Let’s face it the financial outlay to marketing your dental office properly can seem to be really expensive. You probably need to build a new website, create video, produce ads, get a CPC campaign set up and running, promote yourself on Facebook, Twitter and other social platforms, and then on top of that you have all the additional costs and headaches of marketing. As we all know this can be very expensive, with Google pay per click costs averaging at $10 to $25 per click, your daily budgets will easily be in the $50 to $100 range. Add all of that up, and you are looking at a pretty expensive outlay before you see your first result!
But if we really calculate these costs and look at dental marketing from a revenue producing perspective we would come up with a different scenario. Let’s say your advertising is costing $5K – $6K per month and you are producing 20 to 30 new appointments with that budget. What are these new patient appointments worth to you over the next 12 months? Statistically speaking a patient is worth (on average) $1,200 – $1,500 over a 12 month period (according to major dental insurance companies ie. Delta). So if you are producing 20 patients a month you should be able to produce $24,000 to $30,000 dollars of new business revenue. Many offices can produce this revenue in the first 3 months, because normally these new appointments are coming from cracked teeth, root canals, extractions, implants and those patients that haven’t been into see a dentist in a very long time. 9 times out of 10 these patients are desperate for some kind of dental work and figure to opt-in to your recommended treatment plan.
These numbers don’t include how much that patient is worth over a lifetime of services that you provide, statistically speaking a patient will stay with an office for an average of 7 years so if we do the math $1,200 (patient yearly value) multiplied by 7 (the average time your patients stay with you) we get a total patient worth of of $8,400! Most don’t calculate the number of referrals that can also come from just one satisfied “new” patient and on average this happy patient will refer up to 2 other people to your practice.
Now let’s consider how many patients you will lose over the next 12 months… According to the ADA your typical dental office loses 10 percent of their patients annually, which means if you have 2,000 patients in your records you are likely to lose 200 patients this year. This attrition rate can be attributed to people moving, unhappy patients, and yes even better marketing and pricing by your competitors. So if you are losing 20 patients you need must begin adding an additional 16.6 patients a month to your office just to break even!! But, who ever said we were interested in merely breaking even?
Basically dental marketing is not the expense, the truth really is that if you aren’t marketing for your dental office you are losing money! Many dental offices don’t take the risk associated with spending advertising dollars because usually there is no guarantee, but at Dental Game Plan our efforts will produce results and revenue, and we guarantee it! Find out more about our programs and how we can make you the obvious choice for dentistry in your market.
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