5 Marketing Metrics That’ll Skyrocket Dental Practice Growth (VIDEO)

As marketers, we absolutely geek out on metrics.

But you have better things to do… like helping people smile.

Identifying the right key performance indicators for dental offices can be a bit like looking for a needle in a haystack.

So we’re going to narrow in focus on five key marketing metrics that can help skyrocket your practice’s growth.

Now, these aren’t just any metrics. These can seriously change the game for your dental practice.

In this video, Dominique will guide you through:

• What these metrics are
• Why they matter
• How to calculate them
• How to improve them

Ready? Let’s dive straight in!

1. Net New Patients – the ultimate dental KPI

What is it?
Net new patients represent the growth of your patient base at the end of a given period.

Why it matters:
Instead of just looking at how many patients a dentist sees in a month, this metric gives a more accurate picture of your dental practice’s success.

It gives a true picture of your practice growth.

For example, you may see 50 new patients in one month. But if 55 current patients went inactive that same month, you’re at a -5 for new patients.

How to calculate net new patients:
New/Reactivated Patients – Lost/Inactive Patients = Net New Patients

How to improve your net new patients:
Consider reactivation campaigns targeting those with unaccepted treatment plans to boost this number.

Remember, it’s not just about how to get new patients in a dental office, but also about retaining them.

Establish a robust patient retention strategy through long-term nurture through emails or organic social media.

2. Conversion Rate

What is it?
The percentage of website visitors that turn into leads (phone calls, appointment requests, or form fills).

Why it matters:
While you may have significant web traffic, the conversion rate tells if your site effectively turns visitors into potential patients.

How to calculate conversion rate:
Conversion Rate = (Number of Leads / Total Website Visitors) x 100%

The standard benchmark for your conversion rate should be about 5-8%.

How to improve your conversion rate:
Boost your site’s content by ensuring potential patients feel a connection with you.

You can do this by:

• Incorporate better photos and videos
• Simplify your design by making your calls to action clear
• Align your messaging to resonate with your audience’s needs

3. Cost Per Lead (CPL)

What is it?
The amount of money you spend to generate one lead.

Why it matters:
Cost per lead helps evaluate the efficiency of your advertising in generating potential patient inquiries.

How to calculate your cost per lead:
Cost Per Lead = Total Advertising Cost / Number of Leads Generated

The benchmark you want to hit is $40-$80 per lead.

How to improve your CPL:

You can do many factors to increase your CPL, such as:

Craft a Stronger Offer: An enticing offer can make all the difference. Consider introducing promotional deals like a ‘zero down financing plan’ or offering a fixed discount. Such offers attract potential clients and can significantly increase your conversion rate.

Enhance Ad Copy and Creatives: Your advertisements must resonate with the audience to be effective. Refreshing the ad copy and visuals can create a more compelling narrative, thereby attracting more leads.

Refine Ad Targeting: Ensuring that your ads are displayed to the right audience is essential. Reevaluate your current targeting parameters. Are you reaching out to the correct demographic? Are you using the right keywords to grab attention?

Optimize Landing Pages: The journey shouldn’t end there once a potential client clicks on your ad. The landing page they’re directed to needs to be just as compelling as the ad itself.

Ask yourself:

• Does the page effectively convey the offer?
• Is there sufficient social proof, like testimonials or before-and-after photos?
• Is the messaging clear and compelling enough to convert the visitor into a lead?

By focusing on these strategies and continuously refining your approach based on performance data, you can drive down your Cost Per Lead, ensuring that every dollar spent on advertising brings in maximum returns for your dental practice.

4. Cost Per Acquisition (CPA) – The ultimate dental KPI for revenue

What is it?
Cost per acquisition is determining the expense of converting each lead into a new patient.

Why it matters:
Your Cost Per Acquisition helps you understand the efficiency and effectiveness of your marketing efforts and processes from lead to patient.

How well are you doing to get patients to show and book their appointments?

Once they come to the office, patients are wowed from start to finish.

And once you present a treatment plan, how well are you closing them?

How to calculate your CPA:
Cost Per Acquisition = Total Ad Spent / Number of New Patients Acquired

The benchmark can vary a lot based on the service you’re promoting.

