How Much Do Chiropractors Spend On Advertising
Often, small businesses lack a dedicated marketing director, resulting in subpar outcomes due to the absence of a goal-oriented marketing budget. It’s important to remember that marketing isn’t just an expense—it’s an investment that drives sales, and there is no one-size-fits-all answer. Let’s discuss how much chiropractors spend on marketing and advertising for this discussion.
Marketing Budget
According to the Small Business Administration (SBA),businesses spend an average of 7.0 -8.0% of revenue on advertising, with variations by industry.
They also say that business-to-consumer (B2C) companies usually allocate more:
- 9.6% for product companies
- 11.8% for services
Let’s take a practical example to illustrate this. Imagine you run a chiropractic practice that generates $20,000 per month. If you were to allocate 7.5% of this revenue to marketing, your monthly advertising and marketing budget would amount to $1,500.
Establish Your Chiropractic Marketing Plan
The first step in determining a chiropractic marketing budget is to create SMART goals. These are not just lofty aspirations but specific, measurable, attainable, results-focused, and time-dependent targets you can realistically achieve. By setting SMART goals, you can confidently steer your marketing efforts towards success.
It’s crucial to note that your marketing budget is not set in stone. You have the power to adjust it as your business evolves and your needs change. Be mindful of a situation where reducing your marketing budget when sales drop can potentially exacerbate the problem, known as a ‘chicken-and-egg’ scenario.
Remember to remain adaptable, monitor industry benchmarks, and consider boosting marketing efforts during slow periods when competitors reduce theirs.
Creating and understanding marketing goals and a budget to grow your practice will help you maximize your marketing dollars. Let YCS® Marketing establish marketing goals, maximize your marketing budget, and grow your small business.
