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Wednesday, December 18, 2013

How Do Your Numbers Look So Far? (Part 1)

By: Daniel Pisek, Practice Marketing Coach

It’s a number driven world we live in. How many calories did I consume today? What was the score of the Blue Jays game last night? What is his batting average? What return am I getting with my investments?

Your dental practice is a business, and the numbers really matter here as well. Is revenue up or down from last year? Are we averaging more new patients per month than we were last year at this time? How does the return on investment numbers on the marketing mailer campaign compare to last year?

The money that you put towards the marketing of your practice is an investment. All dentists that I coach ask me what kind of result they should expect from their marketing program with me. With there being so many variables and different situations in each practice we work with, it’s difficult to make a promise on ROI. However, what I can do is help you create a custom Marketing Action Plan for your specific practice and equip you with tools and an approach to help you get a real perspective about the progress being made. This means tracking the numbers so that we have the information to manage our marketing effectively.

Make Your Marketing Metrics Matter.

Taking control of your practice marketing metrics is really quite simple. I have a simple two-phase approach that has worked successfully with many clients:

Phase 1: Getting a Sense of The Big Picture

In this first phase, we create a simple spreadsheet that captures your monthly practice revenue over the past two years. We will keep a current account of this spreadsheet as it relates to overall revenue.

We will then determine “Your Big Three” - which are the three areas in your practice that represent the greatest opportunity for financial growth. What treatment or service do we want to do more of? These opportunity areas are usually where the price point and profit margin are high and your practice is ready to deliver well. We place special focus on these areas by looking at their past year’s performance, and then by tracking their monthly activity moving forward.

The reasoning behind this approach is to focus our marketing on building these three areas of success. We will want to see the increases in growth within these specific treatments.

In Phase 1, we will also create a monthly summary of new patients acquired each month. By tracking numbers and comparing them to the previous years, we will start to discover trends.

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