One of my favorite marketing trends in our daily lives is the now economy. Everything that you see around that is quick to satisfy the needs of users like Netflix binge series consumption, or Amazons 24 hours or less delivery, Spotify’s unlimited streaming music, among others, are part of the now economy and are impacting almost every single industry where consumers demand their needs to be addressed as quickly as possible and are willing to pay a premium for it or to switch products if their current provider fails to deliver on a tight schedule. All of this is powered by new technologies, both in software, data interpretation and application, and new product features.
In the dental industry this is also a reality, technology is changing reality for dentist, lab technicians and consumers alike and even generating new competitors between players. Dentists now compete with their colleagues on who can provide systems faster and with less pain and hassle. For example, doctors with in-house lab equipment can print crowns and offer same day dentistry have a competitive advantage to others than don’t, this also steals market share from the labs. At the same time in the world of orthodontics, we see new products like those offered by the Smile Direct Club where aligners are mailed directly to customers without having to do periodic visits to their doctor. This means problems or opportunities depending on how and when are you willing to invest in technology and digital dentistry know-how.
Investment opportunities
1) I would recommend investing in diminishing chair time per appointment with new technologies that use dental guides, some are available for both implants and dental restorations.
2) Evaluate the options in the market, perhaps you don’t need to buy all the best equipment, you could focus on one. For example, equipment to make aligners if you focus on orthodontics, or if you are in cosmetics being able to produce crowns and other ceramics in-house gives you an advantage over your competition.
3) Once you decide what equipment to buy, train your staff to use digital dentistry equipment such as scanners, printers, and mills. Being able to complete effectively and with quality will reduce your wait time and cost associated with labs.
4) Promote your new business capabilities to your clients, what is the point of investing 50,000 dollars in a scanner and printing equipment if people don’t know you have such a wonderful service?
5) Finally, stay informed of new technologies and techniques, innovation happens every day so going to tradeshows, following blogs and participating in a study group with collages will not only help you stay up to date but could open opportunities to eventually market yourself as an expert!
I hope you enjoyed this article; do you have any questions on how to improve your practice? Please share them in the comment section and let’s discuss how to bring your game to the next level!
Excellent article Ricardo! I couldn’t agree more. The now economy is affecting almost every market and we must take steps to evolve with the market trends. It’s interesting to read about how it is affecting the dental industry as well your recommendations. I share your thoughts on step 5 about keeping up with current technologies. It’s imperative that we keep up with new tech in order to stay relevant, no matter what the industry. Once again, I enjoyed your article! Hope to read more of your content in the future!
Thank you for your comment Nicolas! There is so much technology in the health industry that will open a lot of improvements in quality of life and for better business. The key for us as marketers is to detect and target the innovators and early adopters as fast as possible to kick start the business side of new technologies.
This is such a great article Ricardo! I believe you made some great points here and provided very good and useful tips and tactics to be used by the people who are in the health industry. Great work!
Thank you for your comment Marjan. I hope these tips and tactics help others!
Such an interesting point of view! Thanks for sharing, very useful.
Thank you, I really appreciate it!
Very thorough exploration Ricardo regarding the capricious “now” society we live in. I agree that the demand to get things done quickly and urgently is a major drive for any client, be it when ordering a product or receiving a service such as dentistry. I work in the fitness industry and often see clients disillusioned when they don’t receive results in their weight loss as quickly as often advertised on Instagram or Facebook from different teas or pills meant to change their health, appearance, and lives. I find that I can’t always honestly compete with this notion, as some things just take time. However, I do agree that staying informed in new technologies or techniques, in my case-specific exercise methods or courses, can help keep clients engaged and more likely to stay with the company if they find us knowledgeable on the topic.