Hey, did you know that there are 66 dental schools in the United States? Those schools are expected to graduate more than 6,000 new dentists every year. Bottom line is that the number of dentists practicing in this country is increasing year over year. That means more competition
for almost every dental practice. Is your practice ready for the onslaught of new dentists? After the break, I’ll tell you the best way to prepare your practice against those hungry new dental graduates.
– Thanks for watching the Patient Attraction Podcast™.
– I’m Colin Receveur.
– According to the ADA’s Health Policy Institute, the number of dentists in the U.S. will continue to grow through 2035.
– New dental school graduates will outpace the dentists who retire or leave the profession.
– Those new graduates will be coming for your practice.
– Oh, maybe not now, or even in the next year or 2.
– But it’s inevitable that dentists in almost every market are going to face increased competition in the years to come.
– It amazes me how many dentists know this on some level, but take no action to prepare their practices.
– They keep on doing what they’ve always done.
– Do that when there are more competitors in your market, and you’ll get less than you’ve always gotten.
– I think part of the reason more dentists don’t act now is that they haven’t put the pieces together.
– See, new dental school graduates don’t all run out and open new practices.
– Quite a few of them are going to work for corporate dentistry.
– This generation of dentists doesn’t see anything wrong with working for someone else, at least at first.
– And the dental practice chains are courting those graduates with tuition payoffs and huge sign-on bonuses.
– Financially, working for corporate dentistry for a while makes sense.
– These new dental school grads are saddled with an average school debt of 260 thousand dollars.
– Starting salaries for corporate practices run around 125 thousand dollars.
– So a new dentist can pay off that school debt fairly quickly and stash some money in the bank.
– Your new competition won’t be just new dental graduate practices.
– It’ll be new corporate dental practices fueled by those new graduates.
– And those chain practices can beat you up all day and both sides of the street on price.
– But there’s another aspect of increased competition that a lot of dentists aren’t looking at.
– And that’s the dilution factor when it comes to your marketing.
– Let’s say you’re in a market where you have 9 direct competitors.
– There’s a decent chance that the prospects you want to attract will see your online and offline marketing.
– Chances are less good that prospects will fully review the websites of 10 dental practices before making a decision.
– Google says that people consult an average of 10.4 sources of online information before making a buying decision.
– Add 5 more competitors to the market, and the impact of your marketing is severely diluted.
– The odds are really good that prospects will make a snap decision after reviewing only a few websites.
– So you’re putting out all these marketing dollars and getting less.
– You could increase your marketing spend, but that just means you’re spending more to pretty much stay where you are.
– So doing more of what you’re doing isn’t going to work.
– You need to switch up how you’re going about attracting new patients.
– The key is to establish an online presence that gives your prospects exactly what they’re looking for.
– And does it in more online places and better than any of your competitors.
– Your website need to provide superior information about dental problems and solutions, and so does your social media.
– People searching for a dentist online look for confirmation of what they read or watch on dental websites.
– If you’re going to prosper in the face of increased competition, the time to act is now.