Using a Fractional CMO for Your Medical Practice: Why It’s a Game Changer
Growing and expanding a medical practice can prove to be a daunting task. With the ascent of digital marketing, social media, automation and artificial intelligence, it has become increasingly crucial to have a robust online presence to allure fresh patients and foster growth in your practice. However, numerous medical professionals encounter challenges in devising efficacious marketing tactics independently. A fractional CMO (Chief Marketing Officer) may be the breakthrough solution for your practice.
A fractional CMO is a senior marketing expert who operates part-time, furnishing assistance in establishing and executing a comprehensive marketing plan personalised to the specific needs of your medical practice.
For example, I am a Fractional CMO specialising in growing and scaling vision correction practices worldwide. I’ve taken dozens of practices from where you are now to where you want to go in three years or less.
Here, I’ll delve into how to take advantage of the services of a fractional CMO for your medical practice and provide answers to commonly asked questions I get as a senior business and marketing consultant to businesses like yours.
If you’d like to quickly jump to what would help you most, Here are the contents of this blog post:
Defining a Fractional CMO
A fractional CMO is a part-time, outsourced senior marketing professional who works with businesses temporarily. They are responsible for developing marketing strategies that help companies to achieve their goals.
A fractional CMO may work with several clients simultaneously, providing a cost-effective solution for businesses that don’t have the budget to hire a full-time CMO. By working with a fractional CMO, businesses can access expertise and resources they may not have in-house, such as marketing research, analysis, and planning and coaching.
For example, in my FCMO practice, I engage with a maximum of just 12 customers at any one time. That enables me to focus on delivering the best value I can as quickly as possible. Access to me (via direct message and Zoom) is unlimited. The practice that engages me benefits from my strategic insight and recommendations, whenever they need it, which routinely translates into 250 to 500% ROI – within 1 to 3 years. In return, I receive equitable compensation (see below) for my concierge-level availability and the experience and expertise that’s taken me over 20 years to accrue.
How a Fractional CMO Benefits Your Medical Practice:
A fractional CMO provides numerous benefits to your medical practice, including
- Access to marketing expertise: A fractional CMO brings a wealth of niche-specific marketing knowledge and experience to your practice, allowing you to tap into the best practices and industry trends that you may not be aware of.
- Cost savings: By working with a fractional CMO, you can avoid the costs of hiring a full-time CMO, such as salary and benefits.
- Flexibility: A fractional CMO can work with you on an on-call advisory basis, project basis or for a set number of hours per week, providing the flexibility that fits your budget and needs.
- Strategic planning: A fractional CMO can help you develop a comprehensive marketing strategy that aligns with your business goals and objectives, considering your practice’s unique strengths and weaknesses.
- Increased brand awareness: By guiding marketing technicians on implementing effective marketing tactics, a fractional CMO can help increase your practice’s visibility and brand awareness, making it easier for potential patients to find you online and offline.
I delve further into the business case for hiring a Fractional CMO in a previously published blog post and compare it with the more typical role of a Marketing Director. In this post, however, I’ll assume you already appreciate the disproportionate gains a Fractional CMO can provide for you and just want to get reassurance and further clarification about how to make the best use of an FCMO in your practice.
One of the primary benefits of using a fractional CMO is that it provides a cost-effective solution if you want to improve your profits but don’t have the budget to hire a full-time CMO. Fractional CMOs typically charge a monthly or project-based fee, allowing businesses to pay only for their needed services. That can be a more cost-effective solution than hiring a full-time CMO, which can be costly regarding salary, benefits, paid time off and employment overhead expenses.
For context, when writing this post, we’re charging FCMO clients £6000 to £24,000/month – depending on their scale. If you were to hire my services out by the hour, I’d charge £500/hour (I don’t do that – and I’ll explain why below). However, if you’re not yet a client and want a sample of the clarity I can provide in that time alone, book a paid hour with me here.
Access to Expertise and Resources
A fractional CMO can provide your practice with access to expertise and resources that they may not have in-house. Fractional CMOs bring a wealth of marketing knowledge and experience, allowing you to tap into best practices and industry trends that you may not be aware of. Additionally, fractional CMOs often have access to and experience with industry-leading tools and resources to help practices develop and execute effective marketing strategies.
For example, over the past twenty years, I’ve advised hundreds of vision correction practices in 26 countries to process thousands of growth bottlenecks and capitalise on thousands of profit-generating opportunities. These practices ranged from start-ups earning 1MM in annual revenue or more to corporates generating over 50MM in annual revenue. In that time, I’ve advised clients on almost every marketing and business scaling tactic still in use today. How can I quantify the experience I’ve gleaned in that time? How much time and money do you think that experience would save and generate for you?
I’ll cite a few examples from recent memory:
– In one session, I advised a customer to raise their prices and provided them with the means to overcome price objections which resulted in an additional ±$120,000 to the bottom line. This move was so successful that they are continuously increasing their prices with no adverse effect on volume. We expect this to go on for another two years at this rate.
– In another session, I guided a team of surgeons and optometrists to better handle first assessments, increasing their conversion rate from 31% to 70%, resulting in £3.2MM in incremental revenue every year thereafter.
– In another session, I advised a customer to initiate online booking, they now book 90% of their initial appointments without speaking to prospects on the phone. Calculating the time it would take to process these leads into appointments on the phone, they estimate they are saving 6 hours a week.
– In another session with a customer, I advised they stop discounting. Naturally, they worried about losing volume. When they removed the discount and they didn’t lose any volume, they realised that were now making an additional $15,000 a month with no additional effort.
– In another session, I advised a customer to better organise their surgery days to align with changes in seasonal customer demand. As a result, they now opened up over 100% more capacity in the months they need it most, and can now take guilt-free holidays in lower demand months.
– In another session, I advised corporate chain to change the way they handled calls to increase conversions from 13% to 27%, which generated over £8,000,000 in incremental revenue in one year.
These are just a few examples I can remember as a I write this. There are at least 2 dozen more examples I could share with you.
Flexibility and Scalability
Another benefit of using a fractional CMO is its flexibility and scalability.
Fractional CMOs can work with you in an advisory capacity, on a project basis or for a set number of hours per week, providing the flexibility that fits your budget and needs.
Note, I don’t put an hourly cap on hours I can spend with a customer, because I focus on outcomes, not jobs to be done. I might need a mere 30 minutes to help you generate over 6 figures in more income this year. Or, I might need considerably longer than that. Just like you don’t charge your patients by how long it takes to work with them, I too don’t have a meter.
Additionally, as your practice grows and its marketing needs change, a fractional CMO can scale up or down their services to meet them.
Developing a Comprehensive Marketing Strategy
A fractional CMO can help your medical practice develop a comprehensive marketing strategy that aligns with your business goals and objectives. This includes
- defining your target audience and patient personas,
- designing a customer value journey that creates patients from scratch,
- determining the most effective marketing channels to reach your target audience and
- tracking the most critical actionable metrics that enable you to see predictable growth.
For example, see my case studies and testimonials. I typically complete this process within 90 days. In that 90 days, I aim to identify at least one quick win that pays back your investment in my advice.