- Email: [email protected]
Internal marketing
prevalent, and practices in these areas tend to be harder to sell. Younger dentists seem to prefer more metropolitan areas, but the sale of dental practices may be viable in some rural zones. For persons on the West Coast, it is a seller’s market, with many more dentists looking to buy a practice than there are practices for sale. In northern California, a network of practice brokers has established a market for buyers and sellers to meet and share access to resources such as appraisals and legal help.
generation of dentists who will inherit the practice might want. The most valuable asset of any practice is the patients, and the impact of the sale should be considered from their viewpoint as well.
Clinical Significance.—Planning is essential when any major undertaking such as the sale of a dental practice is considered. This means investing years considering timing, location, financial status, physical office features, and the best fit between the buyer and the practice. If all the factors can be foreseen and addressed ahead of time, the dental professional will achieve the best possible outcome.
Other Issues.—The impact of the Affordable Care Act (ACA) on dentists’ practices is not yet known. However, dental benefits may be marginalized because the priority is to sell medical insurance packages. Currently some research shows that both insured and uninsured individuals are skipping dental visits, but other research shows dental utilization is increasing among children. All dentists seeking to transition a practice need to start thinking and planning 3 years before the sale date. Part of this process is ensuring the dental practice has up-to-date equipment and can financially sustain the sale. Dentists should also consider what the next
Ernst J: What buyers and sellers need to consider before entering the market. Inside Dent Vol 10, Issue 5, May 2014 Reprints not available
Marketing Internal marketing Background.—Although patients are very likely to agree to refer friends and family to their dental practitioner, only about 10% of them will refer effectively. Two reasons exist for this problem and the dentist can readily address both of them. One is a lack of education and the other is a lack of rewards. Education.—Patients can only tell friends and family what the dentist did for them. Often they don’t even know what their dentist can provide, so they don’t think to refer others. They may not even consider having their own dentist provide a service for themselves if they aren’t aware that it’s a possibility. The dentist must educate patients about other services that he or she provides before they will be able to spread the word to those they know. Patients often don’t ask dentists about what they do, so the dentist must take the initiative to convey what is possible. Ways to spread information are many. A few examples follow:
Provide a printed or electronic practice newsletter— not too often, but once a quarter, pick a topic that
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Dental Abstracts
you want patients to know you have skills in and talk about it. Provide electronic reminders. Companies will often do this for you. Post signs or posters in the office that point out what the practice can handle, such as accelerated orthodontics, CAD/CAM restorations, veneers, or sleep apnea. Place brochures and handouts describing the benefits of treatments you provide in the waiting area. Run a professionally produced video about the benefits of treatments that are offered so that patients can watch it.
All of these methods—and these are just a few of the choices—will get the word out that the dentist does more than patients think. Rewards.—Dentists should ask for referrals without promising rewards, but once a referral has been made, a good way to thank the patient is to provide a modest gift that is not expected. This maintains the social norms of the relationship and doesn’t drift into an economic norm, which can be counterproductive. It’s important to offer an acknowledgement showing your appreciation in addition to the thanks given when a referral has been made successfully.
Clinical Significance.—Patients can’t read our minds and they have no idea of all the possible ways dentists can care for them. As a result, we need to show them what we can do. Often it takes just a few posters, newsletters, or brochures in the dental office that patients can peruse. And the thanks given for a referral can be accompanied by a simple gift, such as
movie tickets or a gift card to the coffee shop. Referrals are well worth it.
Horrocks H, Dilatush M: Internal marketing begets referrals. Dentaltown Magazine pp 32-33, Nov 2015 Reprints not available
Paying to play on social media Background.—Facebook is instituting changes, among them the increase in paid content promotion. If the return on investment (ROI) of your Facebook account seems to be dropping suddenly, it may be time to step up your game and allocate a budget for Facebook post promotion.
