Bringing you the latest in news and advice
from the dental marketing trenches
The Nation's Most Experienced Full-Service Dental Marketing Agency
AIM Marketing
AIM President Hosts the Leader in Leadership Coaching
Linda Drevenstedt, MS, President of Drevenstedt Consulting, is an Executive Leadership coach, speaker, and author. Her approach is honest and straightforward, yet gentle.
She has extensive and direct experience ‘within the dental trenches,’ first as a dental hygienist, then assistant, and practice administrator of a multi-specialty dental group.
AIM Dental Marketing’s Founder and President sat down with Linda for an entertaining and information-packed session entitled
Top Tier Transformation
Producing Peak Performers
Her presentation equipped attendees to: Clearly identify your practice leadership level to reach your next level of
success, ask the Three Power Questions for effective leadership communication, practice 4 powerful communications elements to enhance your, leadership effectiveness, take 5 actionable steps to create team excellence and a thriving practice, recognize the 6 traits of a compelling leader, adopt a crucial leadership conversation model that really works, and more.
Some questions that were asked and answered during the Event included:
- How do I lead and do dentistry at the same time?
- When you ask an employee if they need anything to be successful, what if they ‘don’t know what they don’t know,’ that is, beyond obviously missing resources, malfunctioning technology, how do they know what they need?
- How does one know she has reached the level to hire a Practice Manager/Administrator?
- What if it’s the appointed office leader that is falling short?
- How do I find out about the DISC stuff for me and my team?
- What is the best book on leadership? …on Emotional Intelligence?
- Why don’t they teach leadership in dental school if it is so important?
- I have a worker who is high ability but low/middle commitment. How do I move him along the leadership curve/level up?
- Can you restate the exercise to de-domesticate and re-domesticate a worker?Click below to view the entire webcast.
AIM Hosts Dentistry’s Top Embezzlement Expert
David Harris may have the coolest job in dentistry – he gets to chase, and catch, those who steal from dentists.
A rule-breaker in his youth, David changed his direction and has spent much of his adult life in the world of investigation and enforcement, where he uses his unrivaled ability to understand the criminal thought process to help educate and protect dentists.
David is the Chief Executive Officer of Prosperident, the world’s largest firm investigating financial crimes committed against dentists.
AIM Dental Marketing president and Founder of the Practice Perfection web-based education series Daniel A. ‘Danny’ Bobrow had the pleasure of hosting Harris for an informative and entertaining ninety-minute session.
David, a licensed private investigator, Forensic Certified Public Accountant, and Certified Fraud Examiner, regaled the audience with real-world stories from his own case files that illustrated just how prevalent embezzlement is and the cost associated with it. Gladly, he shared several simple steps to prevent the dental practice from falling victim to dental embezzlement.
Harris is the author of the book Dental Embezzlement: The Art of Theft and the Science of Control and over 30 articles in dental publications.
In addition to being a prolific author, David is a frequent presenter at regional, national, and international dental conferences, and his vast wealth of experience, coupled with his keen sense of humor, make David both an engaging and entertaining speaker.
Key Takeaways Included: |
||||||||||
|
How to Choose a Dental Marketing Agency
More dentists than ever are retaining the services of a dental marketing agency in support of their dental practice growth plans. The most often-cited reasons for doing so are a desire to manage their patient mix between third party reimbursed and fee for service, desire to add an associate, and as a response to inroads from competitors, most notably DSOs.
According to Mike Abernathy*, 50% of practice growth should come from new patient flow, which makes choosing to work with a reputable agency, having a proven track record, and whose sole focus is dentistry, a logical decision.
*Summit Practice Solutions E-Letter (10-29-20).
If your experience with dental marketing has been less than stellar, the first question to be answered is “Where did I (or my marketing firm) go wrong?”
Dental marketing agencies unlock the power of the web for healthcare providers*
77% of patients used search prior to booking an appointment. With the growing percentage of the population consisting of Millennials, that number will only increase.
50% subsequently referred family, friends, and colleagues. Digitally secured patients are as likely to refer as are patients generated internally or via conventional external marketing methods such as public relations, cause marketing, and direct mail. 43% of new patients watched patient testimonials before scheduling an appointment, while 30% of patients who watched an online video booked an appointment. Video is a critical component of an effective digital dental marketing campaign. Finally, 56% of new patients used the click-to-call feature on their cell phones to book an appointment.
