When you invest in a stock or bond you expect a return, but there’s no guarantee. Your dental marketing investment is no different. You expect a return, but again no guarantee. Do you know the dividend from your current dental marketing investment? It is time to crack open your portfolio and find out!
Track your dental marketing investment:
Use two months ago as an example because the majority of money from these new patients is probably collected by now.
- How much was spent on dental marketing? (ex: $800 total – $500/month for flyers, $200/month for Internet ads & $100 for signage to get patient referrals)
- How many new patients came in from each of those dental marketing sources? (ex: 8 total – 3 from flyers, 2 from internet and 3 from patient referrals)
- How much money was brought in by each of the new patients? (ex. $5000 total – 300 from bob 2000 from sue etc.)
Put this information into a spreadsheet. Shoot me an e-mail and I can send you a template. firstname.lastname@example.org
Repeat this process for the two months before that as well so you have enough information to account for any flukes. This is a snapshot of how your dental marketing investment is doing! Are you making money or loosing money? Are certain methods working better than others?
Identifying what patients came from what source should be easily available from your practice management software. If it isn’t you may need to get with the front desk staff and adjust your new patient data collection procedure. This data is vital to determining the success or failure of your marketing efforts. Without it you are leaving your marketing investment to chance.
This data collection process can be a bit tedious, but needs to be done every month. These numbers represent your investment. Just like a financial advisor will send you an update every quarter. The Office manager should give you this information once a month. You need the information so you can adjust you marketing for best results.
If you’re not getting the returns from your dental marketing investment that you are looking for, send me an E-mail and we can take a look at your dental marketing strategy.