Here is a precise formula for calculating how much should be spent on your Facebook ads for your practice.
The precision formula has three steps:
1. First, figure out how much each new patient inquiry is costing you (Monthly ad budget divided by the total # of inquiries). In most markets, this will be in the $35 to $65 range per lead. For this example, let’s say $50.
2. Next, discover what percentage of those responses ended up becoming patients. Let’s assume a somewhat modest rate of 33% – meaning it takes 3 inquiries to generate one patient. So in our example here, it costs $150 in ad spend to generate a new paying patient.
3. Using Facebook ads and other means we direct more than 1000 perfect new patients to our client’s offices each week and 82% of our long-term clients report they are achieving their revenue growth goals with our new patient marketing program.
Real life is never as clean as the math above and a lot of factors will impact the numbers, however, this will get you into the right ballpark on budget.
Of course, there are many more things to know in order to create a consistent flow of qualified new patients for your practice.
To save time, many practitioners choose to partner with my agency, The Customer Factory.
To find out if our marketing program is a good fit for your practice visit our website and book a 15-minute Discovery call. You could have new patients coming in as soon as this time next week.
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