Business assets: Identify assets, expected return
A. Each marketing platform used for organic growth within your organization should be customized to the potential revenue gain. As you know, there are multiple mediums of marketing including direct mail, call center utilization and specialized retail sales platforms. To determine the best marketing source to capture the largest return on your investment you must first complete a mini business model identifying the targeted intangible assets to be used and your expected return.
Let's start with using a current customer database as the identified intangible asset. The next step in the process would be to determine what product or products you would like to sell to this database. You would then need to determine a gross profit margin based on estimated volume sales. Finally, you would need to determine what the operational impact cost would be in this process including billing, customer service and delivery. This would bring you to a point where you could determine what would be the potential net profit per patient not including your marketing costs. Using this number you would then conduct an analysis of marketing techniques and decide whether the marketing expense could produce enough return to justify at least a pilot program.
The more information you can extract about the database you would be leveraging, the better the likelihood of success. Information allows you to target individual patient categories and geographic areas, allowing your company to closer match products and services a customer may need as well as identify operational costs based on shipping and delivery.
Ryan Ruskin is an independent consultant and attorney. Reach him at firstname.lastname@example.org or 772-528-4818.