Do You Know Where Your Adverting Dollars Are Effective?

Seems simple enough; then why do so many business owners not know their ROI (Return On Investment)? It's all about tracking the data to figure out what works and what doesn't work.
I will make it simple for you and show you what works in our office. This will be a basic table. Keep in mind that we track each day and run totals for the entire month. Each type of advertisement is tracked. We ask all callers. “How did you hear about our office?” Each column represents a referral source or an advertisement you are running. Numbers are for illustration purposes only. They represent potential patients, who have scheduled an appointment.

*Subtotal Cost per lead equals Cost of Advertisement divided by number of leads. This tells you what it costs you per lead only. What about the patient showing up? What did that cost you? Well if they don’t show then that’s your chair time. What is your chair time worth? That is another topic for another day.
**Total Cost Per Patient of Record equals Cost of Advertisement divided by Leads that showed.

The next questions are:
1. What do I do with this data?
2. How long should I track data?
3. What is the production from these patients?

We track ads for ninety days. Keeping running totals as to what is effective. After the ninety days I sit down and trim the ads that are directly diminishing my bottom line. I keep the ads that are cost effective and generating new patients for the practice. We also look at the amount of additional revenue that was brought in from these patients. We also need to look at the patients that are responding to our ads, are they the type of patients we want to service.
One last thought because tracking advertising dollars opens up many areas in practice development. One key factor is the maturity of the practice and how established is the practice. A brand new practice can’t rely on friends and relatives of patients to grow the practice. Because it is brand new, the practitioner and support staff has to really do grass roots marketing. I hope this helps and brings up questions and comments. I touched on other areas that I will explore in the future.
Dr. Louis Kaufman

My Grandfather Always Said...

My grandfather always said never buy the first year of a brand new model car. Let the kinks work themselves out. Let others deal with the problems and dysfunction that will arise. I hold the same true in how I look at any new technology. Do we always have to be the first kid on the block with a hot new I-Pad? Or, should we let the kinks work themselves out. I embrace advancement that will allow me and my dental team to provide the best dental care we can.
I would like to introduce to you a technology that I recently adopted (it has been on the market for more than a year). When I first learned about the EtchMaster™ of Groman Inc. in Margate, Florida, I said to myself this is an awesome idea. The EtchMaster™ operates on a CO2 mini-cartridge that fits into the Cordless Etcher™. Mini tips that are disposable fit into a Collet. The mini tips contain abrasives. These abrasives are available in various sizes: 27µ Alum Oxide, 50µ Alum Oxide, 50µ Glass Beads, 27µ Alum Oxide & 50µ Sodium Bicarbonate, 50µ Sodium Bicarbonate. These different strengths can be used for bond enhancement to polishing depending on the user's needs.
Instead of the mess of an air-abrasion system or hooking up a corded microetcher to your dental unit, we now have the convenience of a product that is easy to use and maintain. We use this tool when preparing porcelain intraorally. We first use EtchMaster™ to break the glaze and roughen the surface to be restored. Then we use a Hydrophloric acid. We silanate the porcelain then perform the rest of the bonding procedure.
My staff enjoys the ease of setup. I enjoy the ease of use and how quickly we can get it to the dental unit. I encourage you to try this product.
Groman can be reached by calling 1-800-906-9298 or the web: www.DisposableAirAbrasion.com
I do not have any financial interest in this company.
-Dr. Louis