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CVPM 2021 > Marketing > Flashcards

Marketing Flashcards

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1
Q

Veterinary Paraprofessional

A

A person to whom a particular aspect of a professional task is delegated, but who is not licensed to practice as a fully qualified veterinary professional

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2
Q

Target Marketing

A

Identifying select consumers in order to direct marketing efforts specifically towards those consumers

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3
Q

Search Engine Optimization (SEO)

A

The process of affecting the visibility of a website web page in a search engines unpaid results
Often referred to as organic, natural or earned.

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4
Q

Public relations

A

The art of developing reciprocal understanding and good will between a business and the public

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5
Q

Public Health

A

The health of the population as a whole, especially as monitored, regulated and promoted by the state

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6
Q

Point of Sale Interaction

A

The location a sales transaction is completed such as the reception counter.

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7
Q

Pay per click (PPC)

A

Online advertising payment model. Advertisers are charged each time a user clicks a specific link

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8
Q

Pareto Principle (80/20 Rule)

A

80% of effects result from 20% of the causes.
ie. 80% of revenue comes from 20% of your clients.
20% of your inventory accounts for 80% of the sales revenue.

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9
Q

Meta-tags

A

Pieces of HTML code that are imbedded in a website, but not visible with web browsers

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10
Q

Marketing mix

A

helps you define the marketing elements for successfully positioning your market offer. One of the best known models is the 4P’s of MArketing, which helps you define your marketing options in terms of product, place, price and promotion

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11
Q

Internal Marketing

A

Efforts to increase utilization of services by existing clients, and efforts by the practice to train and motivate staff to work together as a team to better meet the needs of clients

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12
Q

High Touch Practices

A

High quality service and ambiance that leaves a lasting impression

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13
Q

6 C’s of Client Relationship Management (CRM)

A
  1. Consistency
  2. Compassion
  3. Customer Service
  4. Convenience
  5. Competence
  6. Cost
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14
Q

Customer Relation Management (CRM)

A

Gathering data about client preferences and activities to better target our services & products to client needs

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15
Q

Customer Experience Management

A

Creating an experience that is positive and memorable

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16
Q

Public Relations

A

The art of developing reciprocal understanding and good will between a business and the public

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17
Q

Advertising vs. Marketing

A

Advertising - creates and places paid media messages

Marketing - matches products/services to consumer needs

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18
Q

5 Basic components of Marketing

A
  1. product/service
  2. marketing communication
  3. market research
  4. customer service
  5. sales management
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19
Q

New:Lost Clients

A

6: 1 - significant growth
5: 1 to 4:1 - investigate
3: 1 to 1:1 - poor growth, aggressively research and begin immediate strategy

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20
Q

Net Income (Profit) target

A

39 - 40% profit

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21
Q

Clients retain information told vs read

A

Told 20%

Read 30%

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22
Q

Client Retention

A

10 - 15% will be lost per year

70 - 75% goal for retaining over a 3 year period

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23
Q

High Tech PRactices

A

highly technical
above the ordinary
attractive to clients who want the best for their pets

