With interest rates still low compared to past years, many practitioners are saving hundreds and even thousands of dollars per month by Debt Consolidation.
Smart practitioners are reinvesting their savings back into their business. Often that investment takes the form of increased spending on a dental practice marketing consultant.
Armed with extra cash and burdened by a busy schedule, some dentists mistakenly initiate dental practice marketing projects without a budget or plan. These practitioners may end up with an impressive new website or creative direct mail campaigns, without seeing any significant increase in their bottom line.
Creating a marketing budget is a three-step process.
Step One
Your budget should reflect the financial costs and benefits of attracting new patients compared with keeping the current ones. How much are current patients worth to your practice compared to new ones? Calculations vary widely on the financial value of new patients to a practice. Generally speaking, if you have a high case acceptance rate, then your patients-of-record already have received needed care. Thus, new patients may be worth more to your practice simply because they are more likely to need dental services.
Step Two
Determine how much to spend on marketing. Some offices decide how much to invest in marketing by simply guessing what their colleagues are spending, or by setting aside three to six percent of their gross income. Instead, carefully work out the costs of each marketing project in comparison with the number of patients reached.
Step Three
Assess your past marketing projects in terms of how much each strategy costs compared with how many new patients were attracted to the practice – and how much each new patient spent. Strategies include anything from direct mailings to new residents to sponsoring local sports teams.
Consolidate your Personal and Practice Debt and see how your Dental Practice will Increase In Your Bottom Line Profits by utilizing an Effective Practice Marketing Consultant!
Now’s the time to refinance and consolidate debt!
BRT Financial specializes in Dental Practice Financing for any financing needs a Dentist may need; even low credit scores are no problem!
www.edentalpracticefinancing.com
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