Ultra-competitive marketplaces are cutting into dental practice profits, while patients become more sophisticated and “choosy” in their selection of dentist. Your goal? Position yourself to serve high margin patients so you can boost your profits, and leave your competition behind. Your strategy? It’s all right here. Read on… W. Chan Kim and Renee Mauborgne in their bestseller “Blue Ocean Strategy” conclude that there is only one way to achieve and sustain high performance, year after year, in a competitive marketplace: stop butting heads with your competitors in red (yes, that’s blood-red) oceans, and instead swim towards the “blue oceans” of uncontested market space.
So as a dentist, how do you take advantage of this knowledge, put it into action, and enjoy the measurable rewards? There are core five aspects that all need to work together:
1. Revisit your services. You need to step back from your services to see if there are other ways you can add value to your patients.
2. Revisit your market. Ask yourself: Do I understand all of my patients’ aspirations? Am I certain that they fully appreciate and value the benefits of my services, and am I helping them achieve that message?
3. Revisit your marketplace. Ask yourself: am I really serving all of the people I could? Am I neglecting a portion of the population, because it just doesn’t occur to me that they could – and would – purchase my services?
4. Build your brand equity. You need to identity your brand, and then strategically integrate it into everything that you do – from your website and all of your marketing material, to the way that your staff engages patients in the waiting room, and everything in between.
5. Don’t go it alone. They don’t teach blue ocean strategy in dental school. And it’s just not something that dentists can afford to spend a lot of time learning about. After all, you’re a dentist – not a marketing guru.
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Explore these aspects in-depth and learn how to swim away from an ultra-competitive and unprofitable “red ocean,” to a growth-oriented and profitable “blue ocean.” Click here to read the full article.