Dental Marketing: Calculating your ROI
The days of hanging the sign at the door that read “Dentist is in” are long gone. The view of how a dentist should grow his or her practice has changed through the last decade. The trends in dental marketing have tremendously evolved, using new and different marketing strategies. Aggressive competition has caused dental practices to pursue marketing alternatives in order to endure and remain in the mainstream business.
Let’s establish the bottom line right here at the top : Return-on-Investment (ROI) is your primary measuring stick for evaluating dental marketing efforts. ROI usually rests on sales that comes day in and day out.
Calculating your True Dental ROI
Your true dental marketing ROI is a task between your overall marketing expense, the number of new patients you acquire, the regular case value of those patients, and sales revenue you’re not getting while dealing with your marketing firm. In order to precisely ascertain your ROI, these following steps are vital: average your expenditure and your revenue over a period of at least 6 months (calculating for a period of one year is more accurate), and determine which of your marketing stations are the most effective.
What your ideal ROI should be
Believably, to grow and enlarge your practice and upsurge your sales revenue, your marketing ROI should be in the range of 8:1 or even 10:1. You will not achieve that goal with marketing stations that are not effectively working. And you will not know which ones are not effectively working unless you accurately track how your new patients are locating you as they convincingly seek out for your services. Patients are not that dependable when it comes to remembering or specifying the actual mode of advertisement or source of information that led them to your office where you practice or even where they saw it.
So, here are some questions to ask about your dental marketing:
1. Does your dental marketing firm provide you with the correct resources to precisely track how much each of your marketing station is creating?
2. How many hours or days a month do you dedicate to your marketing, either within the duration of business hours or outside office shift?
3. Are you getting the ROI you need to expand your practice?
4. What is the average or regular case value you are materializing from your marketing?
5. Finally, how content are you with the way your sales revenues are averaging?
The key to achieving your goals for the ideal ROI for your dental marketing is to get more and better patients, not just more patients. By ‘better’, we mean patients who comply with payment schemes, consumers who are open to new dental trends and developments and patients who are willing to be your walking advertisements, able to share the good news of your dental practice to friends and family.