Knowing Your Numbers

A business lesson from Tesla Motors and how you can directly apply it to your practice.

 

 

 

I enjoy mixing it up a little once in awhile so today I’m coming to you live on location from the Chicago Midwinter Dental Convention in this week’s video strategy, where I am bringing you another idea for you and your practice.

This strategy came to me courtesy of Tesla.  They are displayed here at the Midwinter and the way they went about it was not only very subtle, but also very cost effective for them as well.  They don’t have a booth or representatives from their company here, they simply have a banner with a picture of a car in the lobby and a real car on the display floor for everyone to drool on.

I like Tesla’s entire marketing approach because they are a smart forward-thinking company ran by Elon Musk, who is also a big Internet business guy.  (He is also the founder of a little company called PayPal you might have heard of.)  Between being a smart businessman, he is a smart marketer, as well.

Tesla cars are very pricey and they have a very elite demographic of people who can afford them, which dentists are among that target audience.  You have the doctor status, usually a business owner with established credit, and typically have a higher income than the average consumer.  So they are looking for people exactly like you.

 

Click on the video image below to watch.

You have probably noticed you don’t see a lot of Tesla dealerships.  The average consumer would love to look at them but can’t afford to actually purchase this car, so they save a lot of money by not having many brick and mortar locations, which also creates exclusivity of their product.

Which illustrates the point I want to share with you – they are very aware of their numbers.  They know it takes them $2,000 to acquire each new customer.  Tesla cars are pricy, and they are so aware of their price point they are willing to spend two grand to get a new buyer.

They will even pay an existing Tesla customer $2,000 cash for referring a new buying customer to show their gratitude for the referral.

Can you think of anyone else that offers big ticket items?  I hope you guessed yourself!  So, if you’re concerning yourself with spending a dollar per click or $10 for an ad as being too expensive, you need to understand the value of your prospect.  It’s a relationship of the cost to acquire vs. the average customer value and lifetime value.

In the video I break down their system and how you can apply it your patient attraction.  And I also share my second biggest takeaway from their marketing and how it directly applies to getting more dental patients in your office.

In this video, you’ll learn about:

  • How Tesla Motors marketing can apply to your practice
  • The importance of knowing your numbers
  • Knowing your bottom line for getting new patients
Please take a few minutes and watch the video above– do it for you and for your practice.