LifeLearn Animal Health has released the 2023 State of Veterinary Marketing Report, providing essential insights into the current state of veterinary marketing and where practices are headed in 2023, and many findings may surprise practices.
GUELPH, ON, Feb. 7, 2023 /PRNewswire-PRWeb/ -- LifeLearn Animal Health has released the 2023 State of Veterinary Marketing Report, providing essential insights into the current state of veterinary marketing and where practices are headed in 2023, and many findings may surprise practices.
Given the economic backdrop of 2022 and recession predictions for 2023, one might understandably expect that veterinary practices would be cutting back on marketing budgets. Yet 82% of practices are planning to increase their marketing budgets in 2023 or keep them the same.
Evidencing the increasing shift by practices toward more digital marketing, the report examples a dramatic shift in how practices view word-of-mouth advertising, which practices have traditionally viewed as the best way to attract new clients. Where 75% of surveyed practices considered word of mouth most important in LifeLearn's 2022 report, favor dropped by 51% in the 2023 report, and online reviews/reputation now roughly rank equal with word of mouth.
"In an increasingly online world," says Tiffany Isbell, VP of Brand and Content Marketing, "the expanding shift toward digital marketing reflects practice goals to keep step, stay competitive, and grow in an increasingly competitive veterinary services market."
Paralleling practice growth trends in digital marketing, the report also shows that practice revenue grew in 2022 across all major revenue categories (excluding $1 million or more in annual revenue). In LifeLearn's 2023 report, for example, 20% of respondents reported $100,000 to $249,000 in annual revenue versus just 3% in LifeLearn's 2022 report.
This upward trend aligns with general performance indicators and outlook for the veterinary industry. In May 2021, the AVMA reported that year-over-year revenue for practices grew on average by 9.1%, and according to Research and Markets' Animal Hospitals and Veterinary Clinics Global Market Report 2022, the global veterinary market is expected to grow to $151.26 billion at a compound annual growth rate (CAGR) of 9.2%.
Though pandemic pet adoptions and busy practice appointment schedules contributed to revenue growth, the research points toward pet insurance as a substantial revenue factor.
According to IBISWorld, "Over the five years to 2022, "the veterinary services industry has capitalized on rapid growth in the pet insurance sector and rising pet ownership in the U.S." Since pet insurance makes veterinary services more accessible to people who may previously have been constrained by finances, IBISWorld adds that pet insurance enables pet owners "to choose higher-cost procedures and treatments," which translates into more revenue per appointment for practices.
As busy as practices remain, the report unsurprisingly shows the number of surveyed practices using an online marketing provider has more than doubled (28% in LifeLearn's 2022 report to 57% in LifeLearn's 2023 report) to keep marketing goals on track.
Get the essential insights to hone a sharper marketing strategy for your veterinary practice.
>> Download the 2023 State of Veterinary Marketing Report
About LifeLearn Animal Health, a ProSites Company
LifeLearn provides flexible, affordable, and customizable online software solutions for veterinary practices to save time, improve practice efficiency, and strengthen client relationships. LifeLearn's award-winning competencies in digital media, combined with longstanding veterinary content expertise and customer support, and just part of why LifeLearn continues to be a leading and trusted name in the animal health industry.
To learn more about ProSites, please visit https://www.ProSites.com. To learn more about LifeLearn, please visit https://www.LifeLearn.com.
Media Contact
Tiffany Isbell, LifeLearn Animal Health, (800) 375-7994, [email protected]
SOURCE LifeLearn Animal Health
Share this article