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18 Dental Growth Machine: Transform Your Practice by Attracting High-Value Patients Who Pay, Stay, and Refer WorkbookThe Magic of PRISM Research WorkbookPRISM research is all about taking a deep dive into your database and coming out with valuable insight into how to reach out and connect with your ideal patients.You%u2019ll want to spend some time with this workbook because what you discover could easily increase your revenue by 20% to 50% or more.Let%u2019s start with a series of questions:Who are your ideal prospects? Are they male or female? Young or old? Do they own their own homes? Do they have American Express Cards?The key to PRISM research is identifying the 20% of patients responsible for 80% of your sales revenue.Take a few moments to describe the types of patients you most want to attract to your practice:______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________By identifying your ideal prospects and the patients responsible for the lion%u2019s share of your sales revenue, you can design and implement custom marketing campaigns that generate a robust stream of excellent prospects eager to do business with you.An essential part of PRISM is understanding how much your patients are worth to you%u2014and yes, I%u2019m speaking of a dollar amount. More specifically, what is their lifetime value?You find this with a bit of quick, simple math.Take the average amount an average patient spends each year, including routine cleanings. Multiply that by the average number of years they stay with you and add the number of referrals they send. When you calculate this, you get the lifetime value of an average patient.______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________This number is specific to your practice and based on calculations only you can make. Knowing it provides valuable insight into the type of dentistry you%u2019ll want to practice from this point forward.Most dentists recommend routine and basic cleanings once a year. These cleanings typically cost about $165 and usually take the dentist or hygienist 30 minutes to an hour to complete.For a practice specializing in dental implants, a patient%u2019s average value starts at about $6,000.These numbers tell us a general dentist will need SIX THOUSAND ordinary dental patients to equal the net revenue of 165 to 170 implant patients. Once you%u2019ve decided who your ideal patients are and what type of patients you wish to attract, you can design a custom-made marketing campaign to attract more of them to your practice.A crucial element of having an effective marketing campaign is having the right list.PRISM is all about data-driven marketing and finding diamonds in your database.2 | The Magic of PRISM Research 19Use the list below to identify prospective high-value patients in your database. Once you have the metrics you wish to use, you can run a report with the patient-finder tools inside the Dental Intel software. 1. Identify who your current buyers are.2. Run RFM Analysis: How recent are the transactions? What is their frequency? What%u2019s their monetary value?3. What patterns, good or bad, can you glean from this analysis?4. Identify prospects. Match and mirror your BEST, highest value, and happiest clients with prospects who have the same needs and desires.5. Determine optimization numbers: How effective are you at converting opportunities into sales, and what can you do to improve this equation?If you%u2019ve spent time with this workbook, you have a clear understanding of who your ideal patients are and which patients are currently generating the greatest income for your practice. You%u2019ve searched your database with the criteria indicated and should have a list of ideal candidates for dental treatment.With this information, you are ready to move on to phase two of this process: Dental Data Protocol.10 | Dental Growth Machine Companion Workbook