Accurately valuing a dental practice requires a thorough expert analysis of several factors, including revenue, infrastructure, and profitability. However, there is one underlying aspect of value that is often overlooked: Marketing.
Promoting your dental practice’s brand is a critical component in building value. Your brand is what differentiates your services from the competition, and includes everything from the name on the door to how your staff connects with patients. A successful brand has the possibility of attracting new patients, gaining recognition, and boosting overall value.
When developing your brand to drive value, there are three primary marketing strategies to consider.
- Your Website
When patients are looking for a new dentist, they typically go about this is one of two ways: referrals and online searching. When it comes to the latter, it’s important that your website is a perfect representation of your dental practice and the services you offer. The more accurate your website’s information, the more likely people are to find your webpage.
However, being found isn’t where your responsibility ends. Your dental practice’s website should be welcoming and kept up-to-date with hours, staff, and content. The most successful practices also allow for online scheduling or new patient sign-ups on their website. The more you have to offer the potential patient, the more likely they are to engage with you.
- Social Media
Don’t be fooled into thinking that social media platforms such as Facebook and Twitter are only for teenagers, or that LinkedIn is only for MBAs. Each one provides a direct connection to the public, which makes it an invaluable tool for any business. You may not see the impact right away, but regular and consistent posts can attract patients, act as an educational resource, or simply build exposure. Additionally, most social sites present an option for targeted advertising for a dual approach.
- Interaction
Put yourself out there! Face-to-face networking is just as important in today’s digital age as it was 50 years ago. By allowing potential patients to put a face to a name, you’re helping them feel more comfortable. Not only that, but dentistry is an industry heavily driven by referrals – meaning your patients are your most powerful marketing tool. Investing in your current patients and ensuring they are well taken care of greatly increases the chances that they’ll recommend you to friends and family.
Sign up for a free evaluation and assessment of your dental practice today. Our team can help you identify factors that are contributing to and detracting from your dental practice’s value.