Purina Equine Veterinary Conference 2013
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Purina Equine Veterinary Conference 2013

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John Chalk and I did a tag team presentation for the Purina Equine Veterinary Conference on October 11, 2013. John focused on the economic cycle we are in and how it will affect veterinary practices, ...

John Chalk and I did a tag team presentation for the Purina Equine Veterinary Conference on October 11, 2013. John focused on the economic cycle we are in and how it will affect veterinary practices, while I focused on ways a business can keep their clients. In addition, I went over how veterinary businesses can use social media and other digital marketing tools to grow their business. Our two themes blended well as John went over the challenges in our industry while I discussed how to overcome these obstacles.
John is gaining recognition in the veterinary world for the objective and entertaining way he examines the economy and what vets can do to thrive in the current economic climate. You can check out what John and his partners by visiting his web site.
www.chalkcullum.com

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  • I will send a link to view this presentation <br />
  • Picture of somehting useless <br />
  • What is the question? <br /> Who uses it <br /> How we found out about it <br />
  • Show equation <br />
  • Show equation <br />
  • Photo to show this. Q house with a shaky foundation <br />
  • Show equation <br />
  • Show Survey <br />
  • Show Survey <br />
  • Show Survey <br />
  • Show Survey <br />
  • Comments are very helpful <br />
  • Net Worth Exercise <br />
  • It’s not the be all and end all <br />
  • If you don’t know what you want how will get it? <br />
  • Once you have a tool how are you going to use it? <br />
  • Key <br /> Need excelellent content <br />
  • Old model <br />
  • Insert cleint newsletter <br />

Purina Equine Veterinary Conference 2013 Purina Equine Veterinary Conference 2013 Presentation Transcript

  • WELCOME OCTOBER 11, 2013
  • Who Said It? “The budget should be balanced, the Treasury should be refilled, the public debt should be reduced, the arrogance of officialdom should be tempered and controlled and the assistance to foreign lands should be curtailed lest (we) become bankrupt. People must again learn to work, instead of living on public assistance.” Cicero, 55 BC
  • Factors Effecting Economic Growth • Interest Rates • Taxes • Government Stimulus View slide
  • Future of Interest Rates View slide
  • What Happens before Interest Rates Increase? • Unemployment declines • Demand increases • Factory Utilization increases • Inflation increases • GDP grows
  • Future of Tax Rates • US Spending and US Debt • History of Tax Rates • Nickels and Dimes
  • History of US Surplus and Deficit
  • History of US Federal Debt
  • Nickels and Dimes • • • • • • Unearned Income Medicare Tax – 2.9% Hospital Income Tax – 0.9% Income Tax Rate – 39.6% Capital Gains and Dividend Tax Rate – 20% Exemption Phase Out – AGI Threshold Itemized Deduction Phase Out – AGI Threshold
  • Income Levels where you get “nickel and dimed” Single Married Filing Joint Income Tax Rate, Capital Gains and Dividend Tax Rates $400,000 $450,000 Exemption and Itemized Deductions Phase Outs $250,000 $300,000 Unearned Income Medicare Tax and Hospital Income Tax $200,000 $250,000
  • Future of Gift and Estate Tax Rates 2012 2013 Lifetime Gift Tax Exclusions $5.12M $5.25M Maximum Estate Tax Rate 35% 40% $13,000 $14,000 Annual Exclusion
  • Ok… So Now What?
  • Keeping & Growing Your Client Base Mike Pownall, DVM 2013 Purina Equine Veterinary Conference
  • Keeping Clients • • • • • • Excellent Customer Service Excellent Vet Skills Caring Vets Fair Pricing Latest Technology Etc OK….So Now What?
  • Customer Surveys • Are we as good as we think we are? • Overall impressions • Problem areas
  • Past Customer Surveys
  • Inconvenient Annoying <10% response rate
  • The Net Promoter Score
  • The NPS • Promoters (9-10) • Passives (7-8) • Detractors (0-6) Promoters – Detractors = NPS
  • The NPS • Promoters (9-10) 30% • Passives (7-8) 60% • Detractors (0-6) 10% Promoters – Detractors = NPS 30%(P) – 10%(D) = 20% NPS
  • Good Profit vs Bad Profit
  • The NPS • • • • 4 questions Surveymonkey.com Target clients Results shared McKee-Pownall Equine Services Customer Feedback Survey 1. How likely is it that you would recommend our company to a friend of colleague? 0 - Not at all likely 2. 1 2 3 4 5 - Neutral 6 7 8 9 10 - Extremely likely If you scored us above 8 on the above question, what is the primary reason for the score you gave us? 350 characters left. 3. If you scored us below 8 on the above question, what is the primary reason for the score you have us? If you would like to discuss your recent visit and how it impacted your score, please add your name and number. 350 characters left. 4. How long have you been a client of McKee-Pownall? 1 year or less 1 - 3 years 3 - 5 years 5 + years Finish
  • Results •Ave NPS score = 84% •Ave response rate = 33%
  • Challenges • Time • Repeating clients • No industry standard • Can’t relate to growth
  • What We Have Learned • Initiatives working • Good profits • Empowered staff
  • The Business Cycle • Typical Growth Pattern • Expected Growth Pattern
  • Typical Business Cycle Plateau Rates ↑ Value ↓ Inflation Plateau Rates ↑ Value ↑ Rates ↓ Value ↓ Rates ↑ Value ↑ Rates RatesRates ↔ Value ↑ Time
  • Expected Business Cycle Inflation Plateau Rates ↑ Value ↑ 2007 Rates ↓ Value ↓ 2009 Rates ↑ Value ↑ Rates Rates Rates ↔ Value ↑ 2013
  • So What Now? Historically Low Interest Rates + Higher Taxes + Slower Growth = Gain Market Share
  • How do I react? • Build value by return on equity • Gain market share – Acquisitions of existing practices – Expand geographic locations
  • Growing Your Client Base & Keep the Ones You Have
  • Gaining Clients • • • • • • Excellent Customer Service Excellent Vet Skills Caring Vets Fair Pricing Latest Technology New Services OK….So Now What?
  • Digital Marketing?
  • Strategy • What is our goal? • Who is our target? • How are we going to do it? • How do we know we are successful?
  • Strategy • Facebook is not strategy • Facebook is a tool. • Herd health is a strategy to minimize the spread of infectious agents • A vaccine is a tool
  • 4Es of Social Media • Educate • Entertain • Engage • Evangelists
  • Digital Marketing Universe Web Site Blog
  • We Want to be Found
  • Which Platforms?
  • Which Platforms?
  • eNewsletters
  • Mobile
  • The Social Media Plan Can We Measure It?
  • Example - Dentistry • Declining sales • Severe competition from lay dentists
  • Goals • Show value of vet dentistry • Increase sales 10%
  • How
  • Results 31%
  • The person doing Social Media at a vet practice is as important as the person who answers the phones June 2011 •6500 web page views •28,000 FB Impressions •3000 phone calls
  • Questions?
  • Mike Pownall
  • Lets Keep in Touch • • • • • www.veterinarybusinessmatters.com Linkedin.com/mikepownall Facebook.com/veterinarybusinessmatters Twitter.com/dvmbusiness mike@digitalpulse.ca John A. Chalk, Jr., CPA, JD, CFP® jachalk@chalkcullum.com 817 – 416 – 5970
  • Thank You