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Lack of Economic Recovery Threatens Dentists

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Patient Attraction Episode 969

In December 2016, Gallup released the results of a study of U.S. productivity and growth since the Great Recession of 2008. The results are anything but encouraging, and dentists who use traditional dental marketing approaches should take note. After the break, I’ll tell you why a lack of economic growth doesn’t have to threaten your practice growth.

– Thanks for watching the Patient Attraction Podcast™.

– I’m Colin Receveur.

– Gallup conducted a pro bono study on behalf of the U.S. Council on Competitiveness and released the results in December.

– There has been no economic recovery, according to Gallup.

– GDP per capita growth has been just 1 percent per year since 2007.

– That’s absolutely anemic and alarming, because a healthy rate of growth is considered 3 times higher than that.

– It is true that a number of other measures, like consumer confidence and consumer spending, are looking higher.

– So some dentists may be seeing their collections tick upward somewhat, but the fundamentals to support an optimistic view may not be there.

– If you’ve been betting on a stronger economy to boost your collections, you might want to hedge your bets.

– In the event of any kind of economic downturn, including the stock market, most people tend to put off needed dental care.

– And if you’re advertising on the basis price, discounts, specials, and availability, those are the people who will stay away when things go south.

– But there is a subset of dental prospects who have the discretionary income to get the dental care they need and want no matter what.

– Those are also the new patients with higher average case values that you need to grow your practice in good times and bad.

– Are you serious about your success?

– Then go to smartboxdentalmarketing.com/blueprint and schedule a Patient Attraction System Blueprint™ Session. They are reserved only for serious dentists who want to see a patient attraction system that can double their practice. You can get more patients, more profits, and more freedom.

And the Patient Attraction System™ is backed by our industry-leading $10K Guarantee.

– Join me for our next podcast.

– Until tomorrow, keep moving forward.

READY TO THRIVE?

If you’re ready to begin getting the only result that matters from your marketing - more and better patients in your chairs - get started today and schedule your Practice Discovery Session™. They’re free to serious dentists who want to see a Patient Attraction System™ that can double or even triple their practice.