Taken together this means that, to ensure rapid, cost-effective growth, the internet is the biggest, if not the only, game in town, at least in terms of external marketing.
Law of Comparative Advantage
The decision to retain the services of a reputable dental marketing agency is further bolstered by what economists call the Law of Comparative Advantage, attributable to David Riccardo and James Mills, two nineteenth-century economists. The theory holds that an entity, be it a country, company, or individual, should concentrate all its efforts on the task at which it is ‘most-best.’ It assumes the variable to be maximized is profit, that is, it does not take into consideration non-monetary benefits such as entertainment, mentoring, and other forms of fulfillment and gratification one might derive from such other pursuits.
*https://www.investopedia.com/terms/c/comparativeadvantage.asp
Once Bitten (by a Dental Marketing Agency), Twice Shy
Along with the increase in the utilization of dental marketing agency services by dental practice owners, a concomitant, and unfortunate, the consequence is that a greater number of dentists are being disappointed by the gap between promises and results delivered by their agency.
The main cause is an inability (and, in a sadly increasing number of instances, an unwillingness) on the part of the dental marketing agency to present clear, reasonable, and achievable expectations to their clients. Largely responsible for this is the relatively recent arrival of what I term Big Box Internet Stores.
To a surprising degree, these entities are funded by private equity firms whose primary motivation is the maximization of the return for their investors within a given (usually 3-5 year) time horizon. That leads the company to be more concerned with aggressive marketing tactics to build their book of business than it is achieving quality results for those who are paying the bills; their clients.
The perception of what constitutes a fair and reasonable investment in dental practice growth has become further obscured by such agencies. In too many instances “over-promise, under-deliver” has become the prevailing theme.
The ‘going rate’ offered by these stores is around $300 to $600 per month. When you consider that, in any reasonably competitive area, the investment required to generate a new patient average around $300, even a well-managed program will be unable to generate meaningful results at that level of investment.
What’s “Fair?”
What constitutes a reasonable investment for your dental practice growth plan rests upon a number of factors including the above-mentioned competitiveness of your service area, your timeframe, and your goals.
“Rule of Thumb” estimates pegged to monthly collections assert that, if you are solely interested in stemming attrition, that is, replacing people who leave your practice with just enough to maintain your current patient base, you should invest two to three percent of monthly collections on marketing. If you want to increase new patient volume at a moderate clip the investment should be five to seven percent of monthly collections. If you plan to grow aggressively to, for example, add an associate, you will want to invest in the vicinity of ten percent of collections.
De novo practices are advised to invest upwards of 20% of projected production so earmarking a reasonable portion of startup funding towards a strategic marketing program is a necessary first step.
Return On Investment
Of course, it’s wholly reasonable to ask “What may I expect in return for my investment (and when)?” To calculate that let’s assume an average new patient acquisition cost of $300. The typical new patient spends an average of $700-$1250 in their first year, while the average patient will remain for 7 to 10 years.
Based on the foregoing, the average lifetime value of a patient, regardless of its source, is between $3,200 to $7,600. That means if one invests $2000 per month, a reasonable expectation is 7 new patients per month. Return On Investment is simply calculated by subtracting investment from return and dividing by investment.
Return = Number of Patients (7) x Average Patient Lifetime Value (we will assume this to be $5000)
Investment = $2000
Therefore, ROI = $14,000-$2000/$2000
Or 600%.
Following is a table, which details the investment for a given task/tactic as well as the variables upon which that investment depends:
Perform Your Due Diligence
When my brother and I started our dental marketing agency in 1989 we could count on one hand those companies offering a similar service for dentists. Now that number is in the hundreds, with new entrants arriving seemingly daily. As noted above, many of these new entrants are funded by private equity firms that have become aware of the potential to earn a handsome return by aggressively marketing to dentists, promising them spectacular results for next to no investment. It is this type of entity, which has resulted in so many dentists being disappointed with the results of their marketing investment.
