I often get asked by practice principals what the value of a facial aesthetics business can be for their dental practice. There are of course lots of factors to consider, including the premises and capacity, whether the use of an existing dental surgery stacks up financially, the recruitment or training of qualified and dedicated practitioners, front of house staff training as well as the local market and how to position the practice to set it apart from competitors.
It’s important to look at it as a separate business, with a separate profit centre, with clear objectives and milestones and a carefully thought-through Business Plan is of course a ‘must’.
To Facial Aesthetics and beyond!
Many practices launch a Facial Aesthetics successfully to include wrinkle reduction and fillers and then extend into offering a wider range of treatments spanning beauty treatments such as facial rejuvenation and treating skin conditions such as acne, redness and pigmentation. Some clients focus solely on being skin and facial aesthetics specialists.
Finding and keeping patients for a Facial Aesthetics or MediSpa businsss does present its own unique set of challenges. Is the target audience the very different to the dental patient audience in your specific catchment area? How does the treatment mix break down in terms of demographic? How price sensitive is this market? Can a membership scheme work in the same way as it does for dental patients who sign up for monthly payment plans for their routine care and hygiene appointments?
We’ve helped an award winning clinic to plan and launch a VIP membership scheme for their clientele and it’s success to date is allowing the owner to put even firmer foundations in place and paving the way for even greater success.
With businesses that are classed as SMEs (small & medium-sized enterprises with up to 250 employees), research shows that investment in marketing is often too low and that this hinders growth. Private and ‘mixed’ practices without NHS contracts fit into this category.
Here are some facts about SMEs:
SMEs report that they could raise sales by an average of 15% if they maximise the impact of their marketing effort
The average SME only achieves 39% of their planned marketing activity
11% do NONE of their planned marketing
1/3 rate their marketing efforts at under 5 out of 10 yet 77% recognise it is important to the success of their business
Reasons for not doing enough marketing: 36% say there isn’t enough money, 21% there isn’t enough time
The average SME spends £23,810 a year on marketing
Every £1 spent on advertising benefits an SME 8 times as much as it would a larger firm
Of course, it’s not solely about making a larger investment to help build a dental business. It’s about spending it wisely through careful marketing planning and avoiding costly mistakes.
For a no-obligation chat about your objectives contact us on 0845 287 3051 for a free initial consultation.
Sources: Centre for Economics and Business Research (CEBR) Advertising Association
To make it happen, you first need a plan, a roadmap if you like. In the same way you don’t get in your car without knowing where you are going and how you are going to get there, it’s the same for building a business.
A business plan supported by a marketing plan that helps you achieve your business objectives is the way to reach your destination, whether measured in income, profit, cases, professional standing within your profession or exit, if you have an exit plan (which is a huge subject in itself).
For help with a business plan and marketing plan from the people in the know, it’s important to work with a specialist marketing agency that knows your challenges, your industry and the roadblocks potentially in your way.
It’s that time of year when businesses, including dental practices, have the ambition to make the New Year their best year ever. All too often though, it never really happens and one of the reasons is that the practice doesn’t have a business plan and almost certainly doesn’t have a marketing plan with clear objectives.
It is of course important to plan set targets in terms of patient income, cases, referrals and Patient Plan memberships if you have a scheme in place.
A dental practice business plan should at the very least cover the following topics:
Objectives – growth, acquisition, exit, new partnership…
Practice strengths and weaknesses
The financials e.g. 2-3 year financial projections, with breakdown in treatment mix
Supplier services & costs e.g. supplies, sundries
Practice and equipment maintenance
Team development plans – clinical training, personal development training, recruitment, practice management
Marketing – external support, such as Smile Marketing, and internal responsibilities
Success criteria i.e. what does success look like?
So don’t leave “your best year ever” to chance. Do talk to a specialist dental marketing agency for advice and guidance.