How To 10x Your Marketing Returns

This week on Marketing Monday, Angus Pryor the Practice Growth Specialist will share with you how to 10x your marketing returns.

Today, how to 10x your marketing returns. That sounded like a bold plan, doesn’t it?

How to 10x your marketing returns. Basically, if you invest $1 to get a $10 dollar return, a 10 times return. And the number one thing that I’d say is, it’s about knowing what your average client value is.

If you don’t know the average value of what your clients are spending with you in a 12 month, or however long period of time, how can you possibly know how you’re getting a 10x return?

Now my experience is for most practicing in Australia, that the average client value is in the order $500 to $1,000 per patient, per year. And the way to do it, is you look at your data, you say that’s the highest amount down to that zero and you’re looking for whatever that middle figure is there. You can run a report. It’s not difficult to do.

Most practices in Australia, it’s between $500 and $1,000.

If you know that your average client value is $500, then to get a 10x return, it’s pretty simple. It means you know you can spend $50 and then on average they’re gonna spend that money with you in year one.

Now some of you are saying, “Well, that’s all well and good, Angus, but if they spend $500 with me, that doesn’t mean that it doesn’t cost me anything to provide that service.”

Very true. However, you spent that money once in year one. They’ve spent, on average $500 or $1,000, or whatever the figure is with you. They’ve spent that with you in year one. What about year two, year three or year four.

So you can see you can get that 10x return if you know what that figure is and you know what you can spend for each new client.

Now therefore, you might go, “Okay, well, if I want to spend, say $500, that means I’ve got to generate 10 clients.” And that might be, run a Facebook campaign or a competition. You might say, “I want to spend $5,000 but only if I’m gonna generate 100 clients.” Again, if that average client value is $500 at your practice.

Hope this is making sense to you. I can tell you we’ve got a client that is about to spend $50,000. In fact maybe slightly more on bringing new clients into their business. And so they’re expecting to generate 1,000 clients.

And you’re thinking, “How are they gonna do that?” And the answer is I’m not telling you because they haven’t done it yet. It’s a secret.

But to big spend. The fact is, these ratios absolutely can work. So that’s the first answer. How do you 10x your marketing returns?

So how to 10x your marketing returns:

• You’ve got to figure out what the average value is of your clients, and then you know what you can spend and get your return that way.