Fourth, the ‘‘Ad Manager’’ is a better way to control your budget than ‘‘Boosting’’ your post. Although Boosting is easy to use, the control over targeting your audience more than makes up for the extra steps needed for Ad Manager.
Advantages.—Organic reach is still available but harder to achieve. The cost of promoting posts, however, is quite inexpensive compared to traditional advertising costs. Facebook ads offer the lowest cost per 1000 impressions in advertising, with an average of $0.25 per 1000—only 1% of the cost for a television ad. Compared to simple views, paid ads are much more likely to prompt action, such as a call to the practice or an actual dental appointment.
Fifth, keep track of your ROI. Facebook offers a conversion tracker you can use to see who visits your website via promoted posts and who makes an appointment.
Requirements.—To most effectively use Facebook’s paid post promotion option requires some specific actions. First, it’s important to research your dental niche, your brand, and the topics that are of value to your patient base. Tools such as Buzzsumo will search social media for mentions of your target words and filter directly through Facebook, then you can see what works for your competition and what doesn’t. Second, the content you create should be engaging and adhere to Facebook guidelines for promotion. Over half of all the people who check Facebook every day watch at least one short video and over three fourths say they find the videos they watch on Facebook. A short, timely video is a good way to engage your audience. Third, use the ‘‘Custom Audience’’ feature to target your e-mail list, which allows you to subtly reach out to patients who may not have visited your practice for a while. If you want to use new-patient promotional material, you can exclude your current list of patients.
Sixth, test various ads for a while and see what works and what falls flat. When your promoted posts catch on, you will see a tangible, beneficial ROI. A Final Step.—Remember that Facebook isn’t the only social media site you can use. Once you have succeeded with it, move on to other platforms, such as Twitter, Instagram, Pinterest, and others.
Clinical Significance.—Practice growth requires that you reach the right audience with the right message at the right time. Social media advertising reaches far and wide with minimal investment and can offer you a good return on your investment in terms of new patients and engaged current patients.
Nation K: ‘Paying to play’ on Facebook: Is it right for your practice? Dent Econ issue 10, pp 38, 40, 2015 Reprints not available http://digital.dentaleconomics.com/dentale conomics/201510?pg=42#pg42
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2016
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generation of dentists who will inherit the practice might want. The most valuable asset of any practice is the patients, and the impact of the sale should be considered from their viewpoint as well.
Clinical Significance.—Planning is essential when any major undertaking such as the sale of a dental practice is considered. This means investing years considering timing, location, financial status, physical office features, and the best fit between the buyer and the practice. If all the factors can be foreseen and addressed ahead of time, the dental professional will achieve the best possible outcome.
Other Issues.—The impact of the Affordable Care Act (ACA) on dentists’ practices is not yet known. However, dental benefits may be marginalized because the priority is to sell medical insurance packages. Currently some research shows that both insured and uninsured individuals are skipping dental visits, but other research shows dental utilization is increasing among children. All dentists seeking to transition a practice need to start thinking and planning 3 years before the sale date. Part of this process is ensuring the dental practice has up-to-date equipment and can financially sustain the sale. Dentists should also consider what the next
Ernst J: What buyers and sellers need to consider before entering the market. Inside Dent Vol 10, Issue 5, May 2014 Reprints not available
Marketing Internal marketing Background.—Although patients are very likely to agree to refer friends and family to their dental practitioner, only about 10% of them will refer effectively. Two reasons exist for this problem and the dentist can readily address both of them. One is a lack of education and the other is a lack of rewards. Education.—Patients can only tell friends and family what the dentist did for them. Often they don’t even know what their dentist can provide, so they don’t think to refer others. They may not even consider having their own dentist provide a service for themselves if they aren’t aware that it’s a possibility. The dentist must educate patients about other services that he or she provides before they will be able to spread the word to those they know. Patients often don’t ask dentists about what they do, so the dentist must take the initiative to convey what is possible. Ways to spread information are many. A few examples follow:
Provide a printed or electronic practice newsletter— not too often, but once a quarter, pick a topic that
122
Dental Abstracts
you want patients to know you have skills in and talk about it. Provide electronic reminders. Companies will often do this for you. Post signs or posters in the office that point out what the practice can handle, such as accelerated orthodontics, CAD/CAM restorations, veneers, or sleep apnea. Place brochures and handouts describing the benefits of treatments you provide in the waiting area. Run a professionally produced video about the benefits of treatments that are offered so that patients can watch it.
