The value of the dentistry market in the Ireland increased by almost 90 percent between the years 1999 and 2015, indicating that the sector has seen considerable expansion in recent years.
This expansion has been pushed forward by a rise in the number of individuals who have sought dental treatment.
The value of the market is projected to reach 5.73 billion dollars on an annual basis by the end of this forecast period.
There are now 49,350 individuals working in the field of dental care in the Ireland. This number is in addition to the 32,900 people who are active in the field of general practice.
Importance of Patient Lifetime Value
As a dentist, your most significant assets are your patients.
And the number of new patients who sign up for dental treatment at your clinic is just one element of the equation; it is not the only factor to consider.
Before embarking on a marketing campaign, it is essential to have a solid understanding of the value that each patient brings to your dental clinic.
This is a prerequisite for getting started. This should be done before any attempts are made to sell the product or service.
The cumulative earnings made by those patients over a certain amount of time will serve as the yardstick by which you can measure the success or failure of your dental business.
This is something that will occur regardless of how well your service is performed.
If you want to maintain and bring in a consistent and rising number of patients, you need to have an awareness of what makes your present patients satisfied. This will allow you to keep and bring in a steady and growing number of patients.
For instance, a significant section of the population in Ireland has recently opted to have their cosmetic dental treatment completed in other countries, such as Turkey, Spain, Portugal, and several nations in Eastern Europe.
This pattern is also seen in a number of other nations located in Western Europe.
The dental offices that can be found in some of these other nations give consumers savings that are up to 70 percent cheaper than what is accessible in Dublin.
Because it is likely that these nations provide a higher level of care to the dental patients in their care, it is important for your clinic to rethink its strategy to marketing in order to maintain its position as a competitive player in the industry.
Value of a New Dental Patient
The majority of dental offices allocate part of their total marketing efforts toward the issue of discovering and attracting new customers.
This is the case in both private and public clinics. The amount of money that a dental office has to spend in order to attract new customers will, of course, vary considerably from one location to the next.
It should go without saying that the total amount of money spent on marketing activities with!
the goal of attracting new patients into the practice should not exceed the value of such patients to the company over the course of their lifetime.
However, it is important to note that this value can change over time.
Assessing The Worth of A New Patient
Assessing the worth of a new patient is an essential component in.
the process of choosing how to spend your marketing budget in the most productive and economical manner possible.
However, when it comes to the potential worth of a new client across the whole of the customer’s lifespan, marketing professionals have a variety of different projections to choose from.
Others have hypothesized that it will be much more than ten thousand dollars to pay for it, while others have estimated that it would be no more than a couple of hundred dollars to pay for it.
It has been predicted by a few other people that the total cost will be no more than a couple of hundred dollars.
Only 24 percent of the 68 dentists who took part in the poll had ever attempted to assess how much money a new dental patient is worth,
according to the results of a study project that was carried out by Wealthy Dentist.
Your dental practice will be in a position to make marketing decisions that are more informed,
which will result in a greater Return-On-Investment when you are armed with the knowledge of
how to calculate the worth of your new dental patients and why you need to undertake the estimate.
If you employ a technique known as the Customer Lifetime Value assessment approach,
you will have an easier time determining whether or not specific marketing and promotional activities are worthy investments.
It serves as a guide that demonstrates which promotional efforts need to be terminated, and which should be retained, and it does so by comparing the two.
If you are able to increase the lifetime value of each patient that comes to your dental clinic,
you will see consistent growth in the amount of money your company makes over the course of the long term.
Dentist in Dublin, Ireland
If you are looking for a Dentist in Dublin, you can always get help from Happy Dental, which is one of the best dental services available in Dublin, Ireland.