The Tooth Fairy
Strategy and Implementation Summary
The marketing strategy will utilize three different methods to generate visibility for The Tooth Fairy’s practice. The sales strategy will be based on educating the consumer so that their decision is an informed one. By educating the prospective patient, you are empowering them to make the decision rationally by themselves, making them feel comfortable with their choice.
5.1 Competitive Edge
The Tooth Fairy will leverage their two competitive edges to generate market share.
- Customer service. The Tooth Fairy’s entire practice is based on a customer centric service model. This business model is particularly emphasized when Dr. Extractor is working with patients. The Dr. believes that the patient must make an informed decision regarding their cosmetic needs. The Dr. will take significant time detailing what occurs during the procedure, any side effects the patient may notice, as well as the success/failure rate. Only after the patient has been educated regarding the procedure will the Dr. allow the patient to go forward with the procedure.
- Flexibility. The Dr. recognizes that his patients have busy schedules so he has tailored his practice around being flexible to meet the customers needs. This is an extension to their competitive advantage of customer service, however, the Dr.’s concentration on flexibility is worth noting separately. The Dr. does not have set office hours in which to schedule appointments within. He is willing to schedule an appointment at whatever time is needed, including nights or weekends.
5.2 Marketing Strategy
The marketing strategy will be based on developing visibility among prospective patients. The first aspect of the marketing campaign is a large advertisement in the Yellow Pages which briefly lists the different procedures that the Dr. offers, as well as his flexibility.
Another method to increase visibility will be free informational seminars that the Dr. will offer, typically through community organizations. These seminars are an event where people can go and get more information concerning cosmetics as well as get a free individual consultation. The seminars will be especially attractive to seniors who have more free time, as well as typically take advantage of free informational seminars.
The third marketing strategy will employ networking through the various organizations that the Dr. is a member of including his church, the Lyons club, the Rotary club, as well as the country club. As a visible, active member of these organizations, the Dr. will leverage his personal relationships to generate interest in his services.
5.3 Sales Strategy
The sales strategy is based on educating the consumer as much as possible so that they are asking for the service instead of the Dr. trying to convince them they should have the procedure done. This method is quite effective because it allows the consumer to feel that they arrived at the decision themselves instead of them agreeing to a sales pitch.
When a patient comes in to see the doctor, there is no charge for the initial consultation. During this consultation, the Dr. will educate the customer on the different procedures and then analyze the patient’s particular needs. The patient is then free to ask any questions they have. After the customer is fully knowledgeable about all the different variables that will effect their procedure, they are then allowed to make a decision as to whether to have any work done. This sales strategy is geared toward turning prospective customers into long-term customers who are then quite vocal to their friends about the pleasant experiences they had with The Tooth Fairy.
5.3.1 Sales Forecast
The first month will be used to get the new office in order, set up appointments and begin marketing activities. Month two will see a few appointments, primarily from the prior practice. Months five through seven will see a jump in cosmetic appointments. After month seven, there should be a steady increase in sales activity.
|Year 1||Year 2||Year 3|
|Direct Cost of Sales||Year 1||Year 2||Year 3|
|Subtotal Direct Cost of Sales||$57,612||$100,239||$118,047|
The Tooth Fairy will have several milestones early on:
- Business plan completion.
- Office set-up.
- The 20th cosmetic procedure.
|Milestone||Start Date||End Date||Budget||Manager||Department|
|Business plan completion||1/1/2001||2/1/2001||$0||Steve||Steve|
|The 20th cosmetic procedure||1/1/2001||3/1/2001||$0||Steve||Steve|