Jeppesen Meldgaard

When discussing dental marketing and advertising, it is important that we get the following fundamentals out in the open ahead of we get to the actual methods and techniques we use to grow a dental practice.

The Cost to Get a New Patient

The Lifetime Value of a Patient

New Individuals versus Current Individuals

Marketing Leverage

Practice Equity

Lets start with quantity 1 and operate our way to quantity five. Hopefully by that time the starting of dental marketing and advertising will all come with each other and youll have a firm understanding of how all of these issues will affect your practice and, a lot more importantly, your individual and economic wellbeing.

1. Cost to acquire a new patient

The 1st factor to take into account when thinking about dental marketing is the expense to obtain a new patient. This is merely how considerably you spend for each and every new patient who comes into your practice. This price can easily be calculated by dividing the amount you spend on dental advertising and marketing each and every month by the quantity of new patients you see a month. For instance, if you commit $three,000 on marketing and advertising and marketing and get 25 new individuals from that investment your price per new patient is $120 ($three,000 / 25 = $120). That might seem like a lot of money, or it could not. Before you draw any conclusions on the figure lets discuss #2.

two. Lifetime value of a patient

The lifetime value of a patient is what your average patient will be worth to you, in dollars, more than the lifetime of them becoming your patient. In the dental market the common lifetime value of a patient is about $22,000. If you didnt already know that, youre almost certainly in a bit of shock right now. Now that you know how considerably the common patient is worth to you, heres the question: is it worth $120 to get that patient in the door? What about $240? What about $480? Now, were getting a bit excessive, but had been trying to make a point. If that patient will turn into $22,000 more than the years, its crucial to appear at each and every dollar you devote on dental advertising and marketing and marketing as an investment rather than an expense and do whatever it takes to get the person in the door and keep them about.

Now that we understand the cost of acquiring a new patient and every single individuals lifetime value, we want to ge