PPC Marketing Part 2

Top the search engines, part 2!

Last week, we discussed how you can buy your way to the top of the Internet search engine results with PPC or Pay-per-Click “Sponsored Links.” These sponsored links can cost you anywhere form $0.10 to $100.00 for each and every Web surfer that clicks on an ad leading to your site.

The real question: “Is this a smart way to market for new patients?” The answer is a qualified “Yes,” and some of the primary qualifiers are:

  1. You must know the “ROI” (Return-On-Investment) and the “marginal profit” of the type of the new patient you are trying to attract to your practice.
  2. You must know how much you can afford to pay for each visitor who visits your Web site.
  3. You must be able to convert Web site visitors into appointment requests.
  4. Your front desk team must be able to convert the appointment request to an actual patient in your chair.

Let’s start with ROI and marginal profit.

Return on Investment and Marginal Profit

At TheWealthyDentist.com, it is standard procedure to analyze the net value of a new patient in each of our client’s practices. The value, or contribution to overhead (marginal profit), is the amount of money generated by a new patient in the first nine months of care, less the cost of providing the dentistry (variable cost). This means we take the gross production of a new patient and subtract lab fees, dental supplies and collections losses to determine how much money goes into paying overhead.

For a detailed and (I hope) entertaining explanation of ROI and marginal profit, you can access or our online video training program, “Maximizing Your Marketing – Targeting the High-Value New Patient.” This program is available at no charge until August 15th, after which it will be returned the Training Vault and you will have to pay $89.00.

For a 1-minute course, including a chart of the marginal profit values of 19 different high-value patient types, click here.

The marginal profit of a new Cosmetic / Restorative dental patient, as illustrated in our High-Value New Patient Chart, is about $4,000. This means that if you spend $2,000 on an Internet PPC marketing campaign to generate one additional new cosmetic patient, with a gross production value of $5,500 and a net contribution/marginal profit of $4,000, your ROI is $2,000. Sounds pretty good to me.

But before you jump into PPC marketing, you must know the value of the high-value new patient that you want to target on the Internet. This is not debatable.

About Jim Du Molin

+Jim Du Molin is a leading Internet marketing expert for dentists in North America. He has helped hundreds of doctors make more money in their practices using his proven Internet marketing techniques.

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