CPA LTV

There is always much discussion about free consultations and Brad explains the value of these consultations in the wider arena of marketing your dental business for long term growth and success. It’s a mindset shift and is about looking at things differently, looking at the view other businesses and industries have of their initial interaction with the customer and the metrics used to measure this. To build a practice and have a long-term sustainable business you have to maximise the lifetime value of customers but to begin you have to understand how to market your business and what is required to acquire new customers. This is a great insight into the importance of effective marketing strategies and why any business needs multiple marketing streams to grow and be successful.   KEY TAKEAWAYS Cost per acquisition - The cost for the business to acquire the new customer How much is being spent on marketing to get a customer to visit their store, buy their product? You need to reduce this cost and this can be done through creating marketing strategies, testing your marketing and adapting the  strategies. As your business grows a shift in mindset is required because it becomes less about the initial transaction and more about the next transaction and the lifetime value of the customer. The initial visit will be cost-neutral because your focus is on the long-term value of the customer. As you move into 8 figures this mindset evolves further as you become even more focused on the lifetime value of the customer and what is required to realise the full potential of that lifetime value. To build a practice and have a long-term sustainable business you have to maximise the lifetime value of customers, realising the potential for referrals and moving them into more expensive treatments when they are ready. There are ways to create more patients if you are focusing on retaining patients because by default you will generate more enquiries through practice goodwill. You have to undertake marketing because you should never rely on one stream to generate enquiries and sales for your business.   BEST MOMENTS ‘The common thread across people who are wealthy and have built their own wealth is that they don’t do anything that loses money’ ‘We’re not big enough to lose money on every initial appointment’ ‘You want the initial transaction to recoup your marketing cost and make a profit’ ‘It has to be a continually ongoing process so you are spending the minimum amount of money needed to get a new customer to visit your business’      ABOUT THE HOST Brad believes that everyone at any level should be focused on achieving multiple sources of income to create diversity and balance in life. He feels passionate about helping dentists work towards freedom by building wealth in different areas and helping to develop a mindset to improve one’s ability to handle the stresses of clinical life.    Still a practising dentist, Brad has implemented strategies to create a practice to allow him to carry out the dentistry he wants whilst continually expanding with loyal staff and patients. These strategies can be adapted to any dentist, whether you are an associate or the practice owner, to help bring back your passion for dentistry.   In addition to running a successful private dental practice, he has grown several other dental businesses and as an investor is growing wealth outside of dentistry to help protect his legacy for his growing family.   He is chair of the Horsforth Town Team, dedicated to the promotion and development of business in his local area in North Leeds, UK.   Due to his track record and down to earth advice, he has become sought after as a mentor and spends part of his time dedicated to mentoring dental professionals about business, mindset and personal development.   CONTACT METHOD Brad Thornton Instagram Brad Thornton LinkedIn Brad Thornton Facebook