Where are you in the life cycle of your dental practice? Are you a start-up? A mature practice? A preparing-to-transition practice? In every case, there are important, easy-to-execute strategies that can help make the transitioning period shorter and the valuation and potential selling price of your practice higher.
A couple of weeks ago, Aaron Schulman of 5th Avenue Acquisitions & Venture Capitalists wrote an awesome post entitled “5 Surefire Ways to Increase Your Dental Practice’s Value Before You Sell” for DentistryIQ. Aaron is a member of a team of transition experts that assist dentists who want to sell or buy a practice. In his post, Aaron outlines online strategies that can contribute directly to a practice’s bottom line valuation
Another Dental Social Media ROI Plus
Here at My Social Practice we’ve been talking about the The Four ROI Components of dental social media marketing for a long time. They include:
- Greater Retention
- Increased Case Acceptance
- New Patients
- Added Practice Equity
When it comes to added practice equity, Aaron Schulman writes, “Having an active social media existence will make your dental office inviting to potential buyers and will show that your marketing is current and front-of-mind to potential and current patients.” We couldn’t agree more.
Start Now To Reap The Rewards
If you’re still sitting on the fence wondering if relationship marketing through social media is a fad, it’s time to get on board. Start small. Baby steps are fine. Just make the commitment to be consistent and genuine.
One day, when you’re ready to transition your practice, you’ll be glad you started now. Regardless of where you are in the life cycle of your practice it’s never too soon to build greater practice value and equity. A strong social media presence is a surefire way to begin doing that.
HI Jack, Thanks for mentioning my post in your post here 🙂 I enjoyed reading your 4 points here, and it is always good to read others’ work on these topics because it can bring to mind other angles or ideas that we may not have considered before! One other thought I had when reading your 4 points about using a solid service like “mysocialpractice” is that whenever you have the social media presence growing, and all of the buttons and tools set up, it also makes patient referral or “word of mouth” much easier when all they have to do is click a button or hit “share”. Some dentists may not realize it but when they are not engaged in social media or when they do not set up at least the social share buttons as a minimum, they are doing their own practice a dis-service as well because it makes it a bit more challenging for patients to share through different SM channels! Great post Jack.
Thanks for your comment, Aaron. The great news is that (albeit slowly) dental practices are beginning to realize that effective social media marketing doesn’t have to take a ton of their bandwidth. Your suggestion is a good example of that. Even participating in the conversation minimally, by making it easy for patients to share their love for your practice online, is a huge step in the right direction. Thanks for your insights.