In dentistry, we are always trying to differentiate from our competition. Differentiation allows doctors to charge higher fees, have greater word of mouth marketing, decrease cancellations and no-shows whilst building value for the services provided.
So what can we do when the economy is in the tank?
In Five Rules for Retailing in a Recession, by Favaro, Romberger and Meer, published in Harvard Business Review, during a downturn in the economy, businesses typically run specials, expand hours, cut staff, even tinker with the parking lot or reception area, all without a clear sense of the profitability, or how to gain market share without alienating existing customers.
So where do you go to find new patients and how do you maintain profitability?
“…Customers who are loyal to you represent market share you already have. Protecting your most loyal customers is an obvious priority in a downturn. But if they are suddenly spending 25% less, some of that will directly come out of what they spend in your office. Your expansion therefore, lies with customers who are loyal neither to you nor to your competitors—we call them “switchers”…” The ability to get the attention and commitment of the “switchers” as new patients will make up for the decrease in spending of the existing patient base.
"several patients have told me their friends are asking their own dentists to get it [The Dental Button System] and say if they don't, they are going to change dentists." - Dr M White, MO (US)
How do new patients help grow your practice ?
A new patient tends to have a higher than average spend during the first year at your office and will increase the potential for additional word of mouth referrals in your community.
How much is that new patient worth?
According to Derek Naylor, author of Fundamentals of Dental Marketing, up to $22,000. An average new patient will spend $800 during their first year at your practice. The real money in dentistry is made from treatment plan fulfillment and the long-term patient who returns time and again. The way to get patients to be worth more than the average $22,000 is to get them to pursue health, work a unique long term treatment plan and REFER !
"the biggest surprise to me was that I have become the talk of the town. In most every case, they [patients] share their experiences with their friends." - Dr C Go, CA (US)
Now, what is the best type of marketing?
If you were thinking “word of mouth” you would be right. In the April edition of Dental Products Magazine, The Dental Button was highlighted in the “word of mouth” section for good reason, it leads to referrals. Give your patients something to actually talk about. How to give the gentle injection is out there. Marketing dental equipment, whilst exciting to us, often falls flat in the public. But marketing a patient tool giving the patient control over their dental experience, improves their “enjoyment” of the visit and gets them referring without the awkwardness of asking for referrals. It is a true win-win for doctors and patients.
How to differentiate your practice in the community ?
The way to rise above the fray is to create the market, not compete in it. Creating a market of true patient centeredness, where patients have control and choices is what Americans want in these troubles times. Imagine collaboratively building treatment plans that fit with the patient values, their time frame, their budget and not just printing them out YOUR treatment plan for THEM. Having The Dental Button system available during procedures instantly builds trust and demonstrates to the patient that you care about them. A reduction in anxiety leads to an increase in the patient’s tolerance level of dental procedures. Think about it, people will put up with something they don’t like for a longer period of time if they know they can stop it if it becomes too much. Imagine patients telling their friends that their appointments are more relaxing, more comfortable. Those happen to be the most common responses to patients that have used The Dental Button in a year long trial. Over 90% of the patients in the trial responded they would definitely tell a friend about The Dental Button, and the same amount said they would refer a friend or family member to a Dental Button dentist. Common respect, shared control = win-win. Differentiating your practice, attracting switchers as new patients, solidifying your existing patient base are the gateways to success in a down economy.
"the dental button is definitely the next piece of the puzzle in separating your practice from the one down the street." - Dr M Levy, OH (US)