All of these methods—and these are just a few of the choices—will get the word out that the dentist does more than patients think. Rewards.—Dentists should ask for referrals without promising rewards, but once a referral has been made, a good way to thank the patient is to provide a modest gift that is not expected. This maintains the social norms of the relationship and doesn’t drift into an economic norm, which can be counterproductive. It’s important to offer an acknowledgement showing your appreciation in addition to the thanks given when a referral has been made successfully.
Clinical Significance.—Patients can’t read our minds and they have no idea of all the possible ways dentists can care for them. As a result, we need to show them what we can do. Often it takes just a few posters, newsletters, or brochures in the dental office that patients can peruse. And the thanks given for a referral can be accompanied by a simple gift, such as
movie tickets or a gift card to the coffee shop. Referrals are well worth it.
Horrocks H, Dilatush M: Internal marketing begets referrals. Dentaltown Magazine pp 32-33, Nov 2015 Reprints not available
Paying to play on social media Background.—Facebook is instituting changes, among them the increase in paid content promotion. If the return on investment (ROI) of your Facebook account seems to be dropping suddenly, it may be time to step up your game and allocate a budget for Facebook post promotion.
Fourth, the ‘‘Ad Manager’’ is a better way to control your budget than ‘‘Boosting’’ your post. Although Boosting is easy to use, the control over targeting your audience more than makes up for the extra steps needed for Ad Manager.
Advantages.—Organic reach is still available but harder to achieve. The cost of promoting posts, however, is quite inexpensive compared to traditional advertising costs. Facebook ads offer the lowest cost per 1000 impressions in advertising, with an average of $0.25 per 1000—only 1% of the cost for a television ad. Compared to simple views, paid ads are much more likely to prompt action, such as a call to the practice or an actual dental appointment.
Fifth, keep track of your ROI. Facebook offers a conversion tracker you can use to see who visits your website via promoted posts and who makes an appointment.
Requirements.—To most effectively use Facebook’s paid post promotion option requires some specific actions. First, it’s important to research your dental niche, your brand, and the topics that are of value to your patient base. Tools such as Buzzsumo will search social media for mentions of your target words and filter directly through Facebook, then you can see what works for your competition and what doesn’t. Second, the content you create should be engaging and adhere to Facebook guidelines for promotion. Over half of all the people who check Facebook every day watch at least one short video and over three fourths say they find the videos they watch on Facebook. A short, timely video is a good way to engage your audience. Third, use the ‘‘Custom Audience’’ feature to target your e-mail list, which allows you to subtly reach out to patients who may not have visited your practice for a while. If you want to use new-patient promotional material, you can exclude your current list of patients.
Sixth, test various ads for a while and see what works and what falls flat. When your promoted posts catch on, you will see a tangible, beneficial ROI. A Final Step.—Remember that Facebook isn’t the only social media site you can use. Once you have succeeded with it, move on to other platforms, such as Twitter, Instagram, Pinterest, and others.
Clinical Significance.—Practice growth requires that you reach the right audience with the right message at the right time. Social media advertising reaches far and wide with minimal investment and can offer you a good return on your investment in terms of new patients and engaged current patients.
Nation K: ‘Paying to play’ on Facebook: Is it right for your practice? Dent Econ issue 10, pp 38, 40, 2015 Reprints not available http://digital.dentaleconomics.com/dentale conomics/201510?pg=42#pg42
Volume 61
Issue 3
2016
123