While it will require a bit of time and effort there simply is no substitute for deliberate research and comparison shopping. Do not fall into the trap of assuming all dental marketing agencies are the same and therefore, the price needs to be the only decision criterion. As with dentistry, price is but one consideration. A true fit goes well beyond the investment. As with most things, dentistry included, results are typically commensurate with investment, that is to say, “you get what you pay for.”
As part of your due diligence, the following questions should be asked and the information requested:
- How long has the firm been in practice? Experience matters.
- Does the firm specialize in the dental field? Profession-related experience matters.
- Will the firm allow you to speak with current and former clients? Trust, but verify.
- Does the firm require a large advance payment and a long-term contract? Reputable firms strive to keep your money in your pocket until they truly need it, and are sufficiently self-assured as to not require a long-term contract. Clients should remain a client because they want to, not because they are contractually obligated to.
- How does the firm demonstrate an understanding and sensitivity to your unique situation? Does it customize a plan to meet your needs, or do they employ a “one size fits all” approach? Do they provide a fully transparent, regularly updated, and easily understood online interface, which presents their results?
Transparency and Accountability – Trust, But Verify!
There are certain key performance indicators (KPIs) about which your marketing agency should be reporting. KPIs to watch include so-called “bottom of funnel” results: new patient volume (and how this compares to your agreed-upon goal), new patient acquisition cost, and your “team batting average,” that is, their success with converting calls from prospective patients into solid, and kept appointments. “Mid-funnel” KPIs include so-called conversions. These are indications of some desired action being made by prospective patients including phone calls, form completions, chat-bot engagement, and reviews activity. “Top-of-funnel” KPIs to watch include: total website visits, percentage of new vs. repeat visitors, page load speed, bounce rate, time on site, paid search impressions and click-through rate, traffic lost to budget, and more.
New Possibilities
The properly conceived, implemented, and monitored dental marketing plan places the practice owner squarely in control of their practice growth plan, and can mean the difference between success and failure. Conversely, a plan that is poorly conceived, executed and, therefore, rendered non-actionable can mean frustration, wasted opportunity, and costly. That’s why it makes sense to become familiar with the means for vetting, selecting, and evaluating the dental marketing agency that will help you navigate dental marketing landscape and come out the other end a winner.
Here’s a free glimpse at AIM Dental Marketing’s Dental Marketing Dashboard 2.0
The Elite Practice Founder Interviews AIM Dental Marketing President
On June 8th, The Elitre Practice founder, Dr. Carlo Biasucci, sat down with AIM President Daniel A. ‘Danny’ Bobrow to hear an update on several digital marketing tactics dentists, both Canada and U.S.-based should know about it.
Updates included how to avoid paying GST/HST tax for Google Ads, enhance rankings by adding specific content to the dental practice’s Google My Business page, keeping your marketing honest and actionable, and eliminating the number one bottleneck between the dental marketing plan and practice growth.
The interview runs around 40 minutes.
Many Thanks To Six Step Screening Inventor Eva Grayzel
On Thursday, June 17th, at 6 p.m. Central Eva Grayzel, Master Storyteller and Visionary Survivor, and author of: M.C. Plays Hide & Seek Mom’s Choice Gold Award Winner and Readers Favorite 5-Star Rating will deliver:
Protect Yourself From Liability, And Save A Life
A Free PACE-Approved CE Course For Dental Professionals
Earn Your Patients’ Trust OVERNIGHT!
5 Ways Your Practice Is Bleeding Money, and how to stop it NOW!
On March 18 AIM President Daniel A. (Danny) Bobrow, hosted Carlo Biasucci, DDS, who shared an actionable blueprint for success in the Covid economy
The “Covid Economy” caught everyone off guard. Yet, Dr. Biasucci maintains that the difference between success and failure continues to be more about methodical execution of proven systems than it is chasing “new” and “different.”
After surviving an injury that almost ended his career, Dr. Biasucci was determined to change his practice from a beast of burden to a business that would allow him to live life on his terms. He took his already-successful $2.4 million dollar practice, tripled it in 3 years, and cut his work week in half.
He now spends 100% of his time sharing exactly how dentists across North America and overseas can get off the treadmill of trading hours for dollars.
