Those are the numbers that Carl Sewell, of the esteemed Dallas Sewell Cadillac dealership, once crunched. It’s what he discovered was “the lifetime value of a loyal customer” as relates to automobiles purchased and services provided.
The strategy behind the number?
He wanted to compel his employees to become “owners” in their departments by brainstorming ideas about how to “astound” the company’s customers.
Initiatives for outstanding customer service included painting the floor of the service garage a (classy) glossy white and dry-mopping the repair floor for each service drive-in, etc. 1
Small changes focused on improved customer experience create new service benchmarks.
What would $332,000 of Patient Service Value (PSV) look like in your dental practice?
Good question. Your answers must go beyond the standard C-T-T-M approach of most dental practices.
C-T-T-M? You know…your lobby lure (ahem) amenities – Coffee-Tea-TV-Magazines!
Come on, you gotta do better than that. We’re talking Lifetime Patient Value (LPV) here.
It’s time to convert your dental practice tire-kickers.
Since we’re on the automobile dealership theme here – they’re the $1 Exam and X-ray patients. Those who watch their mailbox for the latest mailer the day they develop a toothache.
You’ll greet ‘em…treat ‘em…treatment plan ‘em…and guess what? Never see ‘em again, right? (Face it, your lobby coffee didn’t do the trick.)
Crank up your P-S-V (Patient-Service-Value)
Lose the dollar value at this point. Instead get practical and explore how the value-principle creates some momentum.
At your next team meeting or huddle talk about how you can increase your PSV. And implement this new mindset at every level of your practice TODAY:
Everyone thinks like an “owner” and no one acts like an “employee.”
For example –
Front desk “owners” stand-and-greet with eye-contact when EVERY patient signs in.
Clinical “owners” have a concierge attitude chair side (“Are you comfortable…can I get you a blanket…?”).
Dr. “owners” see the patient’s emotional desire behind the treatment (tissue please). No, seriously, tap into the deeper reason(s) they’ll agree to your diagnosis and treatment plan and help them understand the real value of their investment.
Turn your “owners” loose. Create a running PSV list.
We’re talking LPV (Lifetime Patient Value). Might not add up to $332,000 but why limit yourself?
Source: James L. Heskett, W. Earl Sasser, Jr., Leonard A. Schlesinger, The Service Profit Chain – How Leading Companies Link Profit and Growth to Loyalty, Satisfaction, and Value, p. 65.