Tough Times

Over the course of the last several months there has been much talk about the condition of the economy. Unemployment rates have reached a five year high of 6.1%. As alarming as this statistic may seem, many of us forget that the employment rate is 93.9%. I found that focusing on the half full glass always produced better results than looking at the half empty one. After all in 2006 when the unemployment rates were the lowest during these same five years they were around 4.4% so in reality there has been an increase of 1.7%. Ninety four out of one hundred employable patients still have jobs. The offices that do the most effective job of marketing to the ninety four patients will be able to weather the economic storms. With the recent increases of fuel and the other price increases associated with the cost of fuel, the competition for discretionary spending has become more fierce. Just as any business, dentists need to understand the importance of creating a competitive advantage. Jack Welch stated, "If you don't have a competitive advantage, don't compete." Have you unidentified why patients should spend their discretionary dollars in your office? If you don't think you are in a competition for those dollars, look around your reception area at the magazines that your patients read as they wait for your services. Creating your competitive advantage has never been more essential. If you can't identify why patients should be spending their discretionary dollars with you, it is highly unlikely that they will be able to either. And that is not a good thing.