Resources: Articles

Smart ways to revive your practice in an
ailing economy
by Rod A. Covey, president
Reprinted from M.D. News, Cleveland/Akron/Canton edition, November-December 2009.

As this decade closes, the ravages of a struggling global economy are inescapable. Unlike other downturns we’ve faced, no segment of the world’s greatest economy is safe—including healthcare.

What does this mean to you and your practice? First of all, life will go on, and well-managed practices will survive as they always do in difficult times. A hallmark of survivors in every business segment is their ongoing commitment to the marketing function.

Research has shown that successful companies maintain or even increase their marketing efforts during slow times. A business downturn is actually the best time to advertise, because companies that market themselves can gain market share over competitors who don’t.

In a study of U.S. recessions, McGraw-Hill Research found that business-to-business firms that maintained or increased advertising expenditures during the 1981-82 recession averaged significantly higher sales growth than those eliminating or decreasing advertising. In fact, by 1985, companies that aggressively advertised during recessions grew their revenue over 2.5 times faster than those that reduced their marketing.
 
Here are seven marketing tips to help you thrive in a slow economy:

1. Talk to your marketing person or ad agency. Assess what’s working and what’s not; adapt your business plan accordingly.
2. Build a marketing list. Craft your message to educate your audience about your practice, its uniqueness and benefits for patients.
3. If your geographical area is no longer sustaining your practice, expand your market area into a broader region.
4. Develop a press kit, write news releases, suggest feature stories and develop a relationship with editors who want to hear about your practice specialties and your healthcare views and advice.
5. Join and get active in community groups and business organizations to increase your visibility.
6. Become a speaker for conferences; write articles to position yourself as an expert and gain visibility.
7. Develop a Website and make sure it is search-engine optimized to drive traffic to your site.

With healthcare issues a topic in all news media, marketing your business makes sense and assures your patients and community that you and your practice are alive and well.

Rod A. Covey is President of Covey-Odell Advertising, Ltd., a full-service marketing communications agency based in North Canton, OH.