Marketing Budgets: What Should You Spend?
When we sit down with practices new to the unique way Venel looks at marketing, one of the first questions we often hear is “What should our marketing budget be?”
Most practices expect to hear us provide a dollar range or an industry standard, but at Venel, we look at this very differently and ask:
1. What are you currently doing?
2. Do you have any data to support those initiatives?
3. Do you know what is working well and maybe what isn’t?
4. What’s been your return on investment?
The reason we ask these questions is because your marketing budget isn’t about the dollars spent. Marketing budgets should fit your need, align with the size of your objectives, be measured to know quickly what works well—and, more importantly, what doesn’t—and above all else, show you a return on your investment.
The practices who work with Venel quickly learn that having a strategic marketing plan based on data instead of guesswork provides better direction on what to spend and where and leads to a greater, measurable return on investment.
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About Venel
Venel provides business-minded orthopaedic practices with unmatched business development and marketing expertise. Venel provides each exclusive market client with an annual documented return on investment, orthopaedic-specific innovations, and a clear, competitive advantage. Venel is also the only full-service marketing firm to be an American Association of Orthopaedic Executives Peer Reviewed partner. Since 1989, Venel has been solely dedicated to the marketing, promotion, and communication of orthopaedic practices and their surgeons.
To learn more about Venel's research-based marketing approach, watch this video on our website.
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