Dental Practice Marketing : The Referral Ratio And Return Of Investment In Your Practice

As a dental marketer, you should start your business right in dental practice marketing. You should be able to know how to make your practice go along with your dental practice marketing business. People often ask me this:“How do I know where to start with your marketing?”, and “How do I know if my practice can be helped with marketing?”. I give them an answer which explains what you really need to think about in dental practice marketing instead of being misled by any marketing representative. Here are two specific measurements which helps me objectively coach my clients on their practice.

Referral Ratio:

Get the Referral Ratio in your dental practice marketing. To get the ratio, 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)

If you have 300 referrals and 1000 active patients:

Referral Ratio = (300 referrals) / (1000 active patients) = 30%

* 30% Referral Ratio is considered “Good”, though not great... but it is a good start for your business.

If you have 100 referrals and 1000 active patients:

Referral Ratio = (100 referrals) / (1000 active patients) = 10%

* If you are with this kind of percentage, then you have lots and lots of improvements to do. But the important thing is that you now know it.. and you can work to get higher and exert more effort!

Note: If your Referral Ratio is below 50% ,hen 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 calls for immediate action!

6-Month Value:

In your dental practice marketing, know what a patient is worth to your practice at a 3-month, 6-month, and 12-month time basis. Keep it simple, because 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, which is a good start! However, if your ROI is within 3:1 or 1:1, then you are in considered to be in a bad position! You need to improve as soon as possible! Either way, even if you have a higher ROI, you will be always looking to improve on this area!

In your dental practice marketing business, always improve the value of each patient. Increase referrals per patient, diagnose more and improve case acceptance, improve your new patient experience, start a patient newsletter so as to communicate with your existing patients and get them to choose more of your services, offer more services, hold an Invisalign Open House, and start placing implants. This gives you a very good start your dental practice marketing business!

Listed below are more articles related to the above article from the "Marketing" article category.

People interested in the above article "Dental Practice Marketing : The Referral Ratio And Return Of Investment In Your Practice" are also interested in the related articles listed below:

Your Trade Show Banner Can Be The Height of Fashion

I have a cousin who detests revealing clothing on people and often remarks, “If you have a good figure, people will notice without having to wear that.” You might think your trade show product is also that noticeable on its own, but with so much competition, you need to dress it up a bit to get noticed. A quality trade show vinyl banner does the trick while looking both attractive and professional. And while your trade show vinyl banner doesn’t have to be as revealing as an inappropriate outfit, it does reveal the best in what you have to offer with your product.

Nine Ways to Know It’s Time to Expand Your Marketing

By now you’ve probably read one or more of the jillion articles being published on the subject of how and why you should market in a recession. But, let’s face it. Marketing in a recession is not right for all companies. Recessions scare a lot of people into reducing their marketing efforts, but for many companies recessions are a great opportunity to expand. Read this article to learn if yours is one of those companies.

Lapel Pins Help Boost Sales in the Tourist Industry

The news stations continue to report a decline in consumer spending. With job losses up, the housing market down and Wall Street on a roller coaster ride, it’s no surprise that consumers have a tight grip on their wallets. While people are still spending, businesses and consumers alike are looking for the best bargains they can find. Surprisingly, that big bargain might just come in a very small package: lapel pins.

Bits of Info about Business Cards

It is only normal for people to feel tired about what they see around them. And the solution that they easily come up with is to redecorate and change how things look so that they will feel good about what they are seeing. This is also true with business cards. This handy tool must be redesigned from time to time. This way, the owner will feel proud about the look of the card as they pass it around for whatever purposes it may serve.

Output of Fencing and Decking Exceeds Expectations

Like all segments of the U.S. residential building materials market, production of rigid PVC fence and decking products is down from last year’s level. But they have not declined nearly as much as other PVC building products, such as pipe, siding, and window profiles.

Don’t Lose Sight of Who You’re Really Marketing To

My guess is that when you first sat down before your company opened up you spent a lot of time figuring out who you were going to appeal to. These were the customers you thought you would have the best chance at attracting. Those first few marketing campaigns were completely focused around this group of people. When you got postcard printing done you did it with them in mind and when you put up posters you were always considering the best locations to reach your core base of customers.

Corporate Gifts and Promotional Products

Promotional products are still one of the most effective marketing and communication tools a company can make use of. As they remain the most efficient and entertaining way to express clients our gratitude and reinforce relations between our employees, promotional products have come a long way and do not longer constitute ordinary branded pencils or stickers with the company logo.