When you are an $800 million dollar company it is almost impossible to accept the statistical fact that will be discussed in this article. However, it is reality based on what we have seen working with Invisalign® practices across the nation for many years. For years I have been saying Invisalign® should be a 1.6 billion dollar company right now. I also have a way for them to improve their profitability over 25,000% in less than a month. While the profitability statement I am going to keep a secret, today I will provide three reasons (of 100 that occur daily) why Invisalign® will lose over $400 million dollars this week alone.
Tomorrow, there will be over 1,000 consumers (and it is way more than that but I want to use a very conservative number) with misaligned teeth enter a dental practice (just in one major city alone) that does Invisalign® without buying. There are hundreds of reasons why and mostly deal with the fact the entire business puzzle is not complete in any dental practice on the planet regardless of how well or poor they are doing. That is not an insult it is just reality because no business, regardless of profession, is perfect.
Now let's do the math on these very conservative numbers above. 1,000 missed opportunities times times $1,750 (I am estimating the Invisalign® lab bill) equals $1,750,000 in lost revenue (again, this is just in one major city alone and in one day out of the week). Now multiply that times five days a week and that equals $8,750,000 in lost revenue simply because of missed opportunities that occur every day in practices across the nation. Now, take that last number and multiply it by 50 states (this is very conservative as well because really you should multiply it by every major city in the nation). That number comes to $437,500,000 in one week alone, which is a very conservative number to say the least.
I want to provide three simple examples of how Invisalign® loses business every day:
1) Telephones - There will be literally thousands of telephone calls made to Invisalign® practices across America this week. Many of those calls will be price inquiries about how much that particular practice charges for Invisalign®. As it stands, the vast majority of those calls will be lost because the receptionist is not commercially trained how to answer those calls and overcome price inquiries to ensure the patient gets scheduled. In addition, because of how those conversations go, it will deter the consumer from even picking up the phone and searching elsewhere. Who loses? The patient, the practice and Invisalign® as a company. The lack of commercial telephone training results in thousands of missed opportunities every week and will cost Invisalign® millions of dollars this week alone.
2) Financial Presentation - There will be literally thousands of treatment plans presented to patients this week that include Invisalign®. The way the vast majority of these treatment plans will be presented is the opposite of how the vast majority of consumers make buying decisions, which will immediately hurt the chances of the practice being able to close the patient on Invisalign®. Who loses? The patient, the practice and Invisalign® as a company. The lack of commercial financial presentation training creates thousands of missed opportunities every week and will cost Invisalign® millions of dollars this week alone.
3) Hygiene Presentation - Hygienists go to school and are taught a clinical education, yet are supposed to sell treatments within the practice environment every day of their careers. Two things will occur this week. There will be literally thousands of patients with misalignment that are not even talked to by the hygienist about it or they will speak with the patient about it using verbiage that is the opposite of what motivates consumers to make purchasing decisions. Who loses? The patient, the practice and Invisalign® as a company. The lack of commercial sales, verbiage and presentation training creates thousands of missed opportunities every week and will cost Invisalign® millions of dollars today alone.
In order to grow the Invisalign® business at your practice it takes fitting all the pieces of the business puzzle together to ensure everything functions at the highest levels possible. It is not about focusing on Invisalign® itself, but rather focusing on the entire business both inside and out. Until that is accomplished, the practice never achieves maximum growth, which means Invisalign® as a company loses millions of dollars every day via lost opportunities.
Founder & CEO