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We’re halfway through the year, and this month we’ve decided to shift our focus a bit to covering what actions healthcare practices would take in the event of a recession, as well as how a recession would impact their marketing goals.
In the event of a recession, what actions would practices take?
Cutting back on attending events and reducing staff were the top answers when asked what actions practices would take in the event of a recession.
How would a recession impact revenue goals?
Unsurprisingly, most practices are very or moderately concerned about a recession impacting their ability to hit their revenue goals for the year.
A potential recession is also impacting the level of investment in marketing activities that practices are willing to make.
How are practices doing with their goals for 2022?
Even though most practices indicated their willingness to invest in marketing was being impacted by a potential for a recession, 29% still indicated that they were planning to invest more in marketing. Why is this a big deal? Because declining markets mean big opportunities – for practices that are willing to invest.
For those keeping score at home, this is the first time we’ve crossed the 50% threshold in the number of practices who have answered “yes” to this question. Last time we asked this question, 41% answered that they had changed their goals for the year. The jump to 56% seems to indicate that practices are feeling the uncertainty. Personally, we think adjusting your goals so they stay attainable and smart is a good thing.
We Can Help
If you’re feeling uncertain about your marketing and business goals, our business advisors can help you make the smart decisions that will keep your business thriving – even in an uncertain economy. Contact one of our experts for a consultation.