I have been studying and reading more books about marketing and sales. I think this skill set is so important even for practice owners and team members to understand. I have been reading a lot of content from Russell Brunson. He is another entrepreneur from Utah and has grown his company from $0 – $100 million/yr in 3 years without funding, without venture capital/ investors. Pretty amazing. I love learning from successful people and today I read a segment of his book that teaches business owners how to generate more revenue from their business assets! Take a look at this image:
The above image is called a value ladder and it will show you the sales funnel of patients coming through your practice. Notice, to attract patients you start with small offers (free or cheap) to get them in the door, then you start up-selling offers to them. Whitening, membership plans, treatment. This alone is how you can increase your revenue, So make sure you understand your own sales funnel!
Noticed that I circled “retainer” also know as a membership or subscription. I think this is a missing component for dental practices because insurance companies take the residuals/subscription revenue away from your own business and use it for their own (insurance companies have a great business model) Retainer payments are predictable, automatic and you can forecast them year over year. This is why it’s important to automate and track your membership program. My team and I have also tracked member patients vs non-member patients and have found that members spend 3.5x more than non-members, incredible!
I would like to invite you to our webinar titled: “How to grow a dental membership program by 1,000%”
In this webinar, we will educate your office on how to create and grow a dental membership program, generate over a $100,000 of predictable recurring revenue and how to increase case acceptance. We will teach you the concept of a dental membership program, how to use BoomCloud to manage and scale your program to hundreds or even thousands of patients and how to start your membership program now. This course will help you install and system to help you manage and track your sales funnel. I can’t wait to see you there!
May 29, 2019, 6:00 PM Mountain Time