In internal dental marketing, making a start with the business means that you have to start it right. You should be able to know how to make your practice come hand-in-hand with the your internal dental marketing business. Among the questions that the doctors asked me in a free tele-class where I invited them: were “How do I know where to start with your marketing?”, and “How do I know if my practice can be helped with marketing?”. I gave them a round about answer. A fair one nonetheless, it explains what you really need to think about in internal dental marketing instead of being misled by a consultant or marketing representative. Presented here are two specific measurements which helps me objectively coach my clients on the “health” of their practice.
A. The Referral Ratio
You need to consider the Referral Ratio in internal dental marketing. Now, you may ask: “What is Referral Ratio?”. It is actually simple. You take the total number of referrals you received last year and divide it by the total number of active patients you have. Thus the formula:
Referral Ratio = (total # of referrals received last year)
(total # of active patients you have)
So, if you have 300 referrals and 1000 active patients:
Referral Ratio = (300 referrals) / (1000 active patients) = 30%
* 30% Referral Ratio is considered “Good”, not great... but it is a good starting place.
Another would be if you have 100 referrals and 1000 active patients:
Referral Ratio = (100 referrals) / (1000 active patients) = 10%
* If you fall in this range, then you have some big improvements to do. But what's important is that at least you now know it.. and we can go to work!
If you range below a 50% Referral Ratio in internal dental marketing, then you would list it as one of your strategic objectives to improve over the next 90 days to 12 months. If you range below a 20% Referral Ratio, then it is vital! It calls for immediate action!
B. The 6-Month Value Of A New Patient
In internal dental marketing, know what a patient is worth to your practice at a 3-month, 6-month, and 12-month time basis. As you get started, keep it simple. The reason why you would want it is that it will tell you how much patients are spending with your dental practice in that time. This tells you what your return on investment (or ROI) is in 6 months! Let's say, if your cost to acquire a new patient is $100; and your 6-month patient value is $600; then you know for every $1 you spend... you get approximately $6 back. A good start!
If your ROI is within 3:1 or 1:1 in your internal dental marketing business, then you are in considered to be in danger! You need to bump it up asap! Either way, even if you have a higher ROI, you are ALWAYS looking to improve on this area!
Keep in mind that in your internal dental marketing business, the value of a patient is a thing that you will never stop trying to improve. Here are some simple ways to do this: (i)increase referrals per patient, (ii)diagnose more and improve case acceptance; (iii)improve your new patient experience; (iv)start a patient newsletter so as to communicate with your existing patients (if done correctly, gets them to choose more of your services); (v)offer more services; (vi)hold an Invisalign Open House; (vii)start placing implants; etc. There are more ideas available, but this gives you a very good start in the business!
Author Resource:-
I invite you to log on to our website at www.dentistprofits.com and get a free CD and Book titled, “The Underground Secrets Of Attracting High Quality New Patients Who Pay, Stay, & Refer!”.
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