Despite the recent setbacks in the state of the pandemic, signs are currently pointing to an economy that is on the rebound, and that’s great news for small business owners, especially dentists. According to the American Marketing Association, in an Early 2021 Marketers’ Confidence Index report, an analysis of consumer spending trends over the last six months along with the current investment climate showed that spending is on the rise and marketers’ confidence is quickly moving up to where it was before the pandemic. In fact, consumer spending is expected to climb back to pre-pandemic levels within the next six months. This is exciting news for dentists and dental marketing.
While the pandemic is not yet over, with the introduction of vaccinations and the continuation of enhanced safety measures in healthcare and other industries, consumers are feeling better about venturing outside their homes and resuming some of their pre-pandemic routines, such as regular hygiene appointments. In its article “Dentists in the US industry outlook (2021-2026)”, IBIS World states that the shrinking unemployment rate is also a driving factor behind the current rebound in dental spending. Patients who lost jobs in 2020 — and consequently their employer-related benefits (i.e. dental insurance) — are finding new jobs and are now covered, or will be soon. As a result, patients have more financial stability and support and are once again willing to spend on dental treatments.
But it’s not just about the facts and figures. It’s also about what our dentists are seeing in their practices. And we are happy to report that the trends being reported by marketers are actually bearing out for our clients, who are experiencing an uptick in routine and specialized services. Some of this is due to the fact that dental practices had to seriously rethink how they market their practices as part of the impact of the pandemic. Many dentists started implementing robust digital marketing campaigns in the last 18 months, and it is projected that digital dental marketing will continue to play a major role for dental practices as the economy continues to rebound and going forward.
Each of the reported factors on their own is a good sign for the future of the dental industry. However, when you put them together, it becomes quite clear that now is the time to ramp up your dental marketing efforts and take advantage of the growing trend in consumer spending that is expected to continue. Your dental marketing partner can help you ride this wave of positive growth that is expected to see dental revenue back to pre-pandemic levels in the not-so-distant future. Marketers are experts at pivoting in reaction to shifting industry trends, which is why having a solid partnership with a dental marketing professional was a saving grace for many a practice in 2020 and will continue to be a genuine asset as the industry continues to experience drastic changes (for the better this time).
The takeaway is that things are looking up. Marketers are generally optimistic about the economy and consumer spending, and we should be too. Dental practices are in a unique position to take advantage of this pivotal time, and ramping up digital marketing campaigns can help accelerate growth through the end of 2021. Talk to your marketing partner now if you don’t already have a plan to capitalize on the current economic recovery, and stay positive!
