As a healthcare practitioner, you understand the importance of marketing your practice to attract new patients and stay competitive in your industry. However, with inflation on the rise, it’s important to adjust your digital advertising budget to ensure that you’re still receiving the same level of return on investment. In this blog, we’ll explore how to adjust your healthcare practice’s digital advertising budget to account for inflation.
What is inflation?
Inflation is the rate at which the general level of prices for goods and services is increasing and, consequently, purchasing power is decreasing. Inflation can impact your business in a number of ways, including increasing the cost of goods and services you buy, increasing your wages and salaries, and affecting the price of your products and services.
Why is it important to adjust your digital advertising budget for inflation?
If your healthcare practice’s digital advertising budget remains the same while inflation is increasing, your purchasing power will decrease. This means that the same amount of money you used to spend on marketing will no longer produce the same results. Adjusting your budget to account for inflation ensures that you can maintain your marketing efforts and keep your practice thriving.
How to adjust your healthcare practice’s digital advertising budget for inflation
1. Evaluate your current marketing strategy and budget
The first step in adjusting your marketing budget is to evaluate your current strategy and budget. Are you getting the desired results from your current efforts? Are there any areas that need improvement? After assessing your current situation, you can decide whether you need to increase or decrease your marketing budget.
2. Consider the number of physicians at your practice
If the number of physicians at your practice is growing and your digital ad budget has stayed the same, you can’t expect to see growth. A good benchmark for consideration is to determine the average spend per physician by dividing the budget by the number of physicians.
You can see how the spend per physician is significantly less. When compiled with inflation and the increase in the cost of digital advertising, your buying power is weakened.
3. Consider the rate of inflation and increase in the cost of digital advertising
To find these numbers you can use online tools or consult with financial professionals. Understanding the rate of inflation and the cost of digital advertising will help you determine the percentage increase you need to make to your budget. For the purpose of our example above, let’s say inflation rate is 5% and the average cost of digital advertising increased by 30%.
Of course, you need to adjust your budget based on what you are comfortable spending and what you can afford. But this gives you a starting point to help you make a final decision.
4. Prioritize your marketing efforts
It’s important to prioritize your marketing efforts to ensure that you’re focusing on the strategies that generate the most ROI. For example, if you’re getting the most leads from search engine advertising (such as Google Ads), you may want to increase your budget there and consider how your ads are structured.
5. Experiment with new marketing tactics
Experimenting with new marketing tactics can help you find more cost-effective ways to reach your audience. For example, you may want to invest more in social media advertising or influencer marketing.
Contacting the Experts
Adjusting your healthcare practice’s digital advertising budget to account for inflation is crucial to maintain your practice’s growth and competitiveness. By evaluating your current marketing strategy, considering the rate of inflation, prioritizing your marketing efforts, and experimenting with new tactics, you can ensure that you’re getting the most out of your marketing budget. Contact us today to learn how we can help!