The Three Bid Myth in Marketing
If you had a torn rotator cuff or ACL or needed a knee replacement and wanted to find the best orthopedist for the surgery, what would you do? Would you ask a bunch of orthopedists to submit a bid, and the pick a medical specialist solely based on price? Clearly not.
Who you pick to help you with your health can have a profound effect on your life. You wouldn’t select a medical provider based solely on price. It doesn’t make a lot of sense.
In the case of your health, the reputation of the medical professional and the results they get are far more important than that.
Yet, all too many practice owners still believe in the 3-bid myth when looking for an online marketing service provider. They put the future of their practice and their careers in the hands of a company they chose primarily on price when they should be looking at reputation and results.
Who you trust to do your marketing can have a dramatic impact on your practice’s growth and financial stability. Yet many practice owners and their marketing managers take this approach asking for bids from different online marketing firms. They think if they throw out the top and bottom bids and select the middle bidder they have saved money without sacrificing quality.
For them, price determines the decision.
Is this a good idea?
You know the answer to that. Dig into the differences in price and you’ll find the same things over and over.
Fewer experienced and qualified marketing experts, a less-comprehensive solution, faulty systems, infinite setup timelines and questionable results…we know where these lead.
Just wait until the bargain-hunter sees the number of online leads and reputation sink to zero. As the practice owner, he could be responsible for the demise of his long-standing practice.
There are a few crucial factors – more important than price – that practice owners should look at before making a decision. If you’re evaluating your marketing, check the reputation, and most importantly results, of a marketing firm before making a hire. You should speak with references -practices like yours – to evaluate whether they are worth it.
And to do that you can’t just look at their site. A beautiful website will not tell you whether the marketing firm was able to attract new patients to a practice.
You will want to ask references if they had any problems with quality, completion time and results.
The most telling question you should ask references is: “Would you hire this marketing firm again?”
You should also consider your relationship. Don’t underestimate how important this is. The marketing firm will likely be working many hours with you and your staff, so it really is important that you feel comfortable with them from the start. It should be a partnership where you work together to get better results and to turn your goals and vision into reality. In most cases this means focusing on higher profits.
Quality never comes from rock-bottom prices. And the search for a marketing partner may seem like a lot of work.
But think about the hassle and hard work it’ll take if you hand over a large check to a cut-rate company and then find your practice leaking money like a sieve for nothing, only to find no one is taking your calls.
In the end, your marketing is only as good as the results it brings in.
Looking for more bang for your buck? Let’s talk.
Inspired by conversations with R.J.A.
