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Happy Tuesday. Another week and another weekend with too much football watching, a glorified AAU tournament ?? (congrats to the Lakers we suppose), and the reemergence of pumpkin spice. Here's what we are evaluating today.
And you thought YOUR practice cost a lot. A new "dental studio" just got a fat investment ??
How the depths of Reddit can actually provide you with new patients
We are breaking the law (not really). Our case study on insider trading ??
What big Google Data says is on the rise in the dental industry
Why oral surgeons are on the hot seat??
Let's Get It ??
I’M NOT A BUSINESS MAN. I’M A BUSINESS, MAN
Goodbye to the Family Owned Dental Practice?
37 million dollars. 37. million. ?? If you guessed we are talking about the newest social media platform getting this type of funding you would be wrong. Tend, the start-up dental company partially backed by the founders of Warby Parker, recently completed a 37 million dollar series B funding round. It's vision? To make, "“going to the dentist a positive, maybe even fun, experience.”
Tend's CEO Doug Hudson is on a mission to flip the dental industry upside down. "I was just blown away that no one had created a consumer brand for dentistry" says Hudson, the former CEO of SmileDirectClub.
While direct to consumer (DTC) companies like quip are flooding the market with dental hygiene supplies, Tend is going after the in-office dental experience. What makes them so different? According to Hudson, Tend will try to separate from the crowd with:
Asking what Netflix shows you want to watch during your appointment
What flavor of toothpaste you want before you even step into the office
The scent you prefer for aromatherapy
And of course, quieter drills to reduce patient anxiety
Will Tend be coming to a town near you?
While it will most likely be years until the company would ever make it to small town America. The New Yorkers in the crowd may want to be somewhat on alert. Tend recently has opened five dental “studios” in New York City and now hope to expand to Boston and Washington D.C. Their final goal? For Tend to be "the company you think about when it comes to anything relating to your mouth.”
YOUR DENTAL MARKETING BOOST
Reddit Serves a Better Purpose than Just a Rabbit Hole
Hand up if you have ever gone down the deepest of rabbit holes on Reddit ??(our hands are wayyyyy up). Somehow you start off with the news and then you find yourself literally looking at the subreddit called random things.
You can find some weird things on Reddit. But recent data from the user- driven social media platform reveals the importance of potential customer journeys on the forum. Verto Analytics recently took a look at how Reddit influences the purchase journey compared to other social platforms.
The big takeaway? Reddit leads to deeper research and faster purchase decisions than other social media platforms. By nature, Reddit is completely community and socially driven. This makes for some unique outcomes regarding the decision making of potential patients....
Reddit users spend more time actively researching their purchases- 32% of their research is in the consideration phase to be exact
Because they spend this time searching, users make 9x faster purchase decision and spend 15% more money
After making their decision, Reddit users promote their chosen brand 12% more than other social media platforms.
All of this leads to one clear conclusion: practice promotion via Reddit is more important than you think. ??
So here's some actionable insights that you can accomplish while you sip your morning coffee.
Search for your city. If you are a Reddit newbie, subreddits are the online communities where loyalists go to discuss certain topics. For our purpose, you will want to search for the subreddit where you dental practice is located. We will use a medium sized city like Milwaukee for example.
Search the subreddit. Once you find your city, you can serach topics like "dentist" or "dentistry" in the specific city's subreddit.
Dive into the questions. Take a look at what we find when we search the Milwaukee subreddit for dentistry- many, many questions asking for dentist recommendations and help in the area. It's like a goldmine of questions where you can become the subject matter expert, earn trust online, and attract potential patients to your practice.
TRENDING UP ??
What are your patients Googling?
??TRENDING: "Dental Probiotics"??
Google search data has shown a huge bump of search volumes for keywords related to dental probiotics including:
After we saw this trending, our first question was, "What in name of GV Black are dental probiotics?"
Similar to gut probiotics, probiotics have a role in maintain oral health through interaction with oral microbiome. People already eat yogurt for gut probiotic health, but do taking oral probiotic supplements actually help?
An article on PubMed from 2017 speaks on the developing role of probiotics in dental health. The research states that oral probiotics could influence the oral cavity in the following ways
Antagonism with pathogens
Aggregation with oral bacteria
Interaction with oral epithelium
The TL;DR (Too long, didn't read) version? They can't hurt, but we don't know yet if they actually help.
A quick search for the oral probiotics shows that our friend Mr. Bezos has already cornered the market on Amazon. Be ready for more patients to start asking you about this trend.
??TRENDING: "Is it safe to go to the dentist?"??
Another obvious, yet important, trend according to Google- your potential patients are constantly searching for answers about the safety of dental practices during the COVID pandemic
While you are probably thinking...."well, duh. Of course. Tell me something helpful you dummy," this brings up an important topic that you should undoubtedly include on your dental practice website.
This is slam-dunk, easy content that you should undoubtedly try to include on your dental practice website. Patients are searching for it- you need to be there providing the answers. Our suggestion? Implement content marketing and pull in those patients by being a subject matter expert.
YOUR RETIREMENT BOOST
Our New Hobby: Insider Trading Without the Jail Time
Some took up knitting during the pandemic, we decided to spend our evenings with something more unconventional.
We aren't breaking the law, but it feels like we have an illegal inside scope. Introducing our new favorite internet bookmark from finiz. This site gives you information as if you were a fly on the wall of some of the most important boardrooms in America.
Here's a little hint...insider trading happens. Those inside the board rooms of some of the biggest companies in the world have a leg up when it comes to stacking their stock portfolio. We have seen reent situations when big time names have gotten in big time trouble for being a little too loose lipped about their current business dealings.
Theoretically, company insiders buy and sell more of their company's stock depending on the information that they know. But here's the good, interesting component of all of this...insiders MUST document all of their inside trades.
The Securities and Exchange Commission (SEC) manages these material changes in holdings by forcing directors, officers, and shareholders holding more than 10% of the companies stock to complete a SEC Form 4.
So Here's Our Case Study??
Our Hypothesis: There is a correlation between Form 4 submissions and an increase of stock price. This is how it will work.
We will buy about $1000 worth of companies' stock that recently submitted a form 4 over the course of a month. No additional research or analysis besides the fact that there was a submitted SEC form 4.
Sell individual stocks if they hit a 20% gain
Reinvest the potential earnings and buy another company with a submitted SEC form 4
??We shall call it, "The Eval's Insider Index Fund"??
Here are some of the companies that are in our "index fund" along with the stock ticker and amount of money the insider bought in stock according to the form 4.
Mission Produce (AVO): $42,875
First Financial Bancorp (FFBC) $56,206
Ovintiv (OVV): $44,520
Precigen (PGEN): $24,999,997
Voxx International (Voxx): $346, 054
So what does this all mean? Honestly, we aren't really sure. It could just be grasping at straws or it could be something actually useful.
Hot Seat??: Oral Surgeons
A recent study out of Australia put the bread and butter of oral surgeons everywhere on the hot seat. Of course, we are talking about those wisdom teeth.
According to Dr. Teghan Lucas' research out of Flinders University, us humans are currently undergoing a "micro-evolution" that is impacting things like arm vascular anatomy, foot anatomy, and the big headline for dentists- the increasing absence of wisdom teeth. The study mostly focuses on increasing prevalence of the median artery of the arm. But the big takeaway?
The study shows that "humans are evolving at a faster rate than at any point in the past 250 years."
So when will oral surgeons be out of a job?
Not in our lifetime
In the meantime, keep shuckin' those ??