As we wind down 2013, many folks are looking back on the year that was, but I know that you as a forward-thinking owner of a dental or orthodontic practice are looking forward to the new year. Specifically, you are zoned in on what should be a very lucrative quarter: the first calendar quarter of the year.
Historically, the first quarter is a strong demand quarter for potential new patients. On top of that, you usually don’t see any other major expenditures besides, potentially, end of year income tax payments. As such, the demand from new patients plus low stress on the expense side equal a possible increase in the bank account.
How do you take advantage of the opportunity presented here? In other words, how should your marketing be structured to attract as many new patients as possible during the first quarter? As you consider this, note that two major factors come into play during the first quarter:
- Tax refunds – Roughly 46% of Americans (that’s almost half to you and me) expect to receive a tax refund. During the quarter, quite a number of folks who are due money from the taxing authorities will receive those funds. Only 7% of those receiving a refund plan to spend it on a fleetingly fun activity like a vacation or shopping spree. 30% will use the funds to pay down existing debt. That leaves almost 2/3 of those receiving refunds looking to invest or put their money to other good use. What better use or investment than in important dental or orthodontic work for the family. Even though we stress the importance of providing affordable care, the tax refund gives Americans some breathing room to make investments like this.
- Spring break – No, not the spring break with tequila shots and techno music. I’m talking about the part of spring break where the kids are out of school and parents are looking to engage them in activities, get out of the house. If you have a 10 year old and 7 year old in the house, you are not looking to shoot down to Daytona Beach for the week. Rather, this is a perfect opportunity to fit in a dental or orthodontic appointment. Moreover, spring break usually falls toward the end of the quarter which means that people are past the hangover that comes from holiday and property tax bills.
How do these factors apply to your marketing strategy? Some things to incorporate:
Softly note the tax refund
Please do not say something cheesy like “tax refund burning a hole in your wallet? Spend it with us!” (yes, we’ve seen folks do this and it did not end well). Rather, make note of the fact that people are looking to put their money to good use. Something along the lines of “Make an investment in your family’s future. See us at Dr. X Orthodontic Specialists.” Then, stress your main selling point whether it be price, quality, atmosphere, hours, locations, etc., etc.
Gear hours and promotions toward the spring break period
One of the first things you should do is to know when spring break happens for the elementary, middle and high schools in your area. This will dictate a lot of things for you in the first quarter. For example, if spring break happens from March 8-12, that is the week to open up extra new patient time. Stay open a little later in the evening and open a bit earlier. Yes, there may be some extra cost for overtime, but if you sign just a few extra patients during that time, you will easily recoup and exceed that extra cost.
By the same token, if you are going to run a promotion – discount, giveaway, etc. – make sure that it centers around this period. Your volume should be the greatest at this time so if you plan to give away those Disney vouchers for each contract signed, let it include the spring break period. It can make a strong season even stronger.
Be school specific
If spring break happens at different times for different schools, see if you can target the areas around the schools for their spring break periods. So, if High School A has its spring break week from March 8-12, run an ad at homes or nearby businesses stating that “High School A parents, students, alumni and friends get an extra 20% off this week. Bring something in school colors to claim your deal.” Then, do the same for High School B for its spring break week. This brings you closer to the community and laser targets the strongest potential market for you: those families with no school in session.
Don’t forget the rest of the quarter
We’ve put a lot of stress on spring break because it is potentially your strongest part of the quarter, but the rest of the quarter can be very positive as well. New Year’s resolutions, wanting to get that extra whitening or cosmetic procedure for Valentine’s Day and improving weather (stoking the desire to get out of the house) all play a role in the quarter. If you see an opening here or opportunity related to the services you provide, go after it hard. This isn’t the holiday season where shopping and gift giving create a drag on everything else.
Of course, there’s a lot that can be done in the first quarter. If you want to bounce some ideas off us, we’d love to hear from you. Contact us here.
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