Do you feel that marketing your dental practice is more trouble than its worth or you’re not making enough return on your marketing investment? It’s possible you have what Douglas Sligtig, President of Dental Branding, calls the "Lottery" mindset.
Let’s take a look at an example of the "Lottery" mindset and its counterpart – the more effective perspective – the “Investment” mindset.
Lottery Mindset
What is it? Expecting a windfall of revenue from a specific marketing campaign.
Example: A dentist who spends $10,000 on a direct mail campaign and expects to reap $50-$100k in return over a short period of time.
The Result: This mindset leads to unmet expectations, a bad taste about marketing, and possibly, poor marketing habits.
Investment Mindset
What is it? Marketing is viewed as an investment with the expectation of a positive return that grows over time.
Example: A dentist who spends $10,000 on a direct mail campaign and expects to reap $8-$20k in return over the short term and $40-$80k over a five-year period through patient retention and referrals.
The Result: The correct mindset leads to better marketing habits. A consistent commitment to this mindset and a marketing plan will result in higher ROI and a more satisfied dental practice owner.
So, how exactly do you improve ROI given you have the right mindset? Read more in Sligtig’s complete article, How Do You Measure Return on Investment in Marketing?
