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Patient Attraction Episode 1198
– Thanks for watching the Patient Attraction Podcast™.
– I’m Colin Receveur.
– I’ve been sounding the alarm for some years about the rise of corporate dentistry.
– One existing model may serve as a guideline for what the impact of the corporate offices will mean for private practice dentists.
– And that model is Walmart.
– Corporate dentistry isn’t Walmart – yet – but there was a time when Walmart wasn’t the Walmart we know today.
– When Walmart moves into an area now, small businesses that try to compete suffer.
– That’s because Walmart has one of the world’s greatest advertising budgets.
– They also have economies of scale in operational costs that small businesses can’t possibly match, and price points that are ridiculously low on thousands of items.
– In fact, trying to compete has driven many, many small businesses out of business.
– Like I said, corporate dentistry isn’t Walmart yet.
– But many of the chains are forecasting phenomenal growth.
– And just as with Walmart, if there’s money to be made in a given market, corporate dentistry will be in that market.
– The only question is when, not if, they’re coming to your area.
– You’ve got a couple of choices.
– You can do what too many dentists do and try to ignore the whole thing.
– And if some of those dentists get out of the business soon enough, that strategy may work.
– But it’s not the best course of action for several reasons.
– One reason is that you typically won’t have much warning that one or more of the chain practices are moving into your market.
– Whether you plan to stay and fight or try to sell your practice, you’ll be reacting instead of acting.
– And in business, that’s not the position you want to be in.
– Businesses succeed when they have a plan and stick to it, modifying that plan only when needed.
– But the odds are that the plan you’re using to promote your practice won’t work when corporate dentistry arrives.
– Are you advertising low prices, specials, insurance acceptance, and availability?
– Those are exactly what the chains market their practices on.
– Once the chains arrive, you’ll be the small store trying to compete with Walmart.
– And Walmart has notched up a huge tally in the win column.
– The small stores, not so much.
– I mentioned that you have a couple of choices.
– The second choice is to learn to compete in the areas where corporate dentistry is weak.
– There’s one area where the chains really struggle, and that’s trust.
– There is story after story about patients not seeing the same dentist twice.
– There are even more stories about patients being gouged by unscrupulous chain practices.
– Corporate dentistry is short on trust.
– You can capitalize on that fact.
– Here’s your winning strategy: Let corporate dentistry market to the low case value patients.
– You focus on attracting the segment of your market that wouldn’t be caught dead in a chain practice.
– That segment is at least 20 to 30 percent of prospects in most areas.
– Those better patients have the ability and willingness to pay more for the right dentist.
– And once they’re patients, they’ll be your patients for a long, long time.
– Now, you’ve probably figured out that you can’t attract those better patients by advertising on low price.
– It takes time and a great deal of work to position yourself as the best and only logical choice to solve better patients’ dental problems.
– That’s time you won’t have when corporate starts sniffing around.
– SmartBox helps more than 550 dentists on 3 continents get more and better patients.
– Our industry-leading Patient Attraction System™ sets our dentists apart from their competitors and helps them get more patients, more profits, and more freedom.
– Don’t wait for corporate dentistry to force your hand.
– Go to smartboxdental.com and reserve your free Practice Discovery Session™.
– We’ll show you a Patient Attraction System™ that can double or even triple your practice.
– Don’t try to fight corporate dentistry on their terms.
– Take the struggle to another level where all the advantages are yours.
– Join me for our next podcast.
– Until then, keep moving forward.