Your dental practice is as strong as its foundation. I’m not talking about your physical plant, but rather about the quantity and quality of the new patients in your sales funnel. There are a number of factors at play in the economy and in Washington that can weaken the foundation of your practice. And as the old saying suggests, when the foundation goes, the house goes. I’ll be back after the break to tell you how to strengthen and secure your practice. Stay tuned.
– Thanks for watching the Patient Attraction Podcast™.
– I’m Colin Receveur.
– I know thousands of dentists, and I know that many of their practices aren’t doing nearly as well as they could be.
– I also know that not all patients represent the same case value or will give any loyalty to your practice.
– The dentists who are getting relatively low case value patients and one-and-dones are vulnerable, although they may not realize it.
– Their practices rely on attracting a high volume of new patients consistently.
– If anything diminishes or interrupts that flow of new patients, those dentists are in trouble.
– And trouble is on the horizon.
– The U.S. is in one of its longest boom cycles since the end of World War 2.
– Sooner or later, that boom will give way to an economic downturn.
– The last time a significant downturn happened was in 2008, and dentists’ incomes are just now beginning to reach their previous levels.
– During the Great Recession of 2007 to 2009, unemployment doubled from 5 percent to 10 percent.
– Some 8.7 million jobs were lost.
– That’s a LOT of unemployed people who had to reserve what funds they had to keep a roof over their heads and food on the table.
– There’s no way to know when the next recession will happen or how bad it might be.
– But a recession is coming, and when it does, people will begin to cancel dental appointments or defer care.
– Is your practice prepared for your new patient funnel becoming a lot emptier?
– I hope so, but I doubt it.
– The vast majority of dentists still advertise price, discounts, and specials.
– The result is that they attract price shoppers and insurance-driven patients with no particular loyalty to a given dental practice.
– Dentists’ marketing then becomes a constant chasing after new patients to keep their pipeline filled.
– When the next recession happens – and it will – price will become more important than ever to dental prospects.
– And dentists will do even more of what they do right now – undercut each other on price to try to attract more new patients.
– If you’ve got extremely deep pockets, you might be able to “win” that price war.
– But winning might mean cutting your margins to the bone … and seeing a lot more patients because your average case value would drop tremendously.
– Still, you could keep the doors open if you don’t mind working yourself half to death.
– I’m guessing that doesn’t sound like a scenario you would want to experience.
– So let me tell you a better way to safeguard your new patient base.
– It’s easy to sum up: get better patients.
– In any given market, some 20 percent of dental prospects aren’t driven by price or insurance.
– These better patients have the means and the willingness to pay more for the right dentist.
– To them, the right dentist is someone they relate to, like, trust, and consider a dental expert.
– Once you’ve established yourself as the right dentist in these prospects’ minds, you become the best and only logical choice to solve their dental problems.
– These are the patients you need to safeguard your new patient base and your practice.
– But you won’t get those patients by traditional advertising.
– You will get them by taking a systematic approach to attracting more and better patients.
– That’s the approach, and the power, of SmartBox’s industry-leading Patient Attraction System™.