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24
Q

Phone Shoppers

A

13% are concerned about price

87% want the best veterinarian

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25
Revenue per FTE
1800 hours / year Avg. transaction fee x invoices/yr (DVM specific) or Avg. spend/client/yr x # of active clients
26
Target Marketing
Directed at a particular group (target the majority)
27
Direct Marketing
Centers on bringing new clients in to the practice
28
Internal Marketing
Retain current Clients - recalls - reminders - newlestters - client experience
29
4P's of Marketing | The Marketing Matrix
1. Product 2. Price 3. Promotion 4. Place (distribution)
30
3 R's of Client Retention
1. Recall 2. Reappointment 3. Reminder
31
Cost per client
Gross revenue / # of clients x % of cost ie. $1,000,000 gross / 1,000 clients = 1,000 if profit margin is 40%, then cost was 60% 60% of 1,000 is $600/client spent
32
A Successful Marketing Plan
1. SWOT analysis 2. Define a goal 3. Implement a strategy 4. Create an action plan 5. Execute the plan and measure results
33
SWOT Analysis
1. Strengths 2. Weaknesses 3. Opportunities 4. Threats
34
What increases SEO?
1. keywords 2. Hyperlinks (internal, inbound, external) 3. Update web page frequently 4. Increase webpage traffic
35
SEO
Search Engine Optimization | the process of affecting the visibility of website
36
The Resistance Principle
For any price, there will be resistance 15 - 20% resistance is accepted (1.5 to 2 people out of 10)
37
Benefit (of product)
Need of the customer | Intended solution
38
Feature (of product)
Details of a product that make it distinct
39
Advertising Budget (Retail Products)
1 - 3%
40
Indirect Marketing
Focuses on channels where there is no direct communication with customers by the companies. - client education - consistent messaging from everyone - clean, professional, odor free
41
Hypertext Markup Language (HTML)
The set of mark up symbols or codes inserted in a file intended for display on a www browser. The mark up tells the browser how to display words and images for the user
42
Advertising
Communication that uses carious forms of media to influence or persuade an audience
43
Analytics
The review of data, looking for trends.
44
Business Image
A company's reputation. The image is what the public see when the company is mentioned or comes to mind
45
Call to Action
Persuasive words that urge the reader, listener, viewer to take a specific action. Example: CALL NOW!
46
Compliance
A measure of whether pets actually receive the care that has been recommended by their veterinarian
47
Demographics
Description of the vital statistics of objective and quantifiable characteristics of a population.
48
Direct Marketing
Type of marketing campaign that seeks to elicit an action (such as an order, a visit or request for further information) from a selected group of consumers in response to a communication from the marketer
49
Diversity Marketing
Promoting new products or services to new markets
50
External Marketing
Written or verbal communication that is aimed at attracting new clients
51
Focus Group
A group of clients who are asked to participate in a discussion about a particular topic or issue. The information from the group is used to develop programs, improve service, or solve problems at the practice.
52
Pay per Click (PPC)
Online advertising model. | Advertiser pays every time a link is clicked on.
53
Stowe's redefinition of the 4 P's (5)
1. Emotion - comfort 2. Value - outside of price 3. Virtual - Technology 4. Excel - extraordinary experience 5. Experience - clients want to be treated well
54
SMART - marketing
``` Specific Measurable ACHIEVABLE Realistic Time dependant ```
55
Benchmarks | Measuring Outcomes
1. Average transaction fee per Doctor 2. Transactions per year per Dr. - (begin with 5,000 as a reasonable guideline) 3. # visits per year per client (aim for 10) 4. # active clients per Dr. per year (aim for 1,000) * measure before and after outcomes of marketing initiatives
56
Communication
non-verbal listening sequencing - logical chain of thought scripts (don't use!)
57
Indirect Marketing
used on a daily basis to current clients - confident/consistent messaging - clean, organized, odor free - professional staff - professional, yet warm relationships with clients
58
Direct Marketing
brings new clients into the practice and expands services to existing clients
59
Internal Marketing
retain current clients - recalls - reminders - newsletters, cards, report cards - phone etiquette - enthusiasm
60
External Marketing
advertising to potential clients - social media - websites - signs - open house...
61
What kind of marketing comes with website development?
direct, indirect, internal and external
62
Target Marketing
directed to a particular group
63
Retail Marketing 3 main considerations
1. Your Vision 2. Your image 3. Your space
64
Advertising Budget
1-3% of gross
65
Feature
details of the product that make it distinct
66
Benefit
intended solution to the problem or need of the client
67
4 Strategies - Pricing Advantage
1. Unique 2. Value-added 3. Value based 4. Volume
68
Display Strategies
no more than 5 feet high | no less than 1 foot from the floor
69
Internal Hyperlinks
linking other pages within your website
70
External Hyperlinks
linking other businesses to your website
71
Inbound Hyperlinks
other businesses linking yours to theirs
72
How to manage negative reviews
1. Investigate the complaint 2. Show empathy, apologize 3. Promote good reviews 4. Create a positive culture in the practice
73
Marketing Plan
1. Gather data - perform SWOT analysis, identify a target group 2. Define your goal - increase compliance?, increase new clients/... 3. Implement a strategy 4. Written Action Plan - include a budget and a time line and predicted ROI
74
Net New Clients
New : Lost 6: 1 significant growth 4: 1 to 5:1 begin investigating 1: 1 to 3:1 poor growth, immediate attention
75
Advertising
creates and places paid media messages - immediate results - being boastful can backfire - it will persuade them to try you once, then you need to deliver to keep them coming back
76
Marketing
matches products/services to consumer needs - which products/services should be promoted? - which products/services should be maintained? - which products/services should be dropped?
77
5 Basic Components of Marketing
1. Product/service attributes 2. Marketing communications 3. Market research 4. Customer service 5. Sales management
78
Public Relations
develop understanding and goodwill between a business and the public
79
What is a reasonable beginning goal for # transactions per year per Dr.?
5,000
80
Customer Experience Management
process of creating an experience that is positive and memorable
81
Customer Relation Management
process of gathering data about client preferences and activities to better target our services and products to clients needs.
82
Six C's of Client Relation Management
1. Consistency 2. Compassion 3. Customer Service 4. Convenience 5. Competence 6. Cost - value driven purchases
83
How long does it take someone to decide if they like the practice?
likability is established within 90 seconds
84
How much does it cost to recruit a new client vs. retaining an old one?
5 x more to recruit
85
High Touch Practice
High quality service and ambiance that leaves a lasting impression
86
High Tech Practice
highly technical way above the ordinary and attractive to clients who want the best for their pet
87
How many clients is reasonable to lose in a year?
10 - 15%
88
3 R's of Client Retention
1. Recall 2. Reappointment 3. Reminder * should be scheduled for at least 1 follow up event
89
_______ is a proactive process of gathering data about client preferences and activities to better target their services and products to client needs.
Client Relation Management
90
The goal should be to retain _____% of clients over a 3 year period.
70-75%
91
Each client who presents to the practice should be scheduled for at least one of the 3 follow up events so that the practice automatically contacts each client in the future.
Recall, Reminder, Reappointment
92
How much information do clients retain when they are told something?
20%
93
How much do client retain when they read something?
30%
94
The average person needs to hear about a product/service around ____times beore they purchase it.
5 times
95
Client reference and education materials should always be branded with the mission of the practice.
False | * should be branded w/ contact info
96
Measuring outcomes from Marketing initiatives.
``` Benchmarks ATF/Dr. (begin with 5000 as a reasonable guideline) # visits/yr/client (aim for 10 or more) # active clients/Dr./yr (aim for 1000) ``` * measure before and after outcomes of marketing initiatives
97
What type (s) of marketing does website development achieve?
Direct, indirect, internal and external
98
How should you handle negative Reviews online?
1. Investigate the complaint 2. Include empathy and an apology - never explain online, invite to call 3. Promote good reviews 4. Create the culture in the practice

CVPM 2021 (7 decks)

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