How was your first
quarter of 2013?
In the last issue of this newsletter, we discussed capacity,
how it impacts growth, how to measure
where you are, and identify options moving forward depending upon where you are.
Many of you are
seeing slow steady growth in 2013
In this newsletter, back in October of 2012, we predicted a
better 2013. All things
being considered, that is what we are seeing. Are we seeing
more new patients,
or more patients getting more work done?
In select markets in the US, we are seeing more elective
dentistry being completed
and a slight uptick in new patient volume across the board.
The revenue gains are
being generated more by the elective dentistry side, than
the increase in new patient volume. More people are getting more dental work
completed. With that increase in
work, dentist production schedules are getting booked out
farther. Now you know
why we wrote in depth about capacity in last month's
newsletter!
Remember the number 8. Don't let yourself be fooled by being
booked out further
than 8 days.
What is coming down
the road?
Back in March of 2008, we shifted the consumer perception of
our work for our clients to the core
staples of dentistry (kids, ortho, emergencies, conveniences, technologies, some
price). At this point, don't stop with the staples. The staples got hundreds of
dentist/clients growing through this recession. The overall growth rebound is
going to be slow - very slow. But,
dentistry shed 18% during this recession. A bounce back is looming. Don't get
all excited. Don't go crazy. Just realize that there is greater opportunity
now, than there was one year ago today.
Rebounding home prices in specific markets is your guide. If
your area is still seeing
a decline or flat home prices, your specific area is behind.
If your area has already
flattened and is starting to gain, your specific area is
about average. If your area has already seen sustained growth in home prices
for 6 months or more, your specific
area is ahead of the curve.
Balancing your budget
allocation.
If your specific market area is rebounding or ahead of the
curve, now would be a good time to talk to your NPI advisor about re-balancing
your promotion budget. We realize the core staples of dentistry are boring to
most dentists. Elective dentistry is exciting to most dentists. We get it. We
understand. Just because we are seeing some growth across the board, doesn't
mean you allocate 90% of your promotion budget toward elective dentistry. That
would be foolish. That would add risk. With all that said, you could consider
an 80/20 mix. Eighty percent of your budget should be going toward
communicating the core staples of dentistry, with about twenty percent going
toward an elective dentistry niche or a rotation of elective dentistry niches.
Here are some niche
elective dental offerings that have shown to pull well when promoted
individually, or as part of a rotation.
In no particular
order:
Accelerated Ortho (six month smiles, Powerprox, etc.)
Sleep Apnea treatment
Kor Deep Bleaching (20 million people used Crest White
strips and are looking for a better solution)
Same Day Dentistry
FaceLift Dentures
Sedation (it's still viable if it is in a rotation with
other niches)
In the list above, same day dentistry would stand out as the
one that we would use first if we didn't have the room or budget to create a
rotation of several niches. Same day dentistry includes so many core staples
(convenience & technology), along with anticipated growth in emergency
care. What happens to teeth if you neglect them for 5 years during a recession?
Exactly!
If any of you need us,
just call 866.336.8237. We will be here for you.
Got questions? Want to learn more?
You can reach Mark & Howie at:
Howie: whh@newpatientsinc.com
Mark: markd@newpatientsinc.com
Check out
our latest dental marketing book
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