Attendees learned why Elite Practice Members collectively outperform other consulting groups by a wide margin.
In his fast moving presentation, Dr. Biasucci stressed the areas where most dentists struggle are appointment conversion, case acceptance, and having and using accurate data. He debunked some rather widely held views among dentists including that most dental marketing resources should focus on direct mail, outspending ones competitor, Instagram, and other reactive strategies, in favor of an ongoing emphasis on internal dental marketing such as patient testimonial videos.
“Internal and external marketing are two wings of the same bird.” Says AIM Dental Marketing® President Daniel A. ‘Danny’ Bobrow. “When one is maximizing patient value, the return on investment from external marketing sees a commensurate bump.” Concludes Bobrow.
The Presentation’s Agenda included:
- Where to focus right now with your marketing budget
- Easiest “holes in the bucket” to fix
- Fastest ways to dramatically increase case acceptance
and - 14 statistics every dentist should closely monitor
Biasucci’s 4 pillars of practice success are Leadership, Systems, Training, and Marketing. He spoke about Team motivation and opined that, when the Team won’t do what the owner wants, he/she should not give up, fire them all, or hire new staff but, rather, engage them to ascertain the reason(s), then lead and train them, and incentivize the desired outcome.
Key statistics Biasucci urged dentists to track included:average yearly value of a new patient, collections (stated as a percent), and conversion percent, by Team Member, of phone calls into kept appointments.
The Presentation concluded with a Q&A session during which were addressed topics including: details on cause marketing/community outreach; marketing metrics on which to focus; the importance of, and methodology behind, calculating Team Batting Average (appointment conversion rate); email cultivation (drip) marketing campaign set up and implementation; and telephone skills mastery.
The webcast ran around 90 minutes.
AIM’s President Interviewed By Dental Products Report on Dental Cause Marketing
Dental Practices Should Engage in
Cause Marketing
A conversation with AIM Dental Marketing®
Founder Daniel A. “Danny” Bobrow
Dental practice management expert Bobrow joins Noah Levine to discuss why 2021 is a great time for dental practices to connect with their communities through cause marketing.
AIM President Danny Bobrow sat down with Dental Products Report’s Editorial Director Noah Levine to discuss what is likely the most underutilized dental practice building tactic. Known various as cause-related event marketing, cross-sector partnerships, and simply cause marketing, its power and potential are limited only by the commitment, energy, and creativity of those who choose to embrace it.
The interview began with Noah asking Danny how and whether AIM’s Health Partners (clients) were advised to modify/prioritize their marketing and outreach efforts in response to the pandemic. Bobrow made the point that, aside from encouraging the use of tele-dentistry, including after the pandemic (owing to its ability to increase case acceptance), and clearly communicating the measures the practice is taking to ensure the safety of its patients, the real opportunity lay in ‘filling the vacuum’, that is, continuing, and even accelerating, ones marketing and outreach efforts to leapfrog those competitors who chose to curtail or eliminate their marketing efforts during the pandemic.
HIPAA compliant emails and online patient forms submissions have also seen an uptick in interest, owing to the convenient and support of social distancing each service offers.
The conversation eventually circled back to cause marketing, at which point Bobrow introduced the idea that “In contrast to Adam Smith’s Invisible Hand, which holds that society benefits when people pursue their own selfish interests, cause marketing states the opposite, that, by seeking to help others, one’s business unavoidably benefits.”
CDS to Host Daniel Bobrow at 2021 Midwinter Meeting
We are happy to share that AIM President, Daniel Bobrow, will be speaking at the Chicago Dental Society’s 156th virtual Midwinter Meeting, the largest dental professional meeting in the United States.
This year’s Midwinter Meeting will be taking place February 25-27, 2021.
You can register for the Midwinter Meeting here: https://www.cds.org/meetings-events/midwinter-meeting/
This year’s Midwinter Meeting theme, ‘Heart of Dentistry,’ celebrates the passion for dentistry that we possess in our hearts and our commitment to the profession and those we care for. While our world is changing drastically, our profession now compels us to look even deeper into our hearts for the passion and commitment to move forward. We want all of our attendees to celebrate and share the importance of dentistry in our lives.