™ Newsletter Archive – TWD – 004

News From The Wealthy Dentist #4: August 2, 2006

In this issue…
  • Top the Search Engines – PPC Marketing Part 2
  • Why Some Dental Sites Fail (Psst… It may not be your fault!)
  • No-Charge Video Tutorial!
  • They Love You! They Really Do! (Just not as much as the other guy)
  • A Lesson From the North
  • What’s in a Name?
  • Heroes and Zeros!


Featured Video Tutorial!

Maximizing Your Marketing – Targeting the High-Value New Patient!

Maximizing Your MarketingWhy spend your hard-earned dollars marketing for standard, “drill & fill” patients that bore you to tears? There’s a better way!

This online video tutorial will teach you how to identify true high-value patients for your practice, and how best to market to them at the absolute lowest cost.

No-ChargeUntil August 15, then $89.
Only 15 days left!

Download your complimentary video today!


They Really, Really Love You!
The Love You!

Just Not as Much as Their Physicians…

Good news! A recent Harris Poll found that Americans trust their dentists! More than 2 thousand respondents ranked the trustworthiness of 11 different professionals. Dentists ranked second, just after physicians.

While 50 percent of those polled said they trust their physicians’ advice completely, 47 percent said they trusted their dentists. Not too shabby, eh? Other professionals analyzed include: lawyers, bankers, insurance agents, professional advisers and mechanics.

In general, those that try to sell something, like insurance agents and stockbrokers, are generally not considered as trustworthy as those that do not. True caregivers are held in high regard, and that means you.

So, take pride in the fact that the public regards your opinions so highly. Now what did the other 53% have against you?


Across the Pond

A Lesson from the North

You’re more than a dentist – you’re an entrepreneur. Face it, owning your own dental practice is hard work. Your business is built upon complex relationships you share with partners, associates, employees and patients that demand ever more of you. The truth is, you need to bring your “A-game” through that door each and every day, and expect nothing less of those who work for you. Unfortunately, good help is hard to find. Leave it to Canada to make it a little easier.

New full-time dental office administration programs, like the one hosted by George Brown College in Toronto, ensure that graduates can step into a practice ready to take on the world. This particular dental management program tackles inventory management, customer service, practice management software and more. Professors spend an entire month wrestling with nothing but insurance. The result? A better worker (and your peace of mind).

If more U.S. schools took a lesson from our friends up north and treated dentistry as more than just a health service, your hygienist would have more of a mind for cost, your associate would understand your business model and you might not need a consulting service to learn how to better market your practice. On second thought…


Just for Fun

What’s in a name?

According to a recent study, there are a disproportionate number of U.S. dentists named Dennis. Maybe not breaking news, but interesting none the less. Why? They sound similar; it’s as simple as that. And the reason for this “implicit egotism?” People like to focus on things that remind them of themselves or enhance their self-image, even if it’s subconscious.

So, if your buddy Artie is an architect or your sister Connie a carnie (bless her), you could tell them that good old-fashioned egotism may have played a role in their professional accomplishments. Of course, it may be better to keep this information to yourself. Oh, and our apologies to all the Dennises reading this article – you’re the exception.


You Too Can Top the Search Engines!

PPC Marketing Part 2

Last week, we discussed how you can buy your way to the top of the Internet search engine results with PPC or Pay-per-Click “Sponsored Links.” These sponsored links can cost you anywhere form $0.10 to $100.00 for each and every Web surfer that clicks on an ad leading to your site.

The real question: “Is this a smart way to market for new patients?” The answer is a qualified “Yes,” and some of the primary qualifiers are:

  1. You must know the “ROI” (Return-On-Investment) and the “marginal profit” of the type of the new patient you are trying to attract to your practice.
  2. You must know how much you can afford to pay for each visitor who visits your Web site.
  3. You must be able to convert Web site visitors into appointment requests.
  4. Your front desk team must be able to convert the appointment request to an actual patient in your chair.

