Timely Tips

In a recent post on VIN, veteran marketing expert Donald Erceg (VetMark - Portland, OR) has this to say about marketing in today's tough economy.

(Today), marketing dollars are the most likely to feel the pinch of hard times. It may be counterintuitive to some, but marketing is even more important in difficult times. That being said, the marketing most likely to yield immediate results is internal marketing to one's existing client base. Pet owners are looking for ways to offer the best care for their pets and are looking to the pet's veterinarian for advice and leadership. For external marketing, assuming that the hospital is already marketing in the yellow pages and internet, the most important thing the veterinarian can do is improve the existing marketing. The phone company's yellow page artists and most web page designers know little to nothing about corporate image and brand development. Try to find a designer or marketing strategist who is accomplished at brand development and understands lifestyle marketing. Good advertising has to reach out and touch the potential client. Finally, there is no substitute for good location and a great sign. If you have a poor sign in a great location, change it immediately--this can yield results from day one. If you have a crummy location, bite the bullet and relocate if at all possible. Sorry, this is not the quick fix that your question implied but veterinary medicine is not a widget business and you can't promote it like the latest iPod gadget. Good marketing is a long term investment.

Loan Updates

In a conference call today with a leading home mortgage company, the sub-prime and foreclosure fiasco was discussed to see what is driving lending changes. Confirmed were the assumption that at least 40% of the changes in lending parameters is fear based from lenders themselves. Veterinary lenders are not experiencing the same pull back.