Printer Friendly Email Article

June 24, 2009 | dentalproductsreport.com

Don’t ditch your marketing plan

Saving money is always important, especially in today’s economic climate, but remember, a good marketing plan can make you money in the long run.

One obvious way to save money is to not spend it. Valid, to be sure, but also subject to what is referred to by economists as opportunity cost, that is, the forgone return from not taking advantage of some opportunity.

And change nearly always presents opportunity. The trick is identifying how to capitalize.

The annals of corporate success stories are replete with examples of companies that did far more than make lemonade from lemons during lean economic times: They transformed their identity, product, process, service or some other aspect of their business and forged a bold new destiny, sometimes for an entire industry.

Why you need a marketing plan
Remember 2008 was a record year for many. It’s great to set your sights high, but be reasonable: with yourself, your team, your patients and your market. Striking the right balance between irrational exuberance and despair can be tricky. A worthy objective may be to simply maintain current production levels, while finding ways to reduce costs.

Dr. William McCune of Creekside Dental, a Buffalo Grove, Illinois based general dental practice, said “I consider my marketing to be a non-discretionary investment. I’m frankly more inclined to cut staff than marketing because I know that, to keep the lights on, I need a steady stream of new patients.”

From a cash flow standpoint, and because the benefits of marketing sometimes require time to build momentum, it’s an excellent idea to be continuously invested in an ongoing, well thought out, and integrated dentistry marketing plan. That way, the benefits of past investments are realized later, perhaps when the business cycle is in a trough.

The only thing we have to fear is... fear itself
Another justification for marketing in lean times is the very reason many of your colleagues will assume a ‘wait and see’ posture: fear. Anyone who practiced through the last recession in the early 1980s (and who chose to assume an aggressive stance with respect to marketing) will tell you it was a great time to promote by differentiating their practice, thus making their ‘bounce’ from the recovery that much higher.

Remember a down economy is a measure of macroeconomic activity. To be sure, individual practices are affected, but there are so many other factors that contribute to your success.  There are always things we could do more efficiently and productively, and this may be a great time to work on them—to work on your practice rather than just in your practice.

Establish and solidify patient relationships
During lean economic times, people are more likely to question their allegiances and habits, including behavior patterns such as where to have their hair cut, nails done, and yes, their relationship with their dentist. ‘Switch and Save’ is one of the most commonly used phrases in advertising these days. Why? Because savvy marketers know consumers are looking for bargains.

CONTINUED ON NEXT PAGE

1 of 2