There are two major reasons that a well-defined and executed brand is critical for your practice transition.
- The value of any business is largely based on the value of its brand.
- Your brand is a reflection of the vision and values of your practice and a well-defined brand allows for a seamless transition for your patient base.
Let’s start with the value of your practice and what it has to do with your brand. Your practice is trending in one of three directions.
Each of these three directions are a result of how your practice is perceived within your community and by your patient base. Keep in mind that your brand is simply how you are perceived. Therefore your brand directly affects the direction you are heading. If your brand is well defined, and well executed in a consistent marketing strategy, you will generally be growing. A successful, thriving practice, or in other words a practice with a great brand, is generally more valuable than a stagnant or declining practice. It is worth the effort to define your brand and invest in it regularly within your community. It is the hallmark of a healthy practice. Think of it this way: if you were purchasing a practice, would you rather purchase one with a strong brand that is perceived well in your community or one with a weak brand that has no real reputation within the community? If you’re selling your practice, ensure that your practice is growing and has a well-defined and executed brand to maximize the value. If you’re buying a practice, look for one that is growing and has a well defined brand. It will be much easier for you to build on that growth and take advantage of the strong brand.
The second and more important reason that a strong brand should be a priority is that your brand is a reflection of the vision and values of your practice. Plus, a well-defined brand allows for a seamless transition for your patient base. A correctly defined brand is a true reflection of who you are as a practice. It should lay out your vision and identify and define the shared values within your practice. Your vision drives why you do what you do. Your values determine how you interact with others. Whether you’ve articulated these things or not, they inevitably determine the culture within your practice. Your patients are loyal to you because of the culture they feel while interacting with you and your team. Every practice has a unique culture. If the person purchasing your practice does not share your values and your vision, they will not be as good a fit for your culture and therefore they will not be a good fit with your team or your patient base. If you’re selling your practice and you care about your patient base, find someone with a similar vision and values. If you’re buying and want to retain the patient base, ensure that the doctor you’re purchasing from has a similar vision and set of values.
When you understand what a brand is and how it affects the overall health and operations of the practice, you will understand that it is a critical part of any practice transition.
Douglas Sligting is the founder and CEO of Dental Branding. He has spent his entire 25 year career in marketing, working for national advertising agencies in addition to owning his own agency for 10 years prior to creating Dental Branding. Doug’s singular vision is to help dentists thrive in today’s evolving dental industry by focusing on a proactive, comprehensive and strategic approach to marketing. His company, Dental Branding—now in its 10th year, is the antidote to status quo dental marketing, which has failed the dental industry. The focus of Dental Branding is to 1) control perceptions to attract a better quantity and quality of patients and 2) deliver objective analytics to ensure efficient management and effective planning of ongoing campaigns. This focus delivers the best possible outcome as well as sustainability, predictability and confidence in your future. Dental Branding is a goals focused, business centric and long-term marketing partner.