The Power Of Leveraging
Let’s talk about strategic marketing and how it relates to the medical staffing industry.
How can a medical staffing agency create an environment to promote a strategic marketing effort from its staff to increase productivity and profit? The strategic marketing effort needs to transcend old habitual routines. The strategy within the power of leveraging will produce more profitable and larger results than otherwise would. What are the drivers, the path and the basic formulation to begin the power of leveraging to take hold the strategic marketing effort?
Let’s take a journey to illustrate this very important question. Because the question above will be the difference between growing your medical staffing organization verses your organization dying a horrible death.
I have identified and refined these drivers using my experience, actual field research, and the great canons in the field of business growth.
Lets take a look at the primary driver, and let’s examine how this driver directly relates to the medical staffing business.
It is amazing how many medical staffing agencies are unaware of the power of leverage marketing within this environment. It is so simple, yet so unwisely used. The cost is fixed within your effort, expense, time and opportunity costs.
How? A recruiter or a business development representative (In many cases it’s the same person) whether he or she secures one appointment or twenty a day, It will cost you the same fixed amount. The same fixed amount maintains itself regardless if you or your staff secures one contract or ten a day. The fixed amount stays the same if you secure four new accounts or five a month.
The opportunity cost, effort and expense to place an ad or walk into a hospital whether you secure one account or ten are the same. If you close a new account 10% of the time or 50% of the time the fixed costs are the same. If the contract you secure produces $2,000 a year or $200,000 the initial fixed costs are the same for the new account.
Your costs are the same within your effort, expense and time to run a mailing campaign that may produce 0.5% response or 6% response. It costs you the same to attend trade shows or visit colleges to recruit new candidates whether they convert 2% or 20%. The fixed costs are the same whether you spend $10,000 on your marketing budget to attract 5 clients or 500 clients. The costs are the same to secure new contracts whether you close 1, 5 or 10 out of 100.
I think you get the idea of what I am talking about. Being able to strategically leverage yourself to pull in more per effort spent will increase profitability. The power of leveraging ideally allows you to pull in 1 out of 3 instead 1 out of 20 new accounts. This can dramatically increase the bottom line. The power of leveraging allows you to transform an account from $1,000 a week to $3,000 a week. Getting contracts to increase the number of placements from one shift to three a month. If you can get customers that were not referring anyone to you begin referring five new customers a year is a strategic marketing leverage that will increase growth substantially. This is the Non Profit Growth power of strategic marketing for medical staffing agencies.
You must recognize and respect the power of strategic marketing and the role it will play in the success of your medical staffing agency.
How do you form a strategic marketing plan?
Create an internal analysis of your current marketing efforts. Make sure to identify all the activities, processes and tasks, and then determine the best avenue to improve upon them. Lets examine how you go about finding them.
1. Find the recruiter or business development representative that has achieved better results than anyone else. If it is you, then identify the areas you have excelled on. Create a modeling effect on those individuals. Apply those skills to everyone in your organization and make sure everyone understands the importance of this new avenue. Write the processes down and use as a blueprint. Don’t horde the information for fear of people stealing your methodology.
2. Find other staffing companies within the same field who have shown success and are better at doing what they do than you. Borrow their success and make it your own.
3. Benchmarking: Go outside your industry, find companies that have proved to be great in there area of expertise. Look at their business practices; how the people interact with clients, what makes them successful. Uncover and refine there business practices, what makes there ads so great? How do they secure appointments? How do they close a deal? What is there presentation style?
You can then adapt, use and apply those processes to your medical staffing agency on a regular basis. Make it a common practice to continually do what works, review what you are doing then make sure it is still working. Review what you are doing and determine what can be added to the strategic marketing plan to leverage your actions. Eliminate the under performing activities and increase the activities that produce the higher returns.