Tuesdays with Transitions Article 3

How do the Generations impact the dental practice

The practice patient demographic mix is a combination of diverse generations that think, belief, behave, decide and spend differently. It is important to know how to adapt to each segment uniquely for maximum success.

· 9% Traditionalists: (age 66-89) believe in financial security and delayed gratification. Their decision making depends on the doctors directly telling them the problem and solution. They trust the doctor to make the best decision for them and will respect interdisciplinary care and other expert testimonials. They are best when addressed formally (Mr. /Mrs.) and via letter or regular mail. Their spending choice seems to be full fee and many accept the 5% accounting reduction to pre pay. Cash is King!!

· 35 % Baby Boomers (age 46-65) are Idealistic, individualistic-and don’t want to get sick, age or die too soon. Their decision making is dependant “What’s in it for me” and must own the problem before they will say yes. They tend to depend on the team and may ask the team members for their opinions looking for approval. They need to be made to feel like they still matter, so interview them and listen to their preferences and needs. They are best connected to in a private consult room at equal level so they can ask questions and talk money. They buy what they want and tend to be the biggest users of credit cards or work well with a third party of small monthly payments over time.

· 19% Generation X, Latch Key Kids: (age 31-45) are known to be self reliant, cynical and cautious due to watching their parents buying habits or how they were sold. Gen X grew up with divorce and the mother entering the work force and believes in the power of a female. The mother of a family schedules 90% of all health appointments. This generation started 2nd opinions in dentistry and they have no problem comparison shopping. They are looking for word of mouth referrals from people they trust and demand proof of benefits without feeling ‘sold’. They have a “make me believe” attitude and want to know why they should choose you to deliver their solution. When it comes to spending if they believe you are the best at what you do they have the biggest challenge coming up with payment and may need multiple sources.

· 25% GENERATION ‘Y’, Millenials: (age 11-30). This group tends to be inventive, optimistic; tech-savvy and “entitled”. They want information quickly but don’t want to be told what to do…they must make the decision and are strongly influenced by the internet, face book and peer reviews: They believe in community and experienced play dates and team sports. It causes them to believe that all people are equal based on the “everybody gets a trophy” era. They are significant influencers in the household and see all people on the internet as their potential friend. They live to be part of something big and don’t take negative news well when delivered before the positive. Their disposable income varies and when they have a big ticket item they tend to ask their grandparents.

CHECK OUT Lisa’s new Generational speaking program for dental professionals