What Is Goodwill in Dental Implant Marketing?

Share This Article

Dental Practice Growth in Action with your Treatment Coordinator

Dental Implant Marketing – Making the Important Shift to the Financial Discussion

We have now arrived at a critical juncture in the sales process, namely…
How do we make the shift from the treatment discussion to the Financial discussion?
In this blog, we’re going to examine the Financial discussion for dental implant treatment, introducing the role of the Treatment Coordinator, discussing the importance of smoothly switching the conversation to the financial topic, and giving you 5 specific pointers and 5 general principles for helping you do this.

Read More »

In discussing dental implant marketing here at Client Connection Group, you will hear a lot about the term goodwill.  

 

It is always good to define our terms, so what do we mean by our use of this word in relation to dental implant marketing?

 

For accounting purposes, goodwill for a dental practice is often defined as it is in the following passage from an article in Dental Economics, “Every viable dental practice has goodwill. Goodwill refers to the intangible assets that either restrict or enhance the future earnings of the practice, and includes patient charts, recall systems, staff longevity, noncompete covenants, and the owner’s reputation within the community… Goodwill is the single most important asset of a practice. Preservation of goodwill is tantamount to ensuring ongoing success.”

 

Our definition here at Client Connection Group is somewhat different. We are primarily talking about the best way to make a return over the long term. To achieve that goal, we define dental practice goodwill as follows:  “The level of positive or negative feelings that the people in your community feel about your brand and practice.” By the very use of the word, goodwill, however, we are focusing on the positive side and the level of appreciation and trust that people feel about your practice.

 

Appreciation and trust are the two main pieces of goodwill as we define it. Appreciation is earned through freely given value and trust is built as customers reap the benefits of that value. 

 

Preservation of Goodwill in Dental Implant Marketing

 

We definitely agree with the last sentence of the accounting definition of goodwill. “Preservation of goodwill is tantamount to ensuring ongoing success.” Since a large part of a customer’s engagement with a business is through its advertising, promoting goodwill through the marketing and community outreach efforts is of vital importance. If goodwill is preserved and strengthened through every encounter with your brand, as the accounting definition says, ongoing success is ensured. Positive feelings about your practice are simply money in the bank. Customers are always going to choose to do business with the place that pleases them the most.

 

A practice that consistently compromises goodwill in the community through its dental marketing could be compared to a new car that has experienced significant hail damage. The interior is still completely intact and the engine still works perfectly but the cosmetic image has been damaged so significantly that the value has been substantially reduced.

 

This is a good picture of a practice that engages in dental marketing with a message that is detrimental to goodwill in the community. People will not be attracted to the practice on its own merits. It will take the sheer force of a bargain to get them through the door.

 

Under-utilized Way to Build Goodwill in Dental Implant Marketing

 

 Here is one simple yet under-utilized way to build goodwill by giving value: give prospective customers solid answers to their questions about dental implants.

 

Feeling that knowledge loop close as we receive a satisfying answer from a respected source is a highly valuable experience, yet few advertisers exploit the possibilities of this to full advantage.

 

Every time we answer a question for a customer, we make a deposit into their account and their instinctive response is to make a corresponding deposit into our account in the form of a heightened regard and appreciation for your practice.

 

This is such a simple method that dentists tend to overlook it. But we should view every chance to answer an implant question as a tremendous opportunity.

Would you like help to build more genuine goodwill for your practice in your community and put more money in the bank in this way?

 

Reach out to Client Connection Group with its wealth of experience in dental implant marketing to help you achieve your goals today!

 

 

More by Client Connection Group:

4 Reasons Seniors Respond to Positive Dental Implant Marketing

Rewards of Building Goodwill Through Dental Implant Advertising

 

Leave a comment

Your email address will not be published. Required fields are marked *

Dental Practice Growth in Action with your Treatment Coordinator

Dental Implant Marketing – Making the Important Shift to the Financial Discussion

We have now arrived at a critical juncture in the sales process, namely…
How do we make the shift from the treatment discussion to the Financial discussion?
In this blog, we’re going to examine the Financial discussion for dental implant treatment, introducing the role of the Treatment Coordinator, discussing the importance of smoothly switching the conversation to the financial topic, and giving you 5 specific pointers and 5 general principles for helping you do this.

Read More »