It’s a curious fact that while the rest of the UK and Irish retail market is experiencing little, zero or negative growth, in transaction value dentistry appears to be flouting market trends.
Dental implants for example have increased their average price from £2,114 last year to £2,814 according to Whatclinic.com, which looked at 14,000 private dentists in 20 towns and cities around the UK.
Prices have jumped a staggering 42 per cent overall in the past 12 months. Aesthetic dentistry prices have risen the fastest — veneers by 68 per cent — but interestingly tooth whitening prices have fallen slightly, presumably because that specific market has finally reached saturation.
Price is one of the most interesting dynamics in marketing; most people believe that price is the number one motivating factor in closing a sale and while this may be true for certain commodities, purchasing motivations are often far more complex, especially in dentistry where price typically ranks as the number three motivator.
You have all heard, no doubt, the Stella Artois strap line “reassuringly expensive” — my view is that in general in dentistry higher price equates to higher perceived quality and less risk in the mind of the consumer.
Perhaps the most compelling fact I took from the What Clinic research is that implant enquiries have jumped by an astonishing 87 per cent since April 2015. There is plainly a compelling business case for dental implants — it seems half the public have only just heard about them! A quick analysis of Google’s most searched dental terms yesterday revealed that while tooth whitening was out in front by a country mile, dental implants are typically in the top three or four most searched terms.
If your practice is not placing implants because you are not trained to do them don’t miss out on this fast growing treatment category, give me a ring and we can build you a plan to make it happen in your practice without you placing them.
And remember, there’s more to increasing your margins than simply putting your prices up. After Brexit you’re fortunate to be in a market that is enjoying such extraordinarily rude health — get in touch for strategic advice on how to leverage this valuable situation.