As part of the previous SmileSuite Success Bootcamp series, we featured Keaton Walker of Orthopatients.com. Keaton showed us how Orthodontic practices can qualify their patients through this effective marketing technique. Watch the video and see how you can apply “Conditional Marketing” to your practice.
Check out insightful conversation with Dean Steinman of Ortho Marketing who walks us through the importance of marketing and data.
How to Leverage the Time of Day to Maximize Patient Starts
Ever wonder what time of day has the highest patient conversion rate? Believe it or not, the time of day can affect how your patients make treatment decisions. Recently, scientists put this theory to test and early studies have shown that purchase decisions are influenced based the time of day. It’s an interesting metric for orthodontists to consider to rack up starts and gain a competitive edge.
But how do you easily track this metric?
Hmm, you can manually update spreadsheets, but manual processes are inconsistent and yield unreliable data. Your best option would be to use a smart system, such as SmileSuite, a presentation system aimed at turning consults into contracts.
SmileSuite’s proprietary data engine, StartAlytics, allows orthodontists to dive deep into their patient data and see what time of day patients are saying “eyes” to treatment. Never before has this metric been tracked by other systems.
Finally, orthodontists can see if conversion rates differ between early morning consultations, the after-school rush, and the midday slump. By identifying the time of day patients are most likely to convert, orthodontists can match their highest converting patients to the highest converting time of day. It’s an easy optimization that maximizes starts, and makes your practice more profitable. Use SmileSuite’s data analytics to ramp up starts by reserving your highest converting time for your highest converting patients.
But that’s not all StartAlytics can track.
Here are a few other key data points that can help you make better business decisions:
- Potential revenue of patients yet to start
- Average accepted and unaccepted fees for each procedure type
- Analysis of discount strategies
- Patient conversion rates
- Discount analysis to determine if discounts are helping conversions rate or are unnecessary costs
- Volume of new treatment presentations
- Top performers
- Top selling treatments
With the click of a button, SmileSuite can display this information in real-time. No need for complicated reports or tedious spreadsheets. Are you ready to maximize your starts with big data?
Measuring the return on investment of your marketing efforts ensures you are not wasting time and money on ineffective marketing strategies.
Marketing ROI is measured by the total profit you receive, minus the marketing investment. Ideally, you’ll want a positive return on your investment, which means you are making more profit than what you’re spending to attract new patients.
Many orthodontists don’t bother tracking the ROI of their campaigns. This is a big mistake. According to a Nielsen study, “on average, advertising effectiveness could be increased 30 – 40%, simply by taking a look at how well your campaigns are performing.” The key takeaway is that you need to observe the performance of your marketing campaigns so that you can spend more on what’s working, and eliminate what isn’t. The end result is more money in your bottom line.
So how do orthodontists measure the ROI on direct mail pieces, commercials, billboards, and other forms of advertising?
Easy! You use SmileSuite, a presentation system aimed at turning consults into contracts. Within SmileSuite, you can create referral source tags, so you can track which marketing campaigns drive consultations and starts.
Here’s an example of how to track the ROI of a direct mail piece using SmileSuite. Begin by creating a referral source code labeled “Direct Mail – April 2019.”
Check back within a month or two, after you’ve compiled enough data from your consultations. Log in to StartAlytics, SmileSuite’s proprietary data engine, and pull up the referral source.
SmileSuite will unveil:
- The demographics and zip codes of patients who were referred by the direct mail piece. This will help you identify whether or not you are attracting your target patient. If you’d like more information on attracting your target patient, we think you’ll enjoy this article. LINK TO Improve your marketing ROI by honing in on your ideal patient with laser precision – Link to Marketing #1 Article
- How much production the direct mail piece generated. You’ll see the straight value this marketing effort brought to your practice. It should be at least 3x more than what you spent creating the direct mail piece.
- Patient conversion rates. This will show you whether or not the direct mail piece is resulting in starts. You may find the direct mail piece is generating many consultations, but they are not converting. This is an indication that this marketing effort is wasting time in consultations with patients who will never start treatment in your practice. It’s a strategy you’ll need to reconsider.
- Appliances patients are choosing. Again, is this marketing effort attracting your target patient? Perhaps you set a goal to generate more clear aligner business, but you’re finding that this direct mail piece is bringing in children. You may want to reevaluate its design, so that it is more aligned with your target patients’ needs.
Based on this data, you no longer have to waste time and money on marketing efforts that simply don’t work. Let SmileSuite help you make data-driven decisions so that you can increase the profitability of your practice.