Marketing Plan

Research and define your target market and identify how you will reach them. Your demographic study plays a key role.

Planning

Designing Your Marketing Plan

Building and growing your practice will rely heavily on an effective marketing plan. To create this section of your business plan, you'll need to begin by examining the demand for services on a local level. It requires some serious homework and research.


Lenders and investors will expect you to understand your market, specifically:

  • Size of the local market
  • Definition of the trade area in terms of geography and population
  • Definition of the target market and catchment area
  • Competition
  • Patient identification
    • Who they are
    • Why they buy/what they will pay for
    • How they will pay, e.g. cash, insurance, Medicare

Essentially, this boils down to a demographic study.

Products, Services, Pricing, Promotion

This section should also provide a detailed description of your practice. It might include the following:

  • Features and benefits of the products and services to be provided
  • Pricing and payment policy
  • Sales of complementary products and services
  • Marketing and advertising strategy
  • What makes you different. For example:
    • Lowest-priced provider
    • Differentiation of services, e.g. personal injury, sports medicine, etc.
    • Market cycles, e.g. trend towards natural/holistic treatments

The information in the NCMIC Learning Center is offered solely for general information and educational purposes. It is not offered as, nor does it represent, legal or professional advice. Neither does this information constitute a guideline, practice parameter or standard of care. You should not act or rely upon this information without seeking the advice of an attorney familiar with the specific legal requirements of the state(s) in which you practice. If there is a discrepancy between the site and an insurance policy you have with NCMIC, the policy will prevail.