As consumer behavior is in a constant state of flux, understanding existing (and new) patients can feel as overwhelming as understanding what makes people do the things they do… such as the opposite sex. And as much as we’d like to have it, no one has written a Dental Marketing book titled: “Dentists Are From Mars, Patients Are From Venus” to simplify everything.
However, there are some secret weapons that every Dentist can use to gain insight into the actions and decision making processes every patient makes. Predictive analytics and marketing automation are vital tools that can give any Dentist a competitive edge.
Dentists who continue using old marketing strategies waste a lot of time and resources emailing, calling, and direct-mailing all potential patients, while the majority of them are not ready to schedule an appointment and/or have that next level of service performed.
Savvy Dentists can take the guesswork out of marketing and sales strategies, by anticipating patients’ needs. They then target only the patients who are ready for the next level of care, so that their resources are going towards higher-quality leads, and thus, greater case acceptance.
Predicting the future of dental marketing success is tricky business – there’s always the risk that time will exposure your folly. But with every passing year, pundits and authorities continue to venture out on thin ice (at their peril) and announce predictions for the future.
Admittedly… chance alone will favor some of these forecasts. On the flip side of the coin it’s a sure bet that there will always companies and individuals (that continue to remain) far off the mark, stoking the fire of resentment and distrust in Dentists across the profession.
When hear an established Practice Management Company and/or Dental Marketer say that Growth Hacking, Gamification and/or Predictive Marketing is nothing but a farce just remember these famously (FOOLISH) false predictions on the future of technology:
1876: This ‘telephone’ has too many shortcomings to be seriously considered as a means of communication. — from an internal Western Union memo.
1880: Everyone acquainted with the subject will recognize it as a conspicuous failure. — Henry Morton, President of the Stevens Institute of Technology, passing judgment on Thomas Edison’s light bulb.
1895: Heavier-than-air flying machines are impossible. — Lord Kelvin, President of the British Royal Society, mathematical physicist and engineer.
1909: That the automobile has practically reached the limit of its development is suggested by the fact that during the past year no improvements of a radical nature have been introduced. — “Scientific American”, Jan. 2, 1909.
1923: There is no likelihood man can ever tap the power of the atom. — Robert Millikan, winner of the Nobel Prize for Physics.
1926: While theoretically and technically television may be feasible, commercially and financially it is an impossibility, a development of which we need waste little time dreaming. — Lee De Forest, U.S. inventor and radio pioneer commenting on the future of television.
1936: A rocket will never be able to leave the Earth’s atmosphere. — The New York Times.
1943: I think there is a world market for maybe five computers. — Thomas Watson, Chairman of IBM.
1961: There is practically no chance communications space satellites will be used to provide better telephone, telegraph, television or radio service inside the United States. — T.A.M. Craven, U.S. Federal Communications Commissioner.
The Power to Accurately Predict – Then and NOW:
How could so many experts in their field be so sure and yet so wrong? Now I want to be fair to the folks I just mentioned above because they were speaking in terms of “what was likely in their present (or, at least, their near-term future)” when they were quoted.
Of particular interest to you, ALL OF THEM pre-date the powerful new possibilities for predictive insight available to every Dentist in practice today.
Predictive Marketing Is Being Used (With Great Success) By Companies (Large and Small) Around the Country… Dentists Can Enjoy the Same Results
A recent benchmark study by Ventana Research found that a whopping 86% of business owners and managers surveyed stated that predictive marketing will have a major positive impact on their business, and 68% of the participants currently using predictive marketing report that they have already realized a competitive advantage as the direct result of its implementation.
So How Can Dentists Use Predictive Marketing to Attract More Patients and Become More Profitable?
That’s a great question which can be answered by looking at the course “Early Adopters” of predictive marketing have taken a “customer first” approach to predictive marketing by focusing on new ways to generate revenue and increase customer satisfaction.
43% of the organizations who participated in the study are using the results of predictive analytics/marketing to make product recommendations and offers designed to up-sell or cross-sell their current customers. Dentists can benefit from this strategy just as easily and also by combining patient information with marketing and purchase data, they can tap into new trends and opportunities as they emerge.
What’s more, the 40% of companies who are now evaluating or planning to incorporate social media data in their analyses are moving even closer to the goal of real-time insight into customer behavior.
5 HUGE Benefits That Predictive Marketing Can Give You
Predictive Marketing can give you increased insight across mission-critical areas of your practice, from marketing and customer service to employee training and hiring.
Think of predictive marketing / analytics as x-ray vision giving you the power to see through walls and grasp the bigger picture. Using predictive marketing you can:
1.) Instantly predict market trends, patient desires and needs
2.) Create customized offers for each niche (and sub-niche) of patients you serve
3.) Predict how market-price volatility will impact your production plans
4.) Foresee changes in demand for your services and prepare accordingly
5.) Proactively manage your staff and enjoy the highest level of performance from each member of your team
Discover How Predictive Analytics Can Increase Your Production and Profitability
Are You Still Marketing Your Practice By Steering Through The Rear-View Mirror?
The classic approach to gathering intelligence for your practice has been limited by both the available data and analytical tools. While KPI’s and reports were useful for understanding past performance of your practice and drill-down analyses might unveil important correlations, they are only able to focus on what is visible in the rear-view mirror.
Predictive modeling takes a forward-looking perspective, giving you a view into what’s likely coming ahead. The advantage you gain over your competitors by combining that future perspective with real-time analytical capabilities is HUGE because now you can move out of the past and into the future with the ability to predict and take action ahead of the curve… and your every competitor.
The infographic I’ve included below brings the power and benefit of predictive marketing and predictive analytics into sharp focus:
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