Evaluate Ad Buys for the New Year

As you begin your financial planning and budgeting for next year, evaluate whether or not to renew existing advertising purchases. Oftentimes, hefty ad expenditures don't produce the flood of patients surgeons hope they will. Before you write checks for local magazines and symphony playbills, consider the following for each ad you've placed this year:

Does the publication (or radio station) really reach the demographic that you want to cultivate? Think hard about the procedures you want to do most. Have ads been placed in publications that reach the primary patient for these procedures?

Does the ad just make the phone ring, or does it yield actual consultations? Some ads and publications entice people to call but only "for more information."

Exactly what dollars did the ad generate, and how does that amount compare to the cost? If you aren't tracking this return on investment, you should be.

How do most patients find you? Ads, or another form of referral, such as word-of-mouth? If most patients find you through friends and family, consider relationship building strategies over advertising buys.

If you find that your ads did not draw the patients or revenues you had hoped they would, shift your ad dollars next year. For example, invest in a Web site or e-newsletter that provide content that keeps your name in front of patients. Or purchase relational database software and training that allows staff to better follow up with prospective patients. Small changes in strategy can produce great results.

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