Dr. Noah Lot – Building a Marketing BudgetReading Time: 2 minutes
Dear Dr. Noah Lot:
How much should I budget for marketing my veterinary practice?
– Jennifer, Practice Manager, Emergency and Specialty Hospital
Thank you for asking that very important question!
As a very general rule throughout the veterinary industry, marketing budgets average between 1-5% of gross revenue. However, it is important that the actual percentage chosen is an honest reflection of the amount of marketing necessary in any given year.
For instance, if your veterinary practice is established, things are humming along, you have lots of business and few competitors, then 1-3% may be just fine to keep your name and services out in front of your referral community and the pet parent s in your area to ensure new client growth and a positive reputation. If, on the other hand, your veterinary clinic or hospital is relatively new, is facing a lot of competition, has new services to promote, or has had some negative issues to deal with (publicly) etc., then we recommend closer to 5% or more.
There may be years where there are large investments made for one-time important marketing expenses (branding/rebranding, a new website, professional video, new collateral, etc.), but those are exceptions.
In addition to knowing the amount you can spend on marketing, be sure to have measurable goals you are trying to reach, and a strategic plan in place using traditional and digital tactics to reach them.
If you’d like help evaluating your marketing initiatives or determining if your allocation of resources is appropriate to reach your goals, reach out to my friends at BluePrints Veterinary Marketing Group at firstname.lastname@example.org or call 949-756-8071.
Dr. Noah Lot