Dental Marketing Strategies For 2006

Dental Marketing Strategies For 2006

Dental Marketing Strategies For 2018
When discussing dental marketing,​ it​ is​ important that we get the​ following fundamentals out in​ the​ open before we get to​ the​ actual strategies and tactics we use to​ grow a​ dental practice.
The Cost to​ Acquire a​ New Patient
The Lifetime Value of​ a​ Patient
New Patients versus Existing Patients
Marketing Leverage
Practice Equity
Let’s start with number 1 and work our way to​ number 5 .​
Hopefully by that time the​ beginning of​ dental marketing will all come together and you’ll have a​ firm understanding of​ how all of​ these things will affect your practice and,​ more importantly,​ your personal and financial wellbeing .​
1 .​
Cost to​ acquire a​ new patient
The first thing to​ consider when thinking about dental marketing is​ the​ cost to​ acquire a​ new patient .​
This is​ simply how much you​ pay for each new patient who comes into your practice .​
This cost can easily be calculated by dividing the​ amount you​ spend on​ dental marketing each month by the​ number of​ new patients you​ see a​ month .​
For example,​ if​ you​ spend $3,​000 on​ advertising and marketing and get 25 new patients from that investment your cost per new patient is​ $120 ($3,​000 / 25 = $120) .​
That may seem like a​ lot of​ money,​ or​ it​ may not .​
Before you​ draw any conclusions on​ the​ figure let’s discuss #2.
2 .​
Lifetime value of​ a​ patient
The lifetime value of​ a​ patient is​ what your average patient will be worth to​ you,​ in​ dollars,​ over the​ lifetime of​ them being your patient .​
In the​ dental industry the​ average lifetime value of​ a​ patient is​ about $22,​000 .​
If you​ didn’t already know that,​ you’re probably in​ a​ bit of​ shock right now .​
Now that you​ know how much the​ average patient is​ worth to​ you,​ here’s the​ question: is​ it​ worth $120 to​ get that patient in​ the​ door? What about $240? What about $480? Now,​ we’re getting a​ bit excessive,​ but we’re trying to​ make a​ point .​
If that patient will turn into $22,​000 over the​ years,​ it’s important to​ look at​ every dollar you​ spend on​ dental marketing and advertising as​ an​ investment rather than an​ expense and do whatever it​ takes to​ get the​ person in​ the​ door and keep them around.
Now that we understand the​ cost of​ acquiring a​ new patient and each patient’s lifetime value,​ we need to​ get a​ major misconception cleared up,​ which leads us to​ our next point .​
3 .​
New patients versus existing patients
Many dental marketing companies will talk about how many new patients they can drive into your practice .​
New patients are exactly what you​ need and the​ Avandant program drives in​ a​ ton of​ them,​ but that’s not where the​ real money is​ made in​ dentistry .​
Allow us to​ explain .​
When a​ new patient comes in,​ they’re probably responding to​ an​ advertisement with some kind of​ offer .​
The amount of​ money they’ll spend on​ their initial visit is​ not going to​ be that much since they’re probably just going to​ receive an​ x-ray,​ exam and cleaning or​ maybe some minor treatment .​
Now,​ we all know that the​ real money in​ dentistry is​ made from treatment plan fulfillment and long-term patients who return time and time again .​

Here’s what most dentists fail to​ understand…when a​ new patient comes into your office they’re simply checking you​ out .​
They want to​ meet you​ and your staff,​ see if​ you’re gentle,​ have sterile equipment,​ and more or​ less get an​ overall feel for your practice .​
Just because they come in​ once,​ doesn’t mean they’re committing a​ lifetime of​ dental work to​ you​ .​
Even if​ they like you,​ they still might not come back .​
Don’t worry about why they don’t,​ it’s just human nature .​
They might get an​ appealing offer from another dentist,​ they might move,​ they might not have the​ time .​
Whatever the​ reason,​ a​ lot of​ them won’t come back unless you​ employ the​ right retention and reactivation strategy.
A patient is​ only worth $22,​000 if​ you​ have them over several years,​ they accept a​ treatment plan and they refer other patients .​
They’re only worth an​ average of​ $800 in​ the​ first year you​ have them .​
This is​ why focusing exclusively on​ new patients will cost you​ a​ lot of​ money .​
You should focus on​ acquiring and keeping patients in​ order to​ build a​ solid practice .​
We’ve met plenty of​ dentists who have patients going out the​ back door as​ fast as​ they have new ones coming in​ the​ front .​
While this is​ quite common,​ it​ is​ very costly .​
Dentists should work towards having a​ productive and profitable practice while decreasing their marketing budget and new patient flow over time .​
This is​ a​ realistic objective when you​ have a​ good retention and reactivation strategy in​ place.

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