Freakin’ nuts”, is what average chiropractors think when they hear about what most of the REALLY successful chiropractors are doing and (advocating other docs do) during these wild economic times.
Let’s face it…
The ups and downs of the stock market and the constant bad news about our economy are wreaking havoc with the finances of many chiropractors.
Cash flow is shrinking, appointments are dropping off, and less prospective new patients are calling.
And, for average chiropractors it’s SCARY. Rightly so.
Meanwhile, the members of the highest-earning bracket of chiropractors are loving life.
They’ve yet to see their practices take any significant step backwards in cash flow or office visits. In fact, some have actually experienced growth in their cash flow, even with everything taking place on Wall Street.
So, what are these high-earning chiropractors doing that the average chiropractors aren’t.
Well, it’s no what they’re doing that the average docs aren’t. The better question is what are the doctors with the shrinking offices NOT doing that the millionaire chiropractors are.
The answer…
Marketing, marketing and more chiropractic marketing.
Aggressive chiropractic marketing to be more specific.
You see, what the wealthiest, most successful chiropractors understand is that marketing for chiropractors is the lifeblood of their practice.
It’s the engine that drives their practice growth.
It’s THE thing that allows their practice to survive and thrive. Nothing else.
And, because of that, your chiropractic practice marketing should be the very last thing to ever get cut our of a budget.
“Marketing is muscle, not fat. Be careful about cutting it”, one journalist wrote.
Unfortunately, that’s exactly what so many struggling chiropractors have done – they’ve cut their chiropractic marketing budget way back, if not eliminated it altogether.
What a MONSTROUS MISTAKE!
In fact, a recent article in Business Week, “Five Don’ts for Marketing in Tough Times”, said it best…
“Just as the savviest investors view down markets as a time to buy when everybody else is selling, the savviest marketers know recessions are a great time to pick up market share.
They understand that by maintaining their budgets (or even increasing them) they may not come out ahead during the down times, but they can pick up market share that will pay off in the long run.
Marketing dollars in a recession are like oxygen on Mt. Everest, the less there is in the surrounding environment, the more valuable the amount you possess becomes.
Cutting your marketing spending is a sure way to give ground to competitors who may be more aggressive during the downturn.”
And ,if that wasn’t enough, here’s what John A. Quelch said in a recent HBS Newsletter:
“It is well documented that brands that increase advertising during a recession, when competitors are cutting back, can improve market share and return on investment at lower cost than during good economic times.”
Lastly, here’s what Business Maven, Laurie J. Storey-Manseau, had to say in the New Hampshire Business Review:
“When times are tough and business is slow, marketing is the very last thing that ought to be cut. Now, more than ever, companies must make themselves and their products known.
But I recently came across a great quote from marketer Chris Lockhead of Mercury: “Go ahead. Cut your marketing budget when things get tough. I get it. That’s like saying ‘I’ll throw some logs on that fire when it warms up in here.'”
It is critical to keep stoking the fire of your marketing campaign. And face it, keeping the fire burning now means you won’t have to rub two sticks together – starting from scratch! – when the economy improves.”
You see, when it comes to marketing for chiropractors, the last thing doctors should be thinking about right now, is cutting back on their marketing.
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