FYI in case you missed them, here are my previous 2 messages relating to Coronavirus:
- Your practice growth roadmap during Coronavirus
- Model this Coronavirus response from a local custom clothier
Also, I keep reminding myself (and I’ll remind you too) that WE WILL BEAT THIS. The smartest minds in the world are working on this thing, we will beat it, and our country and economy will come back even stronger.
Stay positive and focused on what you can control.
Alright yesterday, I promised I would share notes on how you can get cheap market share on a reduced budget, without coming across like a scumbag just trying to peddle your wares amidst an international crisis.
“How do I get cheap Market Share?”
In the normal, everyday world (think: life 3 weeks ago), you’re competing for ad inventory against everyone under the sun – your local competitors, other local businesses, even big national and international companies.
But when something happens to disrupt the marketplace – a stock market crash, a global pandemic or *gasp* both – advertisers start pulling back.
Now, this makes logical sense. You want to conserve resources in times of uncertainty.
But at the same time, this creates an opportunity in the marketplace. When competition drops, so do market rates for ad space.
A recent report forecasts a decline of $3 billion (or more) in ad spending this year. That’s a big chunk of money. Media outlets don’t want to lose that money.
As the advertiser – the one with the money – you hold the power.
In this climate, media outlets are willing to wheel and deal just to keep advertisers around. Use that to your advantage.
Cut your rates. Request bonus inventory. Take advantage of cheap market share.
“Should I cut my marketing budget at all?”
I say yes. Tighten it up. Save some cash.
While I generally recommend being aggressive, I also understand the very real concerns around cashflow in a time like this.
So be smart with your money, but try your best to make decisions based on opportunity.
Your competitors (and many other businesses) are making decisions based in fear. They’ll pay the price when the economy bounces back and you are miles ahead of them.
“How do I do this and not look sleazy?”
You may be worried about looking out-of-touch with reality, or worse, like you’re trying to profit despite this global crisis we’re facing.
Even though you and I know this isn’t the case, neither of those is a good look.
But there are plenty of ways you can put out a message that builds brand awareness, and even generates leads, in a positive way.
A few ideas off the top of my head:
- If you are doing virtual consults (which I recommend you try), promote those as a way to continue caring for patients in a way that helps them feel safe and comfortable. (see yesterday’s email as an example)
- Do you do charity work? Share results from recent charitable activities, as a way to thank your patients for their participation, and as a way to celebrate something positive amidst all the melancholy that’s out there.
- Do you have educational content/videos about your procedures? That’s a great, innocuous way to help build brand awareness, build your authority and educate prospective patients at the same time.
- Use your social channels to help promote other local businesses – your favorite restaurants that are offering to-go orders, etc. This builds goodwill in the community while also keeping your name in front of prospective patients.
This is a truly heart-breaking time for many practices out there. But we’ll get through it. I am here to help you come up with creative ways to keep your ship moving in the right direction in the midst of the storm.
Your patients are depending on you. Your team is depending on you. And we’re going to get through this together.