Proud of your kids? Of course you are, but surely not because they graduated. The truth is, if they’re lucky enough to find respectable middle class jobs in journalism or teaching (assuming they don’t want to follow you into dentistry or medicine) they might be able to afford a double room in a houseshare. They had better try and forget about having their own kids or, god forbid, a decent car.
We’re going the way of the US, where for the first time in over 100 years more 18–34-year-olds live with their parents than in any other arrangement. Financial advisors say you’re supposed to keep six months’ wages in the bank for a rainy day, but your typical middle class 30-year-old hasn’t saved for years because a) they can’t afford to and b) interest rates are so low there would be no point unless it’s for a deposit on a house, which is now hopelessly out of reach anyway.
The Times did a poll this week that found a third of middle class people couldn’t even pay an unexpected bill of £500 without resorting to borrowing. The main reasons were static wages and rising living costs. This is the middle class we are talking about. Graduates from good families with support from their parents. Imagine how everyone else’s finances are looking.
This story underlines the pivotal importance (to your patients) of finance for higher value treatments in your dental practice. We already know people are putting off check-ups and routine appointments for fear of the cost. Unless all your patients know about the finance packages you offer for big ticket items like implants and ortho they will simply avoid the issue until they are in pain and desperate and can avoid it no longer.
Until the in-out Euro referendum started to impact the British public the new car market had been enjoying continual growth for five years, and the secret behind this growth was finance, particularly Personal Contract Purchases (PCPs). PCPs are a way of having all the joy and excitement of a new car without paying for it completely. It’s a version of rental — you’ve seen the headlines: “£995 deposit and £195 per month for four years”. If you have the deposit and can afford £195 a month you can drive home in a new SEAT Ibiza.
If you were a car dealer you would never promote a new car without a finance offer, so why not feature finance availability on each of your treatment landing pages? It doesn’t have to be tacky, but it it does have to be on brand. The vast majority of your competitors won’t do this so if a new patient is searching the web for an implant or an adult ortho provider and you are the only practice that appears to offer funding, guess who will get the first call…
In addition you can write a blog for your dental practice website about what you’re doing to help people with cash flow issues in your town. You’re offering finance to help them get the life changing dental care they need, so while they might be priced out of houses, at least they have something to smile about. Push the blog on social media, especially Facebook, referencing the Times poll.
If you need a hand, let me know — we can help you make this happen quickly.
m. 07860 672727