Recently, a reddit conversation about marketing as a therapist buzzed around the private practice community on how limited therapists budgets can be. Many redditors shared how they did even know how to talk about their business unless they were physically in a talk therapy session. And trust, these redditors are not alone.
79% of therapists spend less than $100 per month on marketing.
This minimal investment often leads to empty caseloads and frustrated practitioners wondering why their practices aren’t growing. The reality is that an effective therapist marketing budget should be between 5-15% of your desired revenue.
Key points to consider when selecting a marketing budget
- New clinician budget: 1-3% of anticipated revenue
- Most private practice therapists: 5-10% of revenue
- New private practice: 12-15% to establish presence
- Established group practices: 5-8% to maintain growth
While spending more on marketing may seem daunting, especially when starting out, it’s crucial to focus on your long-term goals rather than your current situation. By investing in marketing, you’re not just growing your practice; you’re expanding your ability to help more people.
Calculating Your Marketing Budget
To determine an appropriate marketing budget, consider your desired annual revenue. For example:
- If you aim to earn $300,000 per year, you should budget approximately $3,000 per month for marketing. Which is 1% of your annual revenue.
This approach allows you to align your marketing efforts with your financial goals and practice growth aspirations.
Benefits of a Great Marketing Budget
- Increased visibility
- Attraction of more clients
- Competitive edge in the healthcare landscape
- Ability to implement diverse marketing strategies
Key Marketing Channels for Therapists
- Website development and maintenance
- Directory listings (e.g., Psychology Today, Therapy for Black Girls, Inclusive Therapists, LatinX Therapists)
- Google Ads and SEO
- Social media marketing
- Networking and referral building
What Therapists Say about Establishing a Marketing Budget
By allocating a sufficient budget to these areas, therapists can create a comprehensive marketing strategy that drives practice growth and helps reach more clients in need of their services.
Remember, marketing is an investment in your practice’s future. While it may seem costly initially, the potential return on investment in terms of new clients and practice growth can far outweigh the initial expenditure.