Think with Google published the first of a 3-part series on their Year in Search 2022 report. In it they dive into a current economic trend: people are looking for value for their money. And that value comes in many forms. From the article:
Concerned about the future, people are looking for items and experiences that provide good value. But value goes beyond price point. It also covers brand trustworthiness as measured by reviews, product popularity, and sustainable options.
So, how do you create customer value for the dental industry?
Value defined for prospects and leads
The consideration stage of the sales funnel is now fuelled by online reviews. Was the treatment plan successful? Will I feel calm and comfortable on my visit? Do they offer any advanced procedures or technology to achieve higher than average results? How was the wait time and what are my payment options? These are all questions that online reviews can help answer. This is where internal marketing and surprise and delight can be deployed. Examples include proactive or follow-up post procedure phone calls or interesting and meaningful “grab bags”. All of these and more will help your practice stand out against competitors. These intentional activities will allow you to embrace online reviews and User Generated Content (TikTok, Instagram, etc.).
The article goes on to emphasize a 50% increase in the search phrase “how to save money on”. In the dental services space, this can be a difficult and complicated topic. However, emphasizing total body care and healthy oral hygiene are ways you can “show up” in a patient’s consideration headspace. This is then easily translated into snack sized social content and longer form website content. By combining and unifying your marketing communications, you will be building up your overall online brand presence. Searches will produce more of your website results and social content. Once it all comes together, you can start to reinforce your earned, shared and owned content with paid digital advertising. Cumulatively, this will be more effective than if you had just done paid advertising.
Value defined for your current clientele
First of all, let’s talk about how important this is… it’s the most important! Patient retention costs the least, is the most predictable and reportable source of income, and the best place for you to leverage your team’s value. Using your online and offline communication channels well – such as sending out appointment reminders, oral health care tips, and other patient communications cost little to keep patients engaged and coming back to your practice:
- Dataman Group Direct found that dental practices spend $150-300 (USD) on average to acquire a new patient.
- According to Dental Economics, the cost to acquire a new dental patient averages $250-300 (USD).
- For businesses in general, Harvard Business Review recently wrote, “Acquiring a new customer is anywhere from five to 25 times more expensive than retaining an existing one.”
Although these are US reports, we can acknowledge that Canadian numbers would be close, and the variations in numbers are naturally influenced by the scope of acquisition campaigns, different marketing costs, and time and labor (which have dollar value). Ultimately, the overall picture painted supports what Patient News recently wrote: “Retaining existing patients is substantially less expensive than having to put in the effort to acquire new ones,” and the investment into patient retention is worth the payoff.
Where the average dental practice loses around 17% of patients (each with a lifetime value to practices of $12,000-$15,000), research unsurprisingly shows that increasing retention rates by just 5% increases profits by 25%-95%.
Value(able) ideas
- Make a great first impression
No, your patient’s first impression probably wasn’t formed in your office. As mentioned previously, when researching providers, many patients look at your website, social media profiles, mailers, public and private online groups forums and communities to formulate their first impression, so be sure you are representing yourself well across all channels, not just in your office. - Host a patient appreciation event
Select one day each month or every other month as your Patient Appreciation Day. On this day, verbally thank each patient you see, and let them know how much you value them. You could even present them with a small token of appreciation, such as a $5 or $10 gift card (given freely, not attached to an appointment, treatment or any other condition, and extras should be kept on hand if patients pre or post event ask for one), perhaps a rose or other flowers etc., depending on your budget. Each patient is not only likely to feel valued, but is also likely to recommend your services to their friends and family. You could also randomize the day each month to avoid patients catching on and scheduling their appointments according to your appreciation schedule. - Build out your technology beyond your treatment tools so that it serves your patients
Ensure your website is mobile friendly, Accessible to those with disabilities, provide online payment options, and is simple and straightforward to navigate. Sites that look good might help attract prospective patients, but doesn’t necessarily serve your current clientele. - Make your patients feel important all year
“Out of sight, out of mind” is real and can be incredibly destructive. The easiest approach is to send patients birthday cards and anniversary cards celebrating their patronage to your practice. Include a handwritten note with a meaningful message, signed by all the office staff. Increasing frequency of communications might be the right place right time, and won’t likely ever be detrimental. - Stay connected to patients on social media
Humour, informative or salient and timely social media is a place to have those rich interactions. The more you engage someone in a conversation, the more you tend to stay top of mind with that person. But this takes commitment! Daily social posts grow followers four times faster than posting once a week. So, post on a regular basis to help engage and retain patients, and if time is your only challenge, I help dental practices easily keep patients engaged with a social media builder package that manages your entire social media presence so you can focus on your practice.
Build value, retain patients and attract new clientele
In conclusion, customer value is an incredibly important – critical, actually – component of your dental practice. There are probably thousands of ways individuals perceive value… Fundamentally connecting with them personally, and using the power of that connection will cultivate a thriving practice.
