May 30th, 2018
Today, I wanted to talk to you about how you can get super detailed with your marketing to get a better return on your investments, so you can stop throwing away your money.
There’s a gazillion ways to market your massage practice, right? I mean, you’ve got events, social media, email, classes, mailers, giveaways, cards and flyers all around town, radio spots, the list goes on. But one common problem is that your marketing might be too general. Now I’ve talked before about speaking to your ideal client and niching down and all that good stuff, but this is taking it to the next level. If you’re attending events, spending a ton of time on social media working up your posts and ads, or doing any other type of marketing, you have to factor in the potential return on investment. I mean if you ran $500 in Facebook ads and didn’t get a single client, that would be horrible! So why are you spending the equivalent, when you factor in both your time and money, to attend events or otherwise market yourself and see little to no return? Yes, part of it is just getting your name out there, but there comes a point when that’s not enough and you’re just throwing away money.
You have to prioritize the way you’re spending those precious marketing dollars. What’s going to give you the best return on your investment? So let’s say that you focus on clinical or medical work. Great! Now instead of just marketing yourself as a “medical massage therapist” or “pain relief specialist” or anything like that at all kinds of general events around town and reaching out to the general public, why not get SUPER specific about who you’re targeting. Here’s what I mean…
Did you know that in the US, most elective orthopedic surgeries are performed in the last 3 months of the year? The way insurance is structured, most people wait until their deductible is met over the first ¾ of the year before opting to finally get that knee replacement or that labral repair, or whatever, so it’s completely covered by insurance. Ask any orthopedic surgeon what their busiest time of year is, and it will most definitely be October, November, and December. So, when you’re planning out your marketing efforts for the year, factor that in. Starting in September, you may go ahead and start holding classes and attending events specifically geared around joint replacements or other elective procedures. You may start going to network with local orthopedic surgeons, DOs, and physical therapists – explaining just how you can help with those specific patients. Instead of attending yet another standard health fair, or vendor event that’s meant to appeal to everyone in your area, how about getting really specific and attending support groups for certain conditions?
Here’s the thing…if you’re potentially reaching a few hundred people at a big event, you might get, what, 4 or 5 clients out of it if you’re lucky. It’s just a 5 or 10 minute chair massage, here’s my card, and on to the next one. You don’t really have time to connect and explain how you can help their specific issue. But support groups are often looking for people to come speak about how to manage their particular condition. So check out any local support groups for cancer patients if that’s who you want to try to reach. Or maybe it’s those who suffer from chronic pain like Fibromyalgia, or Complex Regional Pain Syndrome – seek them out! Ask if you can attend a meeting and offer some self-care tips and hand out your info. Instead of spending hours at a general event, working your hands off, seeing hundreds of people and maybe getting a handful of clients out of it if you’re lucky, not to mention the actual monetary costs of getting the booth, printed materials, and all that stuff. I mean, that adds up to a big investment. Whereas, if you take an hour and go talk to a specialized group of people, hand out a dozen or two dozen pieces of material, get the chance to talk with them and get to know their problems intimately, have plenty of time to explain how exactly you can help and the results your other clients have had, and you get a handful of clients…which one is better? The specialized marketing, right? That is a massive difference in return on investment. Let’s get detailed here and look at exactly I mean by return on investment, or ROI? It’s essentially how much you’re making in relation to how much you’re spending on marketing. It doesn’t mean being cheap, it means being strategic with your money!
Now, when we look at calculating our ROI, it’s much better to figure out percentages than just plain old dollar amounts. The reason for this is so that we can get a more accurate depiction of what is really giving us a good return on our investments. I’m going to talk math, but don’t run away…I’ll be super quick and keep this super simple. So let’s say that Jane and Jim each made an investment. Jane made a profit of $100 and Jim made a profit of $1500. Looks like Jim did a whole lot better, right? But wait…What if Jane invested $50 and Jim invested $50,000. Jane had a much better ROI of 200% vs Jim’s 3%. When we look at those percentages it tells the real story of how good our investment was, and how much it really paid off. So to calculate that percentage is like calculating any other percentage. Hate to get all mathy with you here, but it’s pretty basic math. It’s just your profit divided by your investment. For example. If you invested $200 and made $250 total, then you made $50 profit, right? All you do is divide that by the $200, since that was your investment. That gives you .25, and if you remember how to convert to a percentage, you just move the decimal over 2 spaces and wahoo, you’ve got 25%. You had a 25% return on your investment. Remember, you’re just taking your profit and dividing it by the investment amount.
Now why should you care about this? Because this is going to give you a much more accurate depiction of what is really a good investment and what isn’t. If you’re only getting 10% ROI, that’s not all that great. Although you made something, it may not be worth it really. Whereas, if you’re making 100% ROI, you’ve basically doubled your money, right? That’s pretty awesome. So in that previous example, if you’re attending a big general event – you could easily spend $200 on a booth, printed marketing materials, and supplies, right? Then there’s you’re time. Let’s say you charge $50/hr and you’re there for 6 hours. That brings your total investment to $500. And let’s say you get 3 one-visit clients and 1 regular monthly client. That means you’ve made $200 out of the gate with all of their first visits, and then it’ll take you another 6 months for that regular client to earn you back enough to just break even. But if you attend a small, specialized event like a support group, spend maybe $20 on printed materials and supplies, and invest an hour of your time, you’re looking at just a $70 investment. Even if you only get 2 one-visit clients out of it, you still make a 42% return on your investment. And I would almost guarantee you’ll get more than that, and you’re more likely to have repeat clients from events like these.
So does this all make sense? Get super specific with your marketing and tailor it so you can have the best return on your investments possible. I know financials like this can seem daunting and aren’t everybody’s cup of tea, but if you really want to get serious about your business, increase your income, and ensure you’re profitable in every way possible, calculating your ROI is one of the best steps to take. And if you want some seriously awesome ROI, become a member with us and get thousands of dollars worth of marketing content for just $29 a month.
NEED MORE HELP GETTING CLIENTS AND GROWING YOUR BUSINESS?
Our members get one-on-one and group help along with thousands of pieces of marketing content, business tips, and classes to learn how to build the massage practice of your dreams.