5 Things You Can Do to Make the Economy Work for Your Dental Practice
There is no doubt that today’s economy has had a profound effect on industries across the board. Consumer spending is way down due to heightened unemployment, salary cuts and the housing crisis. While the dental industry has proven to be recession-proof in the past, fears of losing jobs and/or insurance benefits have made many consumers reluctant to pay for dental treatments.
Don’t Cut Back
While common sense is telling many business owners to cut back during this time in order to manage costs, the recession actually presents a great opportunity for dental professionals to stand out from their competitors. Although things seem bleak now, everyone agrees that the economy is going to recover eventually and when it does, you want your practice to be in the best shape possible. By investing when your competitors are downsizing and cutting back, your money can go much further in improving your practice.
5 Recession-Busting Tips
There are several simple steps you can take not only to help your dental practice weather this economy, but also to move ahead of the competition:
1. Invest in New Equipment
Take advantage of the economy’s silver lining. Now is a great time to consider investing in new equipment or a bigger office. Interest rates are at an all-time low, making these types of investments much more affordable than they would have been a few years ago. Consider investing in the new dental imaging technology, which can help your procedures run much more quickly and efficiently. Moving to a new location can also help to improve your customers’ perception of your office.
2. Offer Flexible Financing Options
Losing health care benefits is just one problem facing consumers who have recently lost a job. But just because someone can’t afford a root canal, doesn’t mean they don’t need one. Offering customers a chance to finance procedures during this difficult time will not only help you retain business, but will also build customer loyalty when the economy turns around. Many dentists are working with local banks to develop payment plans and so far, these plans have a relatively low default rate.
3. Offer Referral Incentives
Now is a great time to rethink your office strategy, and looking at your customer base is the first step. Older customers, and those without children, are more likely to have discretionary income and view dental procedures as a necessary part of maintaining their health. Consider offering customers who fit this profile an incentive for new referrals. Not only will this help to stimulate your customer base and improve loyalty among existing customers, but it’s also likely that you’ll receive new customers who fit this profile.
4. Educate Patients
If patient bookings are down, use this as an opportunity to increase the business you are getting. Spend the extra open appointment time educating your current clients about their dental health. Really explain the benefit of the treatment plans you recommend for them. Your goal here is to help them see their oral health as a priority and understand that maintaining it is a necessity.
5. Market Your Practice Online
Pay attention to how your practice is marketing itself. Spending a little extra money here can go a long way to set you apart from your competition. The Internet is an excellent place to focus your efforts, because the majority of new potential clients use this route when looking for a dentist. Consider hiring an Internet marketing consultant to ensure your website looks professional and inviting. These consultants can also help push your practice’s page up in search results to increase the chances that new customers will find you. Investing in this area now can help to build a strong brand that will continue even as the economy climbs its way back up.
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