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Winter is Coming | The Great Opportunity For Dentists
The Great Opportunity
The 2008 financial crisis significantly impacted the dental industry, resulting in fewer patient visits, decreased collections, and a rise in no-shows. However, the industry has substantially recovered since the crisis, with growth in collections, patient visits, and spending per visit. Dentists can learn valuable lessons from the 2008 financial crisis to prepare for the next economic downturn.
Three crucial strategies for dentists during economic uncertainty are to analyze the practice operations, eliminate financial barriers, and market the practice's services. In times of economic hardship, consumers tend to cut back on spending and delay optional expenses like dental care, which can challenge dentists already facing the profession's natural difficulties.
During the 2008 financial crisis, 75% of dental practices in the US suffered production declines for four years, and many dentists saw a decrease in their net income. The COVID-19 pandemic also significantly impacted the industry, with many dentists reporting practice closures for extended periods.
While economists are predicting another recession shortly, it is unlikely to reach the magnitude of the Great Recession. However, dentists must still take proactive steps to prepare for the potential downturn. They should consider developing a well-thought-out plan and take intentional and methodical action based on proven strategies.
The choice is clear:
- Either is hit by the oncoming recession and struggles to survive
- Or have a clear path forward and thrive in uncertain times
It is up to each dentist to decide the path they want to take!
"The Dangers of Stopping Marketing During Economic Uncertainty"
The first thing dentists do during economic uncertainty and a recession is stop marketing. Dentists are not business people and often view marketing as optional. If you're a future-focused dentist, you need to do the opposite.
"Why Dentists Miss the Bus by Stopping Marketing"
Suppose you're a future-focused dentist who wants to harness the power of a recession-induced opportunity. In that case, you need to think about it this way. How much thought and effort do you put into creating separation from other dentists in your area? You're always trying to get more traffic to your website, appear higher in Google search results, and enhance your Google Ads to be more targeted.
"The Consequences of Failing to Make a Dent in Your Marketing Goals"
This translates into paying a premium for your advertising. More ad competition means Google's auction system commands more dollars. This leads to failing to make a dent in your goal. Those who operate this way fail to make a change, which is spending out of fear. This is the worst decision they can drive.
"Why You Should Keep Spending on Ads"
What do people with some financial means do when the stock market or real estate prices go way down? They buy. So why would you stop advertising when most of your competition stops because they can't see the obvious? Since most dentists cut back or prevent spending on ads, your match dries up. And suddenly, you are winning the Google auction game more often because you're spending far fewer dollars to appear in premium slots.
"The Benefits of Lessened Competition and Expertly Crafted Ads"
Now add expertly crafted ads, targeting with laser-like precision, and a highly effective online marketing engine/new patient generation system on top of that significantly lessened competition. You'll be able to generate more quality patients with less cost per click. Take advantage of this opportunity, and keep spending on your marketing efforts!
By implementing effective strategies, targeting with accuracy, and ensuring seamless conversion at every touchpoint of the new patient journey, you can significantly increase the value of your marketing spend, potentially tripling or even quadrupling it. This leads to a remarkable boost in ROI.
Moreover, a surge in website traffic will positively impact your organic search engine optimization, as Google's algorithms take note of the increased activity on your site compared to the primarily static websites of your competitors.
However, it's crucial to maintain your efforts and continue taking suitable online marketing activities to sustain your gains. The upcoming recession is unlikely to provide a similar opportunity for your competitors to catch up, and they would need to invest heavily every month to reach your level of visibility.
Take advantage of this chance while the opportunity is available. Keep the momentum going, and you will continue to see positive results in the long term.
SO, WHAT KIND OF DENTIST-OWNER ARE YOU?
Well, ask again: What kind of dentist do you want to be?
- If you're a recent dentist owner or have acquired a practice in the past few years and struggle with visibility in your marketing efforts, now is your chance to level up.
- If your practice is in the middle of the pack and has been grouped with other local dentists in terms of visibility, but hasn’t been able to stand out, now is your opportunity to do so.
- Whether the recession occurs in one year, two years, or five years, you will eventually come out on the other side.
- Take advantage of this moment to make a difference in your marketing efforts and establish yourself as a standout in the dental industry.
The question is: WHERE?
The Future of Your Dental Practice: Seize the Opportunity
As a dentist, you have a choice. You can either be one of many struggling to increase visibility for your practice with little success, or you can be the one everyone else is trying to catch up to. Which do you want to be?
With the predicted recession looming, now is the time to make a difference in your marketing efforts and establish yourself as a standout in the dental industry. You’re either growing or dying, and there is no such thing as staying the same. This is your chance to reach new heights.
What does life look like for you and your staff? What kind of patients are you treating? What production goals are you hitting? How many hours per week?
It would be best to have a clear target to reach your desired future. Imagine what you want your practice to look like a year, two years, or five years from now. Visualize the patients you'll be treating, the production goals you'll be hitting, and the work-life balance you want to achieve. It's important to note that you can only hit a target if you know what you're aiming at. Take some time to reflect on your goals and make a plan to achieve them.
The future is uncertain, but one thing is certain - the dentists who take advantage of the recession-based opportunity will come out on top. Don't be the one treading water for worse; be the one everyone else is trying to catch.
What would your practice look like in the future? The choice is yours, and seize the opportunity and make it happen.
To stand out in the dental industry during economic uncertainty, it's crucial to continue marketing but focus on expertly crafted, targeted ads and invest in an effective online marketing engine. This will increase the value of your marketing spend and improve your organic search engine optimization. By having a clear marketing plan and taking intentional, systematic actions based on proven strategies, you can establish yourself as a leader in the field, increase visibility, and generate more quality patients. Stay focused, be proactive, and seize this opportunity to differentiate yourself and thrive during uncertain times.
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