About a year ago, our team set out to determine the actual ROI (Return on Investment) of our services for our dental clients. For most firms, this is no easy task as most practices are very careful with who they share sensitive information like profit margins with. To make it harder, a large number of dental practices do not effectively track where their patients come from. We were lucky to work with a client that kept meticulous records of how each new client heard of them. For obvious reasons, we will simply call this client “X” but if you would like to actually speak to someone from this practice please feel free to reach out to us, our contact information is at the bottom of this article.
Once we had access to X’s accounts, all we had to do was record the amount of money they spent through us via online advertising, the number of new patients and the billing that resulted from each of those patients. What follows is a breakdown of each test period where we were able to record data from our client X. Following the test period breakdowns are our suggestions for your practice and what services we provided for this client to bring about the results detailed below.
1. All of our ROI numbers only reflect the ROI which resulted from the FIRST visit of the new patient. If we were to record recurring checkups and procedures we are certain that the ROI of online advertising would rise significantly.
2. ROI = Return On Investment = (total revenue-total investment)/(total investment)
Test Period #1 (July.2016-Oct.2016)
Our first test period begins in July 2016. In July, X spent a total of $300 via online advertising. The billing that resulted from new clients directly attributed to our online advertising totaled $4,821, that is an ROI of 1,507% or roughly a return 16 times the original investment. A similar pattern continued over the next 4 months of our test period which followed the below break down:
July.16 Spent $300 Return: $4,821
Aug.16 Spent: $309 Return: $8,190
Sept.16 Spent: $350 Return: $3,286
Oct.16 Spent: $736 Return: $4,085
At the end of the 4 months period, our client had spent $1,695 via online advertising and generated $20,392 in revenue attributed solely to new clients who had found the practice due to our online advertising. (Again, we want to note that this does not account for the 6 month checkups or other proceeds that also resulted from the clients generated during this period). All of this generated a total ROI of 1,103% over the period.
These results were far more than what we expected and X was also surprised by the effect our online strategy was having on their business. Although X was excited about the results, our first test period ended during the middle of the 5th month as X was becoming too busy to keep up with business and therefore requested that we cease online advertising for a period while they brought on a new dentist as a partner.
Test Period #2 (May.2017-Aug.2017)
The following year, X asked us to begin our online advertising campaign again as their partner had been fully integrated into the business and they were once again ready for new patients. Though we maintained our organic SEO rankings and our social media presence, this was the first time we began advertising for X since the first test period.
Our second test period did not catch us by such surprise. Without going into excessive detail, we found that this second period echoed our first test period and though the client did not receive the same ROI, it was still worth their investment.
Over this period, X spent $2,990.29 via online advertising through us and generated $15,048.46 in additional revenue. This comes to a total ROI of 403%. Though this period was not as amazing as the first, both us and X still think that a 403% return was definitely worth their investment and now that X has more scalability with their new dental partner, we are continuing our advertising campaign indefinitely.
What We Do for X and What We Can Do For Your Practice
We mentioned earlier that our services for X involved more than advertising placement but this really is a very important point because online advertising performance is highly dependent upon “organic SEO,” “reputation management”, and “organic presence.” Basically, what this means is that many practices can, and do, spend twice or double what X did on online advertising and do not see a single new patient in the door because of it. Their lack of organic SEO on Google, their lack of organic presence on social media and their lack of reputation management are prevalent across the board.
You can spend tons of money on online advertising but if your practice does not perform well organically already you will have a very hard time ever getting sufficient ROI from any campaign.
These are services that X has our team provide for them on an ongoing basis:
1. Website maintenance, hosting and security
2. Regular social media postings (3 posts per week) on 3 social media platforms – Facebook, Instagram and Twitter
3. Real-time review, comment, message, and check-in monitoring and response for all 3 of their social media platforms – we reply to everything within 1 hour
4. Quarterly analytic reporting on social media and website performance
5. Regular website SEO audits and constant SEO maintenance
6. Social media advertising management
7. Google, Bing, and Yahoo advertising management
8. Website renovation each year
9. Monthly consulting calls if requested
Having us maintain all of this and keeping their organic results high along with our constant reputation management is what allows their advertising campaigns to be so successful. Because they are not held back by negative reviews, multiple or incorrect online listings, outdated contact information, etc. they are able to increase their ROI by staying true to their practice.
What YOU Can Do for Your Practice Now
Obviously, a lot of the methods/strategies we use are impractical for most dental professionals to enact on their own as they simply do not have the time/expertise to do what we do. All the leg work of creating engagement on Facebook or checking online listings to make sure they are all claimed and correct takes away from their patients and their bottom line.
However, there are some things you as a dental professional can do right now that will help you once you decide to really get serious about growth.
1. Devote a significant amount of time to understanding what makes a practice a success in terms of internal SYSTEMS – this doesn’t necessarily mean software
2. Get happy patients to review your business online – Facebook and Google are the best places for this
3. Start tracking where your new patients are coming from – what advertising is paying for itself?
4. Get staff to start collecting images (with approval) of happy patients whenever possible
5. Get online yourself – a dentist you can “friend” on Facebook looks a lot less intimidating
Does all of this sound intimidating? It did for X and that is why they hired us!
A Bit About Us
We are a Colorado-based business whose philosophy is, and always will be, that our clients’ needs always come first. Our primary focus is on creating growth for our clients and growing with them in whatever capacity they need us. Though we offer a wide array of services, our primary expertise lies in online advertising and reputation management via our social media management and our SEO services. We have passionately served our clients for two and a half years and have worked with over 54 businesses to date. We could talk about ourselves all day but find people enjoy looking at what our clients say a lot more:
* “EasySocial and their services have allowed us to grow exponentially and we are ecstatic about our results so far! We plan to keep using EasySocial for a very long time. As a very happy customer, I am happy to recommend EasySocial to you, whoever you may be. If you need your social media presence to grow, and you need it fast, EasySocial is the company for you.” – Julie Terrell – AriaBend
* “We have thoroughly enjoyed working with them and our staff loves that our accounts stay active, updated and that EasySocial is fast to respond to customers without our staff having to lift a finger. We believe that the social media expertise and “client first” attitude that EasySocial has represents a major asset for our brand.” – Dave Ray – Solar Roast Coffee
* “They say that their mission is to help their clients succeed while making digital advertising and marketing simple and easy. It is my belief that they do exactly that. We can recommend EasySocial with confidence that they will work relentlessly to serve you.” – Dr. Jeremy Thomas DDS – Integrity Dental
If you are interested in some of our services or even if you just want more information please do not hesitate to email us directly. Our owner and CEO of EasySocial and the team behind him are always ready to meet a new potential partner.
Reach out to him directly at TimothyZ@EasySocial.Solutions and we can talk about what we can do for your practice!