For the Independent Dentist here is Economic Reality
We recently went through a recession and it’s possible depending on whose economic tea leaves that we’re headed to another dip into two consecutive quarters of negative growth. Whether the double dip becomes reality or not is really irrelevant because we’re in the midst of an economic change just as big as the one brought on by the industrial age.
For a year, I’ve been talking about something called an economic “Value creation funk” being at the root of our problems in the US and a funk that is playing out throughout every post-industrial western economy. If something can be written into a manual and exported to somewhere else where the work is done for 5 cents on the dollar, it’s happened and happening rapidly in every industry. He who can produce at significantly lower costs will get the majority share of the production. What was the remnants of our industrial age is being relocated and is a renaissance for these developing countries. For the independent dentist the writing is on the wall. The good old days are over and you need to find a way to market correctly and ethically sell correctly.
If you happen to live in an industrialized western country that is an expert high quality manufacturer exporter (Germany), have a pile of natural resources (Canada, Norway, Australia), or are an interest rate money magnet (New Zealand) the same game is still on as an independent dentist, but it is being played in slow motion as you have major commodity cards easing the pain of this revolution.
The Independent Dentist should know that: Fewer of Your Patients are Going to Buy Significant Dentistry (at least for a while)
The value creation funk game and resultant economic revolution is that the middle classes are no longer assured of a rising standard of living and the jobs that are being created are no longer on that never ending post-WW II ever rising trajectory where disposable income always gets better than the previous year. Ultimately this shows up in YOUR dental office as an independent dentist with ever growing swaths of the public that can not afford what dentistry has to offer them. 3rd party financing is not going to fix what is happening.
Like it or not this funk is here to stay for a while while the economics unfold. To get out of the funk for the long term, we will literally need another revolution in what is created, exported, and valued by others. While I’m optimistic in that regard for the long-term, every practitioner deals with the ugly reality at hand in the right now as a business owner and independent dentist.
Pick your Model/Niche and Be Quick about It as Time is Running Out.
Businesses at this point in time have to get smart and get smart fast with what they are selling, how they sell it and to whom they sell while the demographic and economic shakeout continues. If you are going to sell at low cost, you had better get smart at that model and fast. If you are going to sell to the deeply disabled dental market, you had better get good at that fast. If you are going to sell to a higher-end customer, you had better get great at that fast. The middle market will continue to disappear so you had better understand what that means.
Regardless of which model, you must have no shame regarding promotion and be very keen on qualifying those interacting with your particular promotional messages. [FYI: the Elite Program is all about promoting and selling to the deeply disabled case type. Our Niche Dental Advertising Program is giving members the tools to sell under any market conditions and model.]
While this economic disruption in how things used to be shifting to how things are going to be continues to blow up a lot of practices, other independent dentists are diverting themselves from disaster by what they are doing in the right now by understanding what is happening and not pretending it doesn’t exist or hoping it will go away so that things get back to the good ole’ days of normal.
What to Do as an Independent Dentist?
For those seeing the writing on the wall and deciding to be proactive, there is still tremendous opportunity in most businesses including dentistry. For those that want to diversify and add in big cases via dental marketing, our McAnally Selling System is the choice. For those that realize a foundation for dental case acceptance is absent in their practice, our online dental case acceptance training Program is a good place to start. For those that want help from peers already doing well in this regards, again, the Elite Marketing Program as the mastermind component allows discussion and improvement on any activity you are pursuing in your practice.
For those who routinely take action, now is your time to step forward.
It’s Bigger than Just Independent Dentists.
Stepping back from our niche, it’s also an amazing time for any with entrepreneurial spirit as the “age of connection” also presents tremendous opportunities to find and sell to your niche in which you have a passion. Unfortunately, it seems that as this connection benefit has come into being, the masses are more prone than ever to simply exhibit herd like behavior OR worse simply remain ignorant and refuse to become educated about what is possible for the individual. A true pity…..
In every endeavor, individuals are either shifting down to lowered expectations and more meaningless work OR to higher expectations and literal races to the top in millions of new niches.
An exciting time for all of us and yes the revolution will be televised……to learn more about niche advertising, check out my #1 top selling book on Amazon.