“Crafting a Competitive Strategy for Your Practice in 2020 … and every year after that!”
January 20, 2020 / Category: Business
If you had to summarize your competitive strategy in 150 words or less, could you do it? How about 300 words? No Fine, try 500. Still nothing? You’re not alone. Many small business owners across lots of different industries struggle the same way. They know their products and services and may feel like they know who their target audience is, but by no means is this enough to comprise a competitive strategy. A competitive strategy is a company’s long-term plan by which it will gain an advantage over its competitors in a crowded marketplace. As a healthcare professional, chances are you operate in a very crowded competitive landscape.
For example, if you own physical therapy practice in a suburban area of any major city in the United States, you are certainly feeling the competitive pinch from all angles. The same holds true if you are a chiropractor, dentist, or general practitioner in private practice.
How are you going to stand out amongst the crowd?
You may want to consider specializing your services to meet a need in your local market that is unmet or underserviced. You could make yourself stand out from your competitors by enhancing the complete patient experience by providing an outstanding customer experience in addition to practicing the best medicine you probably can. You could also survey your patients and find out why they chose your services over those of your competitors, and create your competitive strategy based on that. Finding a niche (or multiple related niches if you don’t want to pigeonhole yourself) for your business and elevating the entire patient experience are two ways you can craft an outstanding competitive strategy. Whatever combination you want to use, we can help you craft the most powerful strategy to increase your patients — and your revenue.
Once you have created a competitive strategy, you have to sell it. The easiest way to do that is to integrate this with your overall brand. Remember, the definition of a brand is what makes your business stand out in the eyes of the customer.
What do you want your business to be known for?
Do you have some type of advanced medical training or certification that can serve your patients better? Do you provide after-hours and weekend services in an area where your competitors don’t? Whatever it is, make sure it becomes synonymous with your brand and marketing messages. This is where it becomes important to craft a mission and a vision for your company. What do you want to be known for? How do you stand out from your competitors? Why should a particular individual seek out your services as opposed to your competitor across the street?
Finally, how do you deliver your brand to your market? What channels and media forms do you utilize?
Considering the fact that nearly 90% of internet users regularly (at least once a month) search for healthcare-related information and services online, it is quite safe to say that a sound online presence is a great foundation for your overall marketing plan. Digital marketing, in particular, is a great way to deliver your competitive strategy and brand messaging because it allows you to reach a much wider audience at a lower cost than traditional marketing (print, radio, TV), gives you more flexibility with how you want to market your practice and lets you replicate your marketing messages on an ongoing, recurring basis without much effort across multiple platforms.
In summary, in order to stand out amongst your competitors and continue driving in business, your clinic needs a competitive strategy. You then need to integrate your competitive strategy with your brand and broadcast your brand message across your marketing platform on an ongoing, repetitive basis.
We can optimize your online presence, messaging and outreach to ensure you see more new patients and increase referrals. With us in charge of your online content, a team you have access to and not just a sole individual, you can focus on what you do best: providing the best care for your patients! Visit us online at https://performnamami.com/ or email us at [email protected] to see how we can support the growth of your practice!