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Are Your Dental Practice's Marketing Efforts Paying Off?
Do you feel like you're paying too much in acquisition costs to bring in new patients and retain old patients in your dental practice? You might be, but you won't know for sure unless you're tracking your return on investment, says Blair Drenner, vice president of strategic business development at eRelevance Corporation. In this clip, he explains where your efforts should be focused and how you should be tracking them.
Do you feel like you’re paying too much in acquisition costs to bring in new patients and retain old patients in your dental practice? You might be, but you won’t know for sure unless you’re tracking your return on investment, says Blair Drenner, vice president of strategic business development at eRelevance Corporation. In this clip, he explains where your efforts should be focused and how you should be tracking them.
Interview Transcript (slightly modified for readability)
“The absolute, number-one key in reducing acquisition cost is first of all, you have to measure the amount that you’re spending on acquisition both for your new customers and your existing. It’s crucial to understand what’s going in and what you’re receiving back in every single different dimension of what you’re spending on in your marketing realm, whether it be websites, SEO, pay-per-click, or your customer marketing.
The second is understanding the roadmap of how to decrease acquisition costs by removing focus from driving new patients in the door and quickly getting to the point of driving repeat business through customer marketing. It’s far less expensive to drive repeat business through loyalty programs and repeat business through your existing clients than it is to go try and get new ones.
We find that once you’re at 1,000 patients in your database, you can cultivate a huge, growing practice just with that repeat business.”