Let’s start with ROI and marginal profit.

Return on Investment and Marginal Profit

At, it is standard procedure to analyze the net value of a new patient in each of our client’s practices. The value, or contribution to overhead (marginal profit), is the amount of money generated by a new patient in the first nine months of care, less the cost of providing the dentistry (variable cost). This means we take the gross production of a new patient and subtract lab fees, dental supplies and collections losses to determine how much money goes into paying overhead.

For a detailed and (I hope) entertaining
explanation of ROI and marginal profit, you can access or our online video training program, “
Maximizing Your Marketing – Targeting the High-Value New Patient.” This program is available at no charge until August 15th, after which it will be returned the Training Vault and you will have to pay $89.00.

For a 1-minute course, including a chart of the marginal profit values of 19 different high-value patient types, click here.

The marginal profit of a new Cosmetic / Restorative dental patient, as illustrated in our High-Value New Patient Chart, is about $4,000. This means that if you spend $2,000 on an Internet PPC marketing campaign to generate one additional new cosmetic patient, with a gross production value of $5,500 and a net contribution/marginal profit of $4,000, your ROI is $2,000. Sounds pretty good to me.

But before you jump into PPC marketing, you must know the value of the high-value new patient that you want to target on the Internet. This is not debatable.

– Jim Du Molin


Why Some Sites Fail – Part 1

It May Not Be Your Fault!

If you’re reading this, chances are you’ve either spent, or have considered spending, a great deal of time and energy developing an Internet marketing campaign. It’s hard work, and you want to know that it’s worth it. You’d like to hear that you’re destined for success, right? While a guarantee would be nice, few dental Web companies will give one.

Our sister company, the Internet Dental Alliance, manages over 2,200 dental web sites. Over the last 8 years, we have learned that while 9 in every 10 sites will be profitable, 1 in 10 dental sites will barely break even. One in 20 may even lose quite a bit of money.

The bad news is that your Internet marketing program can fail without any regard for how much you paid, how technically savvy you are, or even how incredibly good looking your professional photo is. The good news is it may not be your fault.

If your site is reaching your potential new dental patients, you’re on the right track. If they’re not showing up at your doorstep, however it may be time to have a sit-down with your front desk team.

Studies show that up to half of all new patient appointment requests are lost at the front desk. This isn’t the medium for a lesson in staff training, but here are a few tips that can help.

  1. Most practices need at least 2 people at the front desk – one to make financial arrangements and another to answer the phone and schedule new patients. Busy practices need more. Under-staffing may save you some money in overhead, but you could be losing ten times that in production.
  2. If new Web patients are asked to wait more than a week for an appointment, chances are they’ll try the guy down the street. It’s usually the consequence of not setting enough new patient blocks aside in your schedule. If you can’t accommodate new patients, you won’t get new patients. Period. Get them in the door now, even if it’s just a quick look-see.
  3. It’s possible that the person at the front desk does not have the skills, training or aptitude to properly handle new patients. The first two issues – skills and training – can be resolved through education. The third issue – aptitude or attitude (take your pick) – cannot be resolved through training. Shoot the turkey!

We’ll discuss other issues in future editions of this newsletter.

Heroes and Zeros

For the Froogle Gangster in Your Life

Want to add a little bling to your smile without spending all your money? Then forget about expensive grills. Tooth jewelry will give you the gaudiness you’ve been looking for without blowing your liquor budget. Sure, it can fracture your tooth or wear the enamel, but your grin will outshine a new Mercedes Benz.

read more…

Scotland’s Homeless Get New Smiles

Cosmetic dentistry is on the rise in
Scotland as public fascination with Hollywood-perfect smiles continues to grow – thank you Bill Dorfman. Now, even the nation’s homeless can enjoy prettier grins, thanks to a team of dentists who hit the streets to provide some much needed care. It’s good to know at least a few NHS dentists can treat those who need it most.

read more…

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