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Patient Attraction Episode 1078

Dentistry can be a very repetitive business. Like any business where day-to-day operations are pretty much the same, dentists can let their guards down when it comes to paying attention to warning signs. And that can have long-term implications for retirement because things change outside your practice. After the break, I’ll be back to tell you the 3 mistakes you must avoid if you’re going to make a graceful and well-compensated exit from dentistry. Stay tuned.

– Thanks for watching the Patient Attraction Podcast™.

– I’m Colin Receveur, CEO of SmartBox.

– Like you, I’m a business owner.

– I know that a lot of my days are basically repeats of the previous days.

– I’ve found that it’s easy for me to fall into a routine, and to focus on what’s going on inside the business.

– But no business exists in a vacuum, not even dental practices.

– Yes, you make money seeing patient after patient and solving their dental problems.

– If you’re fortunate, you have good repeat business from loyal customers and a good supply of new patients ready to replace the ones who move away or drop out.

– But one of the truisms of business is that what works today won’t necessarily work tomorrow.

– It’s important to keep an eye on what’s going on outside the walls of your practice.

– You need to prepare for changes in the economy and in the industry.

– And those changes are coming.

– Without trying to get political, I think it’s fair to say that the current Administration has introduced a high level of economic uncertainty.

– The safeguards that were put in place to avoid another Great Recession are being whittled away.

– And another recession can put your retirement plans at risk.

– That was proven when the Great Recession of 2008 forced countless dentists to delay their retirements.

– Those dentists wound up working far longer than they intended to.

– If you’re 20 years or more from retirement, you can probably weather another economic downturn and retire pretty much on schedule.

– But if retirement is less than 10 years away, you might be forced to delay it.

– Or you might have to retire with a great deal less money in your pocket.

– There is a way to safeguard your practice against economic uncertainty.

– That’s to stop making the 3 mistakes that can sink your retirement.

– Mistake number 1: Focusing on volume rather than on quality.

– All patients deserve quality dental care, but not all patients represent the same case value.

– If you focus on the prospects in your market who have the ability and the willingness to pay more for the right dentist, you can work less and make more.

– Those better prospects are typically about 20 percent of a given market.

– Mistake number 2: Being “just another dentist.”

– Dentists today are viewed as being competent professionals.

– In other words, one dentist is about as good as another in your prospects’ minds.

– You have to give prospects reasons to choose you instead of a competitor.

– You won’t accomplish that through advertising low prices, specials, and discounts.

– That’s what “just another dentist” does.

– Establishing yourself as the preferred choice for your prospects takes time and a systematic approach to your marketing.

– Mistake number 3: Continuing to drink the dental marketing Kool-Aid.

– Most dentists market for new patients as if it’s still 1995.

– They do postcard campaigns, newspaper ads, and maybe a radio spot or two.

– Dental prospects these days overwhelmingly begin their search for a new dentist online.

– Google says that people consult an average of 10.4 sources of online information before making a buying decision.

– If you want prospects to choose you as their dentist, you have to provide most, if not all, of those online sources.

– You may or may not be comfortable with using the internet to market your practice, but the kids coming out of dental school are more than comfortable.

– You have to market where people are looking for you, or they won’t find you.

– Dr. David Maloley, a SmartBox dentist in Colorado, knows that.

– He told us,  “Scratch what’s not working and double down on the internet … To ignore the Web is at your own peril.

– “If you’ve been doing this for 30 years and you try and do what you did 30 years ago and think that’s going to be successful, I think you’ve got a long road ahead.

– “And when you try to transition out, that young dentist isn’t going to find too many

appealing things in a declining practice.” 

– Dr. Maloley is reaping the rewards of SmartBox’s industry-leading Patient Attraction System™.

– Stop being just another dentist and use the power of our Patient Attraction System to safeguard your retirement.

– If you’re serious about growing your practice and safeguarding your retirement, visit PatientAttractionBlueprint.com to schedule a Blueprint call.

– You can get more patients, more profits, and more freedom – including the freedom to retire when and how you wish.

– Join me for our next podcast.

– Until then, keep moving forward.

Colin Receveur

Created by Colin Receveur

“As a dentist, you don’t want marketing or websites or SEO, You want more and better patients in your chair. We know how to dominate your market area to make that happen.”

"Running your practice by yourself can feel overwhelming. With our help, you can increase the quality and quantity of your new patients, which will allow you to get back to enjoying life."
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