Healthcare can be a competitive industry…you have to spend your marketing budget wisely in order to compete successfully. Here are 4 ways you can determine the potential of broadening your marketing efforts to target new Hispanic patients.
1) Look at the total addressable Hispanic market in your area.
In business, total addressable market (TAM) refers to the total revenue opportunity available for a product or service. This is primarily determined by the number of market participants. In order to estimate TAM, you need to know the Hispanic population of your area, the median income of the Hispanic population, and the age demographics of the population.
Population data, median income, and age demographics can be obtained from the U.S. Census Bureau and the Bureau of Labor Statistics. When researching demographics, take note of the age groups…typically, older people and children require more healthcare than young adults and people of middle age.
2) Look at the competition.
Research how many practices in your area market to Hispanics. Note how many are buying Google Ads and social media ads. In order to determine how much it would cost to compete against practices that are already targeting the Hispanic community of your area, run Google Ads and social media ads simulations using keywords that are relevant to your practice. Google Ads allows you to run a simulation on its platform, and numerous social media advertising simulators can be found with a quick Google search.
3) Determine how much Hispanic marketing management would cost.
Running ads can be an effective way of targeting Hispanics, but what about other marketing strategies such as video? Ask yourself: Do you have someone on staff who can effectively manage your ad spend, your social media presence, and create video content for you? If not, you need to hire a professional. Doctores NOW specializes in bringing new Hispanic patients to healthcare practices like yours. It also offers a la carte pricing to best suit the unique needs of your practice. Spending marketing dollars ineffectively often yields a negative ROI. When in doubt, hire a professional marketing service like Doctores NOW.
4) Calculate potential ROI.
After considering all of the above information, determine if Hispanic marketing is right for your practice. How much would it cost? What’s the potential payoff? Consider whether or not you have the capacity to take on new Spanish-speaking patients. Remember, Hispanic marketing agencies like Doctores NOW are good at bringing new Hispanic patients to practices like yours, but you have to be able to serve the new patients we bring you. Doctores NOW can help practices that don’t have a Spanish speaker on staff, but if you’re serious about marketing to Hispanics, it’s a good idea to have a native speaker on staff to serve as a trusted point of contact for new Hispanic patients.
