What can a dental practice learn from why Apple has 32% margins and Best Buy has 1%?
Everything about how environment and selling system drive margin. Apple and Best Buy sell similar electronics. Apple’s stores are deliberately designed to communicate premium quality: clean lines, polished surfaces, knowledgeable staff, an unhurried selling environment. Best Buy stores are designed to maximize volume: fluorescent lights, crowded displays, transactional checkouts. The products are comparable. The customer experience is not. The result is a 30-percentage-point margin difference on similar items. Coldwater Creek, Williams-Sonoma, and Starbucks operate on the same principle. A dental practice can choose to look like an Apple store or like a Best Buy. The choice translates directly into the fees patients accept without resistance.
If the answers you are finding here resonate with you, my team and I work with a small group of clients each year. The next step is a complimentary Discovery Consultation and Practice Review with Dr. McAnally.
