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August 2009 | Modern Hygienist Don’t ditch marketing Saving money is important in today’s economy, but a good marketing plan can make you money in the long run.  Photo: Image Srouce/Getty Images One obvious way to save money is to not spend it. Valid, to be sure, but also subject to what is referred to by economists as opportunity cost, that is, the forgone return from not taking advantage of some opportunity. And change nearly always presents opportunity. The trick is identifying how to capitalize. Why you need a plan From a cash flow standpoint, and because the benefits of marketing sometimes require time to build momentum, it’s an excellent idea to be continuously invested in an ongoing, well thought out, and integrated dentistry marketing plan. Another justification for marketing in lean times is the very reason many of your colleagues will assume a ‘wait and see’ posture: fear. Remember, a down economy is a measure of macroeconomic activity. Yes, individual practices are affected, but there are many other factors that contribute to success. There are always things we could do more productively, and this may be a great time to work on your practice rather than just in your practice. Solidify patient relationships. During lean economic times, people are more likely to question allegiances and habits, including where to have their hair cut, and yes, their dentist. ‘Switch and Save’ is a commonly used phrase in advertising these days because savvy marketers know consumers are looking for bargains. Remember, ‘bargain’ is a one-time offer. I don’t suggest committing to a permanently discounted fee structure—just recognize the potential to entice patients. Build your tribe. That doesn’t mean you should alter treatment recommendations. Let patients decide if they can afford treatment or not. Just understand the time they take to accept treatment may be a bit longer than it would be in a more robust economy. The thing to do now is build your tribe. Then, when the recovery begins, your ‘personal recovery curve’ will be that much steeper. Sweeten the pot. Your return on direct mail has leveled off or fallen. Consider sweetening your offers. People expect bargains these days. Don’t disappoint! Maximize patient value. It’s what happens after someone becomes a patient that drives ROI in external marketing. Here’s why: Say you spend $1,000 on a marketing tactic and you get five new patients as a result. Let us further assume your average annual patient value is $500. Your ROI is, therefore, 250% or 5:1. If another practice invests in the same tactic and receives the same result, but has an average patient value of $2,000, her ROI is four times as much. Daniel A. Bobrow, MBA, is President of American Dental Marketing, a Chicago-based Dentistry Marketing Consultancy. You can find more of his Marketing Insider articles at dentalproductsreport.com.
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