With recession warnings increasing, you may be feeling nervous about your dental practice and how economic fluctuations will affect it. And if you’re feeling this way, don’t worry, it’s completely normal.
The best way to combat economic fluctuations and recession-proof your practice’s marketing and to ensure that you still have a steady stream of new patients each month is to have a solid plan. A smart marketing plan will help to smooth out the ups and downs and, in turn, allow you to focus on what matters the most—your patients.
Next, we’re talking about our top tips for keeping your dental practice up and running as strong as ever, even during a recession.
Tip Number 1: Keep Marketing!
As the economy dips, your initial instinct may be to reel in your marketing efforts, hanging onto your marketing dollars for fear that you may lose them. We get it; when your budget is tight, slashing out marketing is one of the easiest things to cut.
The problem is, if you stop marketing or even cut out some of your marketing channels, you’re stopping the flow of new leads and patients. What happens when you stop getting leads? You aren’t bringing in enough money to maintain your practice and things start to look dark.
The best thing you can do for your practice in anticipation of a recession is to keep your marketing plan solidly on track, regardless of how the economy is looking.
According to Harvard Business Review, it is well documented that companies that increase their advertising during a recession, when their competition is cutting back, will improve their market share and ROI at a lower cost than during positive economic times.
Tip Number 2: Diversify Your Marketing
Now that we’ve established the importance of continued marketing, even during a recession, let’s talk about what that looks like.
As the saying goes, “don’t put all your eggs in one basket.” And this is especially pertinent during slower economic times.
What’s this mean for dental marketing? It means that you should diversify your efforts by utilizing a broad range of marketing techniques. Failure to do so could leave your dental practice in a very precarious position.
Once your dental practice finds a profitable marketing channel that’s bringing in fresh, new leads on the regular, it’s important to continue to seek out and establish a second, third, and fourth marketing channel. Otherwise, a subtle shift in the marketing landscape could threaten to bring your marketing (and new patients) to a screeching halt.
Let’s face it, no one has cracked the code on digital marketing strategies—Google, Facebook, and the other big players are constantly changing their algorithms. While it’s certainly important to keep up with these changes, you also don’t want to rely too heavily on any one channel for fear that a recession or other big change could make major waves.
Tip Number 3: Keep Your Practice Website Updated and Optimized
If the economy takes a hit, the last thing you want is to turn to your dental website when you really need it and realize that it’s outdated, not user-friendly, and not optimized for today’s searchers.
Take advantage of good economic times to make sure your website is up to date and ready to convert. This may mean making major upgrades to your site like adding new pages, more content, increasing site speed, SEO optimization, and ensuring it’s mobile-friendly.
Essentially, you’re making sure that it’s set up and ready to work for you when you need it the most. You can even take this time to write a stockpile of new blog posts to be used for slower times.
When that inevitable “rainy day,” or dip in the economy comes, your website will be fresh and ready to convert. You can share those blog posts to your website and promote them on social media to keep your content fresh, exciting, and relevant even when the market’s looking bleak.
Tip Number 4: Step Up Your Customer Service
When the economy decreases, it’s time to increase your customer service. When you go above and beyond for your patients, it doesn’t cost you a dime. But that extra effort can be the difference between your patient recommending your practice to a friend and them not saying anything at all and that potential patient going elsewhere.
You see, although the economy is rough, people still need your services. They may tighten their budgets in other areas of their life, like recreation and dining out, but most people still maintain their dental hygiene.
So, increase your new customer incentives, go the extra mile for your patients, and you just may find that more patients are coming through your door regardless of the downward trending economy.
Remain Calm and Seek Professional Dental Marketing
A downturn in the market is nerve-wracking for everyone, but the effect is felt even more for people like you who own their own dental practices. By continuing your marketing efforts and making the most out of your marketing strategies, you can ensure that you have a steady stream of new patients and income to keep you well above water, even in difficult times.
If you’d like help with your dental marketing efforts, get in touch! At Core Dental Solutions, we’re dedicated to helping dental practices establish and maintain a diversified digital marketing strategy that helps your practice’s marketing to run on auto-pilot.
Whether a recession is on the horizon or not, you can rest assured that your practice will always be ahead of the curve. Get in touch today for your free dental marketing consultation.
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