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Posts Tagged ‘Dental Practice Management’

Our National Debt Crisis: What does this Mean for Private Health Care Professionals

Thursday, June 9th, 2011

I have made this video about 2 months ago. I have found that many dentists and doctors are not aware of how the national deficit problem will filter down to all of us. There is some kind of a “detachment”, some kind of idea that “whatever happen on a national level will not affect me on a smaller level.”

So I am releasing this video here.

 

The last 15 years has been the best financial years in our lifetime in this country. Credit was easy and consumers could purchase easily. Patient referrals come easily and doctors could get by with little to no external marketing efforts to keep their practice surviving.

However, in the last 2-3 years, trends have changed.

  • Consumers are no longer as affluent as before.
  • Patients are caught in the recession with job losses and thus insurance losses.
  • Insurances are cutting re-imbursements to doctors.
  • Patients are no longer as loyal as before – they are looking for the best deal as there are so many choices out there.
  • Word-of-mouth is no longer enough to make a practice full with good new patients
  • Direct marketing has lost many of its percentage in returns and it has become a price war of ‘which doctor is cheaper?’

In the next several years, money will never ever flow as easily as it has been in those last 15 years, and yet most dentists, doctors have not been able to set a nest egg aside in those last 15 years.

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Advertising Budget: How Much is Too Much?

Sunday, March 20th, 2011

A frequently asked question among my clients is, “How much of my particular income should go over to marketing? What is a standard marketing budget?” Accountants and other analysts out there are always analyzing what is standard and what is good. Where they get their data about what is ‘right’, I don’t know and 99.9% is incorrect. How much do you spend on marketing? How much do you spend on dental website marketing? As much as it takes to move up and get people into your business.

If that is six times what you are making now, so be it. Am I joking? I am absolutely not joking. Do you usually need that? No, not really. But then again maybe yes especially if you are making little money right now. That is what it will take.

Several times, I have been around the world and studied some business while working for other companies. One similarity I noticed among the successful companies was that none of them had a budget of a limit for their marketing.

The more you market, the more successful you are likely to be, period. It’s a little bit like when you are sick. How much of the doctor’s bill should you pay? When I started my business, how much money did I make? Zero. How much did I spend on marketing? It didn’t matter, whether I spent $400 or $4000 it was more than what I made because I made nothing.

I once had a client who owned a dental practice in Los Angeles. He was spending quite a bit on advertising when he first started his business.

Flyers, coupons, internet dental marketing, stuff like that. I met him 12 or 13 years later, when he became my client.

At that point in time he no longer did any of those types of things. I asked him, ” Why did you stop, did it not work?” He said no, it worked, it brought people in.

He said that he advertised alot when he first opened his practice, just to get people in. However, he stopped marketing because he was told by other ‘experts’ that he should not be spending so much money! Then he paid me to tell him to start marketing again, which he did.

There are, however, many different inexpensive ways of dental advertising and internet dental marketing. There are even free ways of getting other people to promote your message from you. We called this ‘Un-Advertising’.

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Business Management: What is the Right Marketing Budget?

Friday, March 11th, 2011

The social media network is somewhat new to the scene of marketing. Let’s gear it towards public relations and how to get press releases. As you probably saw on the video on my site, media is not the almighty advertising source for your dental advertising . It is true, media is powerful and getting media is something you want. . But do not put all your eggs in one basket when it comes to getting your own free press, there are many other community leaders who can give you publicity without going directly through media sources. Social networks are one of those other options . How do you make use of social media to add more to your internet dental marketing?

In the past, you used to need to seek out a reporter and try to get an article out of a local newspaper. Now, reporters are actually disappearing. I personally think that there is a chance that in our lifetime, reporters will have more or less disappeared.

No matter the case, reporters are less important now than they were in the past. Why? You can go directly to the public through online social media networks and it is as powerful as a press release printed by another paper. I am not saying that this trend of online exposure can replace the New York Times, but most likely if you are for instance, a dentist, you are not getting into the New York Times anyhow for your local community news. It is much more likely that you would be getting into smaller papers in your area that will print your story. These papers are still important even though more and more news is being “reported” on the internet. .

Social media networks are able to connect directly with the customer. How is that happening? There are many social media websites. Facebook and Twitter are just two and there are hundreds of other ones that are broadcast and are basically syndicated radio stations, only on the internet. Information that is put onto these social media sites travels by itself with no reporters needed for the information to flow. Social media sites are even where today’s reporters are going to look for information Even if the main stream media don’t pick you up, there are key players in these communities and in many fields. These key players are bloggers and you will be going on those sites, with a blog and they distribute your information through their own community of followers which could be hundreds or thousands. Also, the public at large goes there. This new way of internet public relations doesn’t mean the old way is gone but the reporters are going to those sites to look for what is “cool” right now, and that makes sense. Instead of getting a sales pitch from a public relations agent, they are using social media to see what the community is beating the drums for these days.

Whether you are a dentist and would like to use free resources for your dental marketing, or a restaurant owner wanting to get your news to more people in your local community, use social media sites ( videos, articles sites etc) to publish your news.

