost) = significant growth
5:1 - 4:1 needs investigation
3:1 - 1:1 poor growth - aggressively research and improve

92
Q

Advertising

A

Creates and places media messages
- for immediate results or controlled message
- at best you persuade the audience to try you once

93
Q

Marketing

A

Matches products or services to consumer needs.

Attempts to forecast which products or services should be promoted, maintained, and dropped

94
Q

5 basic marketing components

A

Product/service attributes
Marketing communications
Market research
Customer service
Sales management

95
Q

5 basic marketing components

A

Product/service attributes
Marketing communications
Market research
Customer service
Sales management

96
Q

Public relations

A

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

97
Q

What does public relations do?

A

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

98
Q

FAS

A

Fear
Anxiety
Stress

99
Q

Key concepts in implementing fear free

A

Communication
Considerate approach
Gentle control
Touch gradient

100
Q

What is a reasonable beginning goal for # of transactions per year per doctor

A

5000

101
Q

What net to new client ratios indicate healthy growth of a practice?

A

6:1

102
Q

Customer experience

A

The sun total of all the experiences the client has as they interact with your practice and team

103
Q

Client loyalty

A

Know your top 20% and overwhelm them with service

104
Q

Phone call

A

Answer by 3rd ring
Introduce yourself

105
Q

Reception counter

A

Banter
Use client and pets names often
Likeability is established in 90 seconds

106
Q

The facility

A

Landscaping (pet park)
Include a weight loss clinic and dental clinic

107
Q

Services provides

A

P/u & d/o services
Large print material for senior clients
House calls

108
Q

Patient care

A

Personal possessions encouraged
Encourage social visits
Advertise boarding as a B&B
Cat condos

109
Q

Follow up to visit

A

Email a photo of the per and discharge instructions

Medical and SX callbacks within 48 hours

110
Q

Developing practice standards

A

Linking together all services

111
Q

CEM

A

Customer experience management

112
Q

CRM

A

Customer relationship management

113
Q

CEM

A

Proactive process of creating a customer experience that is positive and memorable

114
Q

CRM

A

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

115
Q

CRM & CEM

A

CRM can be used to enhance CEM

116
Q

Six C’s of client relationship management

A
  1. Consistency
  2. Compassion
  3. Customer Service
  4. Convenience
  5. Competence
  6. Cost
117
Q

High touch practices

A

Refers to high quality service and ambiance that leaves a lasting impression in clients

118
Q

Benefits of high touch practices

A

Retains more clients
Offers client options in decision making
Creates comfortable space
Respects clients wishes, fears, feelings

119
Q

High tech practice

A

Above and beyond ordinary and attract clients who want to do the the absolute best for their pet

120
Q

Client retention

A

Small practices will lose 10 - 15% of clients every year

121
Q

Client retention goals

A

Retain 70 -75% of clients over 3 year period

122
Q

3 Rs of client retention

A

Recall
Reappointment
Reminder

123
Q

Clients retain

A

20% of what they are told
30% of what they read
Average person needs to hear something 5 times before they purchase it

124
Q

Client reference material should always be branded with the mission of your practice

A

False - only needs to be branded to your practice not the mission

125
Q

Shrinkage

A

A decrease in on-hand inventory that is caused by use that is not recorded or invoiced

126
Q

Replacement cost

A

Price that will have to be paid to replace an existing inventory asset with the same or similar product

127
Q

Second largest expense category

A

Inventory

128
Q

Largest expense category

A

Staff costs

129
Q

Inventory control

A

Process of weighing the need to maintain sufficient inventory against the monetary cost of carrying the inventory

130
Q

Merchandise inventory

A

Products purchased for resale to clientd

131
Q

Medical supply inventory

A

Professional inventory

132
Q

Medical supply inventory def

A

Items used in the course of providing veterinary medical and SX services

133
Q

Just in time

A

Receiving a product just as needed vs storing the product

134
Q

Just in time pros

A

Low holding costs
No expired product

135
Q

Just in time cons

A

High ordering costs
Stock outs and back orders

136
Q

Inventory management roles

A

Manager
Researcher
Department lead
Receiver
Documenter and tracker
Counter
Bookkeeper

137
Q

Inventory manager

A

Responsible for all task associate with all inventory roles

138
Q

Department lead

A

Responsible for identifying product needs within their specific department

139
Q

Documenter and tracker

A

Handles the PMS inventory side

140
Q

Bookkeeper

A

Responsible for COA, entering goods and data, purchasing budgets, and reports

141
Q

Which roles should be separate from inventory manager?

A

Receiver
Documenter and tracker

142
Q

Inventory goals

A

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

143
Q

Potential losses due to poor inventory management

A

Too much product
Not enough product
Too Frequent ordering
Shrinkage
Theft
Back orders
Expired products
Incorrect products
Rush shipments cost
Freight charges

VHMA CVPM Additional (19 decks)

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