Practice value creation
As practices adapt to the new dental economy, competition for patients continues to grow. Consumers are spending more carefully, sometimes putting off treatment, and shopping around for lower fees. Your patients want more value for their money.
Determine what differentiates your practice. To define your practice's value, first identify the three to five differentiators that set you apart from your competitors. Is your practice friendlier, more family-oriented, or conveniently located? Incorporate those characteristics into marketing, new patient interactions, and case presentations.
Don't spend time and effort on ineffective external marketing. Internal marketing (to the patients you already have) is the least expensive and most effective form of marketing. Also, building the practice's value in the minds of existing patients increases their sense of satisfaction and leads to more referrals.
Roger P. Levin, DDS, is the chairman and CEO of practice management consulting firm Levin Group.
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