Have you ever wondered why a person pays $5 dollar for a cup of coffee that only costs less than 25¢ to make? The price we pay is premium of receiving CUSTOMER EXPERIENCE in purchasing and consuming a coffee. What does it mean? Can your dental practice benefit from it?
The customer experience earns such a high premium because Starbucks provides an experience around principle of 3Ps - People, Place and Product. In short, it is a combination of these 3Ps which allows Starbucks to charge $5 dollars for a latte.
How can a dental practice benefit from 3Ps' principle where "People" is Patients?
A dental practice might not be able to benefit like Starbucks for pricing a premium on coffee because treatment prices, in case of dentistry, are dictated by many factors like demographics, competition within the zip code, payor contracts, etc.
In case of a dental practice, 3P principle is used in context of patient base. How strong is the patient recare (recall) and return rate? It is one of the key metric for a growth of a practice (see Revenue Of Repeat Patient for details).
It is THE EXPERIENCE which is going to decide patient's return, most critical for the growth of a practice; and word-of-mouth referrals, most powerful marketing tool often undermined. Read more on patient experience in my previous article on Patient Loyalty.
Further, it is critical for a dental practice owner to understand that providing 360º experience from the time patient thinks to visit a dentist, yes, from the time s/he thinks, to the time until patient's next visit is decided by the CONSISTENT PATIENT EXPERIENCE!
To deliver an experience beyond the walls of a practice is a key and a practice owner must plan to include software modules, which can compliment the in-office patient experience. HelloPatient is the Patient Loyalty software which delivers consistent patient experience.
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