It can be from $200 to $2000 because you might be focused on a simple New Patient Special (low CPA) or a high-ticket service (high CPA).

How to improve your CPA:
Streamline the patient’s journey from lead to patient. Here are some ideas we’ve seen other offices use:

Implement or Optimize Online Booking Systems: A seamless online booking system can greatly enhance the experience for potential patients.

If you already have one, review its functionality. Is it user-friendly? Can appointments be made quickly and efficiently? Improvements here can directly influence lead conversion rates.

Enhance Appointment Follow-ups: The time between a lead expressing interest and the actual appointment is crucial. This phase can make or break the conversion.

Ensure you’re reaching out promptly. Are your team members calling leads quickly enough? And when they do, are they asking the right questions to understand and address potential concerns?

Automated Nurture Systems: Engage your leads actively through automated nurturing, utilizing both SMS and email.

This keeps your practice on top of their minds and provides them with valuable information that can nudge them closer to making an appointment.

Increasing touchpoints before they visit the office can prepare them for a more favorable in-office experience.

Optimize In-office Experience: Every interaction matters once they arrive at the office.

Is the environment welcoming? Is the staff attentive and informative?

A positive in-office experience drastically reduces the chances of potential patients dropping off after a single visit.

Effective Case Presentation: The way treatments and services are presented can heavily influence a lead’s decision to commit.

Ensure that the doctor or treatment coordinator is adept at communicating the benefits, answering questions, and addressing concerns. An informed and reassured patient is more likely to go forward with the treatment.

By honing in on these areas, you can refine the process by which leads are nurtured and converted into loyal patients.

Reducing CPA maximizes your marketing investment and fosters a more positive relationship with new patients right from the start.

5. Return on Investment (ROI) – The metric dental practices must master

What is it?
The revenue earned in relation to your marketing spend.

Why it matters:
ROI provides a quick snapshot of the effectiveness of your marketing campaigns.

A positive ROI indicates that your marketing investments are paying off, while a negative ROI might suggest a need to re-evaluate your strategies.

How to calculate your ROI:
ROI = [(Net Profit from Marketing – Marketing Cost) / Marketing Cost] x 100%

A 300% ROI is a good benchmark to have, but you want to aim for 500%.

How to improve your ROI:

Before diving into advanced strategies, ensure you fully grasp what ROI means for your dental practice.

Understanding and internalizing its importance is the first step towards making meaningful improvements.

Implement Comprehensive Tracking: Proper tracking is paramount. Every touchpoint should be tracked from the moment a potential patient enters the top of your marketing funnel until they book an appointment or make a purchase.

Effective tracking systems provide clarity on the journey a lead takes, shedding light on where they drop off or get converted.

Gain Visibility on Performance: With accurate tracking, you gain invaluable insights into what’s working and what’s not in your marketing efforts.

Are certain campaigns more effective than others? Is there a specific stage in the funnel where potential patients tend to drop off?

Recognizing these patterns empowers you to adjust strategies accordingly.

Pivot Based on Real Metrics: Data-driven decisions are the key.

Once you have a clear picture of your performance metrics, you can pivot your strategies to strengthen weak points.

No more guessing or basing decisions on hunches; real metrics lead the way, allowing for strategic adjustments that drive better outcomes.

Evaluate Regularly: Like any other industry, dental marketing is dynamic.

What worked yesterday might not be as effective tomorrow. Regularly evaluating your ROI and making necessary adjustments ensures that your marketing strategies remain relevant and effective.

Remember, ROI isn’t just about numbers. It reflects how well your marketing resonates with potential patients.

Tracking, understanding, and acting on this metric paves the way for a more successful dental practice.

Pave the way towards exponential growth

As the dental landscape becomes increasingly competitive, mastering these metrics and understanding how to calculate them is essential.

Whether you’re a seasoned dental professional or just starting, integrating these metrics into your practice can pave the way for informed decisions, leading to growth and success.

If you have questions or need further insights, don’t hesitate to reach outThis link leads to Contact page. Here’s to the success and growth of your dental practice!