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Download print version of “Truth #8: Dental Marketing for Major Net Profit Gains! – Fast Profits & Major ROI Results
Truth #8: Dental Marketing for Major Net Profit Gains!
Fast Profits & Major ROI Results
9 Truths of Dental Marketing – #8
For the complete online video series at no-charge go to: www.InternetDentalAlliance.com/9Truths.htm
Welcome! This is Jim Du Molin editor of The Wealthy Dentist Newsletter. In segment # 8 of our Nine Truths Program we are going to be looking at how you can put tens of thousands of addition dollars of net profit in your pocket annually using Internet Dental Directories / Dentist Directory.
The slides you see are actual results from dentists internet marketing campaigns. The important thing to be learned from this video is not just that you can make money with internet dental directory marketing, but how to track the results of all your marketing campaigns.
Watch this example closely. Which of the six campaigns didn’t work and should be cancelled?
Now lets look at how the dentist relates to this. At what your experience is like. First of all you log on using your own password and your email address. If you’re not a member you can register online. Its very straightforward.
The first thing that comes up is a Dental Marketing Return on Investment Analysis on your marketing for this directory service. You put out money, you expect money in return. That’s critical and its broken down step by step for you. First of all it shows the portals that you’re listed on. You have 15 to choose from but we want to show you the ones that you’re actually working on. And you can sort this any way you want. You can sort it from your total time on the service. You can do it year-to-date, quarterly, monthly or any span of time to find out if its still working for you. So lets take a look. Your portals here start with Cosmetic Dentistry. It calculates your Marginal Profit. If you’re not familiar with the term Marginal Profit you can see our WealthyDentist.com training program on Maximizing Your Marketing Targeting the High Value Patient. It will give you a complete explanation on how to calculate Marginal Profit.
We start with the Marginal Profit, we have the Number of Patients that you’ve gotten from this portal which give us your Total Marketing Profit and your Marketing Expense (how much you’ve invested in marketing). We add, multiply and divide and we come up with your Net Profit from your strategy so far to date and your ROI.
As you can see, its really easy to be profitable. This type of analysis shows you which of the portals are working for you and which aren’t working for you. Not all of them are going to work. But you have to test them. And this one, for example, the Pediatric market is not right for this practice. They’re not making any money on it. But their Orthodontic Dentistry 1st Braces is going gang-busters on them. So they would probably want to drop their
Pediatric Dentist portal and improve their marketing on the Orthodontic Dentistry market. We have strategy sessions as part of the program so you can learn how best to maximize your marketing.
Now, your ROI settings: We have a series of defaults for Return on Investment. It starts with the Gross Value of a Patient. You can customize these any way you want and we have a special training session for you that will walk you through how to do this easily. Plus we have a team of people available to answer all your questions and help you every step of the way.
For Cosmetic Dentistry, we used an average value of $5,500 per patient and a Collections Rate of 96%, which is the ADA average, Lab Fees of around 10%, Universal Variables for dental supplies at about 9%. So the Marginal Profit for a Cosmetic patient is about 77%. That means that the Marginal Profit number is $4,200 and that’s what came in on the other part of the program. You’ll be able to analyze and ask questions at any time you want because we have a full team of customer support people to help you with this.
You can also get this information automatically with another program we have with TheWealthyDentist.com. Its called 1stProspects.com. Its an online program to track your new patients and analyze the results you’re getting from them. Its absolutely super. Its revolutionary in what it can do for you. I think you can even take it for a free test drive so check it out and let us know how you feel about it.
The other thing you can see is the exact patients who have responded. These are just the people who have emailed you. We track them for you so you can see whether you’ve scheduled them or not. But they have sent you their name, address, phone number, and email address. We’ve faxed and emailed a confirmation to you and we emailed a confirmation back to them. Our job is to deliver the patients. Your job is to move them into the practice. We’ve got some training programs in TheWealthyDentist.com that can help you with that.
Here’s another thing. You can add and delete your portals at any time. You can select your portals and you can select your geographic markets within the portals. Again, we have training programs for you to maximize each step of this equation.
Now what marketing campaign didn’t make a profit? The Pedo campaign. Why? Two reasons; Pedo wasn’t this doctors demographic market and second, with a marginal profit of $430 there just wasn’t enough money there to make it work.
The real lesson is to be learned here is that computer systems are available to help you find out which of your marketing program are profitable and with aren’t.
We started this video series to get you up to speed on some of the Issues and Myths of Internet Dental Marketing. All of the analytical examples can be easily applied to any of your marketing vectors direct mail, phone book, radio and even your PR campaigns.
In segment # 9, the final video in the 9 Truths series, we are going to show you how the five biggest mistakes we see doctors make with their Internet marketing.
