Many dentists think that you need to spend a lot on marketing. In fact, I hear so many dentists and entrepreneurs in general say that you have to spend money to make money. However, there are some times when that rule does not apply. And quite frankly, these are the rules that I want to play by. This one strategy that I will lay out for you has allowed me to build partnerships with top companies in my community, reach out to my ideal patients, and become 28% more profitable. This one marketing strategy that I discovered a while back that has helped me to boost my brand is the Host/Beneficiary arrangement.
The Host/Beneficiary arrangement is an advanced marketing strategy where your company teams up with a more established or bigger business in your area that serves an audience that is similar to your own.
The basic way it works is this: You offer a free or deeply discounted offer to customers of the larger organization. The larger organization (the host) shares this offer with its customers. You (the beneficiary) get the implied endorsement of the host.
In the business world how this works is that you research companies in your area that have customers who would also be ideal customers to your business. You approach the company and create a great free (or discounted) offer that you would like for them to share with its customers.
If the company likes your quality and finds the offer useful, there is a good chance it will agree to the arrangement. So why would this bigger company agree to promote your company? Because it’s a no-cost way to provide something of value to its customers. The host company doesn’t have to pay for the perk you give. You offer it at no cost to the organization.
I decided to apply this advanced strategy to my dental practice, and instead of offering a perk or promotion to its customers, I offered it to their teams.
This is how it looked in my practice: We created an email that included an offer of 50 percent off dental cleanings and shared it with the biggest bank in the country. The email stated that because we both believe in building communities and building strong teams, we have decided to create this partnership. The employees were free to use their insurance and share the offer with their friends and family. The offer was for a limited time of one month. Well, needless to say, we were wowed.
That month we had over 250 new patients and our revenue shot up 28% from the previous month. We had to hire an additional hygienist because of the rapid growth!
We attribute the success of this campaign to the great offer as well as to the fact that it was shared by the team's company. Incidentally, even though we offered a promotional price, more than 50 percent of the patients added on additional same day services such as adult sealants, fluoride and fillings and scheduled for future treatment.
Because of our culture of Delivering WOW, after receiving unexpected bonuses such as a complimentary arm and hand massage, a full office tour, and an iPad and headphones to take away the sound, they became raving fans.
Because of the success of this campaign, we now create host/beneficiaries for cleanings with one large and one small company every month. We also offer it to the team of the charity that we are supporting that month.
So perhaps your next question is how do I set up these host/beneficiaries? Well, sometimes it's all about the relationships. The easiest way to “get through” is to ask a patient who works at the company to make the connection. Or you can “cold call”, but you might not get 100 percent agreeing to the partnership. However, even if the acceptance rate is 20%, that is quite fine as there are limitless options of companies that can be contacted. I would suggest making the offer for them to share with their team vs. their customers, as they will look like a winner to their employees. And remember this is a task that can be delegated.
This strategy speaks to what is a new patient worth. You see, it didn't cost more than an email to create and market the campaign. It cost us a little chair time and some prophy paste. But the value of that campaign will last a lifetime!
Click below to receive a Free Guide which shares the exact email that we send to companies:
Join the Delivering WOW Dental Hangout, my FREE Facebook Group to Join Other Dentists Are Getting Results by Taking Action! On the inside you will get direct access to Dr. Holmes as well as past podcast guests to help you scale up and get results!