In recent times, digital marketing is a significant part of all businesses. It helps in achieving the primary goals of a business, i.e., profit-making. It helps in the business’s growth, whether it is the dental practice or any other business. It is important to note that dental practice must know the dental marketing strategies according to their objectives and average cost for dental marketing purposes. If you do not spend the right amount on marketing, you might miss a broad audience to attract towards your practice as the customers.
Do you know the amount you should spend on dental marketing? Do you think that you are spending much or less than required to advertise your dental practice? Do you want to know how much dental marketing budget your competitors set?
Do you want to know how much the average cost of dental marketing you need to grow your practice and make it profitable? If yes, then look no further. We have answered all your questions.
Every business or practice has its financial situation to provide their services. Dental clinics need new patients to maximize their recurring revenue. And dental marketing is the best way to attract more and more patients and to grow your practice.
According to a survey, the Dental practice business generally loses 15 to 20% of patients every year. Most of these practices need 20 to 50 new patients per month to maintain their business’s growth rate.
The average cost of dental marketing incurred by most of the dental practices to acquire new patients lies between $150 and $300 per patient. And the new patient generally spends $700 to $1250 in the first year, and the average spend of a patient is around $1000 in a lifetime of 7 to 10 years at dental practices.
Creating A Percentage-Based Budget
The dental marketing budget generally depends on the stages of their practices. Different stages require different marketing budgets.
1. New Dental Practices
Newly started practices have significant overhead and debt to the administrations. Attracting new patients rapidly allows them to cover their bills and loans. Most dental practice business experts suggest spending 20% of projected gross revenue on dental marketing for a newly started practice. You need to decide your dental marketing budget according to your local market and targeted audience. For example, if you start your practice in a strong competition area, 30% of gross revenue is required. On the other side, if you are working in an area with less competition, 20% will work.
The first and essential thing in marketing is to reach as many people as possible and positively impact their minds. Once you start dental marketing, you must create your website, a crucial dental marketing strategy. Search engine marketing gives the best returns on the investment. SEO requires time and investment in a newly started practice, but the payoff is significant. Once you reach the top of search engines, the new patients will attract automatically, and you get a smooth flow. But in the meantime, pay per click advertisements help you ensure to show up at the top of search engines so that the new patient doesn’t require much effort to find you, right from the moment your practice starts.
For starting a new practice, you have to make sure that you must invest a decent portion on the strategic dental marketing services. Hiring an SEO may lead to the best return on the investment of marketing cost. The practices need to pay for the search engines, and search advertising campaigns can give the start to the flow of new patients into your practices. Once the practices reached the top of search engines, the practices got a uniform flow of new patients and revenue.
2. Established Dental Practices
There are many already established practices that want to grow but facing difficulties in growing. They are unable to get enough new patients they need every month to meet their growth requirements. Their current dental marketing strategies are not up to the mark. They feel that showing up everywhere online when someone is looking is necessary to generate an additional 20 to 50 new patients every month required to meet their goals.
In order to get the required outputs, these practices must spend 5 to 10% of the gross revenue. The search engine optimization process requires 6 to 12 months to bring the necessary outcomes with long-lasting and effective results. It will help you improve your website by redesigning it according to the modern requirements to promote your practice better. It is required to use Google pay per click advertisement to help you reach the top of search engines in the short term. Reaching the top of the engines helps effectively and efficiently because it will attract new patients and generate profits.
The practices can also choose the cost according to the growth they want in their practices. For example, if they want to grow their practice by $120,000 per year in revenue, they need to acquire 120 new patients who bring in $1000 per year. That implies ten extra new patients per month. The average cost of dental marketing acquiring a new patient is $100 to $300. If they need ten extra new patients, they have to spend an additional $1000 to $3000.
3. Dental Practices That Are Shrinking
The established dental practices need to market uniformly; otherwise, carelessness in dental marketing services may stagnate or shrink a dental practice, especially when the competitors are continuously improving their marketing strategies. The practices must have their websites, and they must work on improving their websites at regular intervals. Many practices shrink due to the lack of a good website.
4. Best Marketing Tactics In Which You Should Spend
For dental marketing, you should focus on your website. When you invest a lot in your profession for creating a welcoming environment for new patients, the same thing must be reflected on your website. The website is the basic thing to attract and convert new patients. For marketing, through your website, you can invest in Pay-per-click advertising with Google Ads, SEO, social media marketing, direct mail campaign to a local area – postcards and targeted brand-building advertising for high revenue practices in print media.
Ultimately the marketing budget depends on your market’s competitiveness, your growth goals, and your budget.
Marketing is the most important part of any successful business, whether it is the dental practice or otherwise. To see a uniform growth, dental practices must see 24-50 new patients per month coming at their door. Dentists may use the general figures listed above to determine how much they should be spending on marketing, but the figures should be interpreted for each unique practice.
The practices need to do their research and find out according to their needs. But keep in mind that marketing tactics should be planned and strategic to attract and acquire new patients successfully. Only spending a huge dental marketing price does not always mean everything until you benefit from that marketing. If you don’t attract new patients, that amount is not of any worth. Therefore, your dental marketing services must be strategic. You’ll need to include all the strategic marketing tactics like an effective SEO/PPC program, direct mail, and social media advertising. The setting average cost of dental marketing is the first step towards the growth of your dental practice. You can always make amendments to your budget based on the extent to which you want to grow and its duration. You still need to be logical and practical towards the marketing styles and their budget.
You will see significant growth and returns on your investments if you spend the right amount in the right direction.