Strategies for Thriving in a Competitive Landscape
The dental industry continues to become more competitive than ever, especially as more and more corporate entities become focused on using private equity money to buy practices. Though markets differ, today’s consumer needs and expects fast, easy access to a dental care provider, and if that is not the case, they can find a competitor willing to offer it. In a competitive market, it’s critical to build a resilient dental practice, shares Brady Frank, the co-founder of Freedom Dental Partners.
There are several core strategies dental practices can employ to build resilience in today’s marketplace.
Gone are the days when one provider met the needs of most within a community. It is critical to stand out from the competition by offering something different. Having a unique value proposition allows your practice to stand out from the rest. Some examples such as:
- Having a patient-centered practice.
- Offering competitive rates on value-added services.
- Providing sedation dentistry in a calm, welcoming environment.
- Utilizing the latest technology.
- Advocate for patients.
What can your practice do well to fill a gap in your local market? Identify what this is, and then ensure you market that factor heavily.
Effective Marketing Tactics for Building Your Practice
Today’s dental practice must market. While word-of-mouth advertising is essential, having modern, innovative, and digitally focused marketing is critical to developing a thriving business.
- Ensure your practice has a well-established brand. From colors and language to attitude and feel – define your brand.
- Build a responsive website that meets search engine optimization goals, builds your local and regional presence, and works to connect with your practice effortlessly.
- Consider modern methods of communication such as self-scheduling, text marketing, and even virtual visits when possible to build your brand as an innovative leader.
- Tap into social media at a higher level. Go beyond a post on Facebook. Try posting a video on TikTok showcasing what to expect during an appointment.
- Build engagement opportunities within your campaigns. Answer questions and interact with your potential clients.
Patient Retention Strategies for Dental Practices
Patient retention strategies enable businesses to keep their clients coming back. Are you doing enough to achieve this?
- Make booking a follow-up something they do before they leave.
- Create text messaging alerts and follow-up surveys to gather feedback and build better results.
- When there is a concern with the experience, make it a point to speak to your patient to find out what could have gone better.
- Build a reputation for being a friendly, open, and honest dental care provider.
- Build relationships with every appointment by talking to your patients, getting to know them, and offering them exceptional insights into their care.
Build a Strong Referral Network Within Your Community
Building a referral network is among the most valuable tools for a thriving practice. Dr. Brady Frank often shares that this is at the core of what you do. You create a brand, you provide exactly what you promise to deliver to your brand, and then you ask your existing clients to refer you to their friends and family. You may wish to offer incentives to encourage referrals, but often, exceptional service is enough to make it possible.
What It Takes to Maintain a Competitive Dental Practice
To maintain a thriving dental practice, there are numerous factors to keep in mind, but they come down to:
- Focusing on continuous learning
- Being adaptable to changing conditions and need
- Embracing innovation
By utilizing these tips, your dental practice can be poised to continue flourishing into the future. Even in a competitive landscape, a dental practice consistently working toward these ends can build long-term success.