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Surviving the Hard Economy

Sunday, March 6th, 2011

The following applies to all people in this country and on this planet, even though my experience mainly lies in helping dentists in dental marketing and have also helped doctors and small business owners to become financially successful in their businesses, the problems and solutions talked about are severely applicable to everyone.

First I want to share my fundamental belief with you:

When a person sees something which is obviously wrong – even though only in his viewpoint – he better speaks out and channels his energy to right the wrong.

Commonly this can only be done by making the rest of the group aware of what is happening and help them fixing the situation for them.

One should also simply not support the entities who have caused the wrong.

This is what Gandhi did – stop giving support to the entities that are harming the greatest good. Don’t participate, don’t support what you do not wish to support and the situation will right itself eventually.

I believe that one must stand up for such things regardless of immediate personal or family danger.

Sounds radical? Sounds dangerous?

Of course, one could lose it all – especially financially — as for instance some doctors, who have disagreed with the FDA and started treating patients with holistic or alternative medicine, have had their licenses being taken away.

The current attempt to hijack the country – even the world – and its people in it – is modern financial slavery and there will be no regards for people’s lives. This is far more devastating than any bad FDA regulations or any bad government insurance regulations even though those things are part of the hijacking and are forerunners.

To survive, maybe only survive in a literal sense, you will need cash – lots of it.

I did not quite believe I would ever say such a thing so heavy, but there are huge writings on the wall that the dollar will collapse, your real-estate will be worthless and if you have loans on it you better make truckloads of money to keep it or let it go and buy – with cash — a new one.

America is in such bad financial shape that we currently have a deficit of 13.3 trillion! If Americans were taxed 100% of their income it still wouldn’t be sufficent to balance the budget. With the so-called ‘economic recovery’ beginning to lose steam, Americans will soon experience a major decline in the purchasing power of their savings and income.

What is the solution?

Sell a lot more of what you have to the people (about 15 – 25 % who will still be able to purchase your services.) and sell a lot more NOW.

Now, in truth if you think about it – making money – marketing your services or products when others can’t always has and always will be the most important thing.

Economics at any level is simple – make more than you spend.

Even though cutting back on expenses has its value at times, but at any times you MUST – absolutely MUST — know how to set yourself apart from the competition in a big way, shine more than the competition, shout louder than the competition, – in short be seen better than the competition, be perceived better and more likable than the competition.

Especially in the period of this great economic recession, making your products and services well-known and well-accepted is the most important factor of surviving financially well.

These principles are always at play to determine who are winners in the business world – but they are paramount when times are real hard.

Building a better mousetrap – meaning providing better service as a doctor or in any field — is NOT what will achieve domination of your business sector.

Being seen, liked, trusted, and thus being endorsed by the community at large whether they have ever been clients or patients, will be just about the ONLY thing you can do to ensure the survival in the next two to eight years.

Stop thinking that you can only be affected by economic trends and that you have NO choice but can only make money when times are good (most people never do as you might see yourself that after the last best decade of economical advancement, most people – doctors included – have not accumulated enough wealth to ride through the current econonic storm).

Please also do not think that you must also suffer in your business because your peers are telling you how their businesses are down.

History has shown that during hard times, huge amount of super rich people and companies have been created.

When the going gets tough, the tough gets going is something which you need to do. Get on the ball!

Only 2 – 5 % of people business owners or doctors will get on the ball as history has shown.

Again, the only and absolutely best asset anyone can have is not real estate, stocks, 401k’s, health insurances – not even gold (even though better than the previous items) – the best asset is your ability to produce something and have the ability to sell it well to the masses who would still buy from you.

Whether you are a business owner or a dentist, smart business and dental practice management begin with knowing how to get lots of people buying from you with smart marketing strategies that reaches lots of people without the cost of traditional advertising.

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How to Improve Visbility on Google

Tuesday, March 30th, 2010

One of the common questions my staff and I got asked frequently regarding appearing on top rankings in Google is this: “How do I make myself visible through Google?” or “Why is my competitor’s site on the 1st page and mine is not?”

If you do not know the rules of the search engine game, you will always wonder why your site is not coming up on the 1st page of Google under ALL keywords and at the end, after spending lots of money and time on it with little returns, you might simply just tell yourself that there are NO patients/customers that you could get from the internet.

I just spoke with one of my newer clients, a dentist in Los Angeles, who has played the search engine game for about 10 years now ( even before he became our client).

He is getting 20 new patients from the internet every month! He is getting those results because he knows about the good and bad practices of internet strategies and have gone through them in the last 10 years.

He signed up with our service because he would still like to get even more!

For doctors and business men out there who want to see more patients coming in from the internet, don’t ignore the rules.

Roll up your sleeve and learn about the rules of the game — you will have a higher chance of winning!

Thankfully, many technologies exist to cut down the amount of work you need to do.

Here is a video from Matt Cutts, an engineer from Google on a few criteria which would help Google to position you well:

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