Learn how a Dental Practice Reduced Marketing Spend by 20% and Increased Revenue by 250% with the help of a Fractional CMO.
Overview:
A medical practice specializing in Dental Implants with 5 locations in three states was experiencing inconsistent growth.
Ownership would regularly make heavy investments in marketing to build brand awareness and generate new leads. However, these marketing investments created peaks in consultation activity followed by valleys where there were no weekly new patient visits.
The Challenge:
In an effort to address this challenge, the business leadership sought the expertise of Rich Taylor, Fractional CMO.
During discussions with the business owner, who happened to be an Endodontist specializing in root canal surgery, Rich uncovered several crucial details about the company’s marketing and sales efforts:
1. Marketing tactics were being planned, managed, and executed in silos. There was a large internal team of tactical subject matter experts – e.g. website, CRM, paid search, organic search, traditional media, etc.) – along with an array of support vendors that were not collaborating or working together in an organized, integrated and holistic manner.
2. Marketing goals and performance metrics were focused on the wrong things. Specifically, the owner was focused on increasing the quantity of leads. Regardless of the quality of leads.
This meant the team was constantly increasing the advertising spend, working to convert website visitors into free consultation appointments, following up to confirm appointments made online, then filling clinics with patients seeking a free consultation.
While this sounded logical to the owner, his approach was deeply flawed because data showed that 99% of the leads generated were not qualified or able to afford dental implants (which aren’t covered by insurance).
3. Sales and Clinic Operations staff were not aligned with marketing efforts, had no input on lead evaluation, qualification, or scoring. And they were not capturing or recording important information from the scheduling and consultation process that would help marketing evaluate and improve results.
The client was set in his ways.
He had been repeating this cycle of a heavy marketing push followed by a period of operational chaos that produced inconsistent growth for the effort and investment required.
Over the years the client had churned through staff, multiple vendor partners, and a variety of consultants in an elusive search for the breakthrough results he desired.
“How do I get better results? More consistent growth?” the client asked. Our answer surprised and shocked him.
“You’re the problem” we told the owner.
“You have assembled the wrong set of resources, you’re managing them in the wrong way, and you’re investing a lot of time, resources, and money focused on the wrong things..
The good news is we can fix it.”
It can be challenging for any business owner to recognize that they may be the problem. Despite being a knowledgeable doctor and surgeon, the client struggled to accept that his expertise in the medical field did not automatically translate into expertise in marketing.
At the end of a Discovery Call with the client we were able to establish a few critical facts based on the data and information he shared.
Data revealed that arrivals – not leads – were the most important metric (KPI). Data showed the marketing as it was being done was a “leaky bucket.”
– 50% of online leads could not be contacted to verify appointments.
– 70% of confirmed appointments were no shows at the clinic.
– 80% of free consultation appointments were unqualified patients – not a candidate for dental implants or not able to afford the procedure.
– 2 patients on average resulted from every 200 leads.
Data gathered from Clinic (sales) and Operations staff made it clear that far too many patients coming in for a free consultation needed general dentistry care and not dental implants.
These facts created an “ah-ha” moment for the client that led him to decide that bringing in a Fractional CMO, and that giving him full authority and accountability over marketing, could achieve the steady growth he was seeking.
Rich established new processes, procedures, practices, and controls to ensure that marketing was reaching qualified candidates. He also developed a nurture strategy and sequence to ensure a higher number of qualified patient arrivals at clinics for a free dental implant consultation.
The results:
With this strategy, the clinic was able to increase monthly revenue 250% over a 12-month period.
Best of all, on top of this growth in new patients and revenue Rich was able to reduced overall marketing spend by -20%. The business was growing steadily (and quickly) at a lower cost-per-lead and cost-per-acquisition.
Are you ready to revolutionize your business growth?
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Rich Taylor, CMO
Rich Taylor is an accomplished Chief Marketing Officer with strong experience working with Healthcare companies.
His practice includes clients in Clinical Trial Research, Dental, Hospitals, Medical Equipment & Devices, Medical Practices, and Pharmaceuticals, Retail, Professional Services, and Consumer Goods.
rich@yorcmo.com | 773-368-5135
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