The Business of Dentistry From Employee to Entrepreneur
The Business of Dentistry Upon graduation, you will have 20% of what you need to know to make a living in Dentistry Dr Gene Heller 1/4/2012
What is Business Its… time – people – money People always overestimate how complex business is… “There aren't that many things you can do with a business. Its not as if you are choosing among 2000 options.” Jack Welch CEO GE
What is an Entrepreneur One who organizes, administers, manages and assumes the risks of a business or enterprise You are hopefully paid a premium for assuming that risk.
The Marketplace Today Growth of Corporate Dentistry PPO “commoditization” of Dentistry Current Trends – Social/Economic Future Trends – Social Economic
Corporate Dentistry
Consumerism Consumerism is a social and economic order that encourages the purchase of goods and services in ever greater amounts You have to promote and encourage what the Consumer wants … not what you want You must communicate a consistent message to the right people and be empathetic to what the consumer is experiencing in the current economy
Who is the Dental Consumer Female Make 80% + healthcare decisions Women Centric Who has the $$$$$$
Current Trends How The New Economy Has Changed Dentistry Roger Levin DDS 12/ Fewer New Patients Presenting to Dental Practices 2. Many Dental patients Are Rejecting Elective Treatment (currently 81% of dental appointments are single tooth treatment) 3. Insurance carriers have created lower reimbursement plans 4.Dentists are marketing more than ever 5. Young Dentists are graduating with significantly more debt
Current Trends 6. Americans will have less money to spend on retail and service sector businesses including dentistry 7. Dentists will be retiring later than ever
Real Estate
Oral Surgery
Dental Implants
Cosmetic Dentistry
Orthodontics
Dentures
Future Trends Faith Popcorn – Brain Reserve
The Practice of “General Dentistry 2012 and beyond” Faith Popcorn – Skill Sets for the next decade Being best in your field will not be so important – be in top 15% and be more adaptable Don’t be single minded – dip into every discipline Consider speaking Spanish Develop Interpersonal skills such as caring, negotiating, judgement and leadership Entrepreneurial skills will be key
Today’s Primary Objective 1. How do you prevent from becoming a Commoditized Dentist 2. To become an Entrepreneur - Find a Niche, Create a Brand around it 3. Indentify Relevant “NICHE” Markets 4. Predominately web based marketing
Types of Marketing 1.Internal 3 most powerful and inexpensive (human connection) Your Direct Financial success will be determined by your ability to master human connection tools 2. External (Gretzky Phenomenon) Web 2.0 Building Brand Equity Web Site/Optimized/Organically Positioned/Google Places/Youtube/Facebook Some Snail Mailings directed to landing pages Social Networks directed to landing pages Self Publishing ( Women Centric)
Commodity Trap The primary way out of the commodity trap is to establish yourself as an expert or authority on “something”
Niche Marketing
Origins of the Niche Markets - USP- Dan Kennedy - unique selling proposition - A subset of General Dentistry that serves the needs of a specific population of patients. Why am I so excited about web /social media is - The potential for you to Tell your Story and Create Your Brand is unprecedented in human history And to do it at a fraction of the cost of traditional media!
Someone Woke Up and said… I am a Cosmetic Dentist
Branding …A brand is the idea or image of a specific product or service that consumers connect with…
Branding Branding and the State Board Origins of Branding in Dentistry The Consumer responds favorably to branding It defines and segments your services
Offering Specialty Services in General Practice Sissy Cases vs Hero-dontics Standard of Care
Niche 1 – Botox, Dermal Fillers Louis Malcmacher DDS MAGD Commonsensedentistry.com When would you do it and Why?
Niche 2 – Oral Surgery Jay Reznick DMD MD Onlineoralsurgery.com
Niche 3 – Orthodontics Brock Rondeau Rondeauseminars.com American Orthodontic Society Orthodontics.com Staff Training June Williamson Orthoramaseminars.com
6 Month Smiles
Invisalign
Niche 4 – Endodontics Kit Weather DDS Endorootcap.com Dennis Brave DDS Kenneth Koch DMD Realworldendo.com
Niche 5-Cosmetic Dentistry
Niche 6 - Implant Dentistry
Niche 7-Biological Dentistry-
Way outside the box The Biological, Health Oriented, Dental Practice is the LARGEST EMERGING MARKET opportunity in modern History 1. Biological Caries and Perio Risk Assessment 2. Minimally Invasive Dentistry 3. Remineralization and Antimicrobial Therapies 4. Advanced Non-Surgical Perio Therapy
Retainer Based Model
Niche 8 - Dentistry for Diabetics Dr Charles Martin Dentistryfordiabetics.com
Niche 8 - Dentistry for Diabetics
Niche 9- Healthy Heart Dentistry Ron Schefdore DMD Healthyheartdentistry.com
Niche 9- Healthy Heart Dentistry
Niche 10 - Bad Breath Halimeter.com Breathcure.com
Niche 12 – Sedation D.O.C.S. Dental Organization for Concious Sedation Docsedation.com Fellowships/Diplomat Status
Niche 13 - Sleep Apnea Mysleeptest.com 50% of cpap users are non compliant 25% of American have sleep apnea 40 million chronic snorers Kent Smith DDS
Niche 14 - Biosafe Dentistry “Green Dentistry”
Niche 15 - Laser Dentistry Minimally Invasive Laser Dentistry Biolase Laser Prep Laser Tissue Laser Whitening Laser Diagnostics
Niche 16 Facelift Dentures
Niche 17 Facial Esthetics Botox Invisalign Facelift Dentures Sleep Apnea 6 Month Smiles
NICHE 18 Total Health – Beyond the Mouth 12/11
Incorporating Social Media
Internet 1.0 to 2.0 The Internet is a VISUAL MEDIUM A Web Site is a LIVING BREATHING ORGANISM SOCIAL NETWORKS are emerging as marketing platforms of unheard of proportions
Social Media “ Use twitter once in the morning and once in the afternoon. There are several resources online for articles to which you can link. Get to know your community. Post things about what you are doing.You want to build up local traffic. Have your staff “tweet” or post to facebook. Use dental students or retired dentists to write blogs for you. You can actually conduct a great campaign in as little as 10 minutes a day” dental economics may 2010
Twitter Allows you to disseminate information instantaneously to an unlimited audience anywhere
Facebook Advertising Facebook.com/advertising
Hyper Targets Male/Female Age High School Some College College Student College Grad Grad Student Post Grad Single/Divorced Recent Breakup In a relationship Recently Engaged Engaged Recently married Married No kids Expecting Just gave birth Proud parent
Facebook - Split Test
Heat Map Tracking Clicktale.com
Heat Map
Facebook Advertising Factors Jeremy Schoemaker case study July 2010
Titles
Body
CTR Click Thru Ratio
Landing page mydentist.com/facebook
Direct Mail & Landing Pages
Direct Response Internet Advertising I prefer predominately DIRECT-RESPONSE Oriented ADS – Both web and snail mail Ask for someone to do something and you incentivize them.
Radius Mailing A physical mailing that takes place around a given address defined by a radius, 1 mile, 2 miles etc. Infousa.com Radiousconnection.com Neighborhoodgreetings.net
Demographic Mailing Based on Niche criteria
Landing Pages Long Tail, Direct Response, Direct Mail campaign using Landing pages
Long tail keyword phrase Long tail keywords are keyword phrases from 3 to 5 words used to refine search terms to something highly specific. There is generally very little competition for these phrases and they are easier to position.
Landing Page Design
Landing page mydentist.com/facebook
Diabetes
Dental Implants
Bad Breath
Reactivation
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