What makes you better than the competition in your patients’ minds?
Any business that enjoys a durable competitive advantage is likely to have a long history of profitability — Warren Buffett
You must be able to emphasize, with clarity, the benefit you provide to your target market that’s better than the competition! That’s your competitive advantage.
It’s a shame that far too many doctors don’t approach their business as it really is. There seems to be an attitude that simply by hanging their shingle over their door, patients will come!
Every business school in the country teaches that business success is a daily struggle for survival. Every day someone is going out of business. Likewise, every day someone is trying to build their business; however, in a crowded marketplace every time a clinic gains a new patient, someone else loses one!
Though you can make the argument that the world is your “patient” oyster, depending on geographic limitations, population density, availability, and opportunity, your pool is not nearly as large as you may believe.
The fact it is that every day your competitors are actively marketing to your patients. If they’ve done a good job of incentivizing, they are doing everything they can to compel your patient to become their patient!
This article has a single purpose: to show you how you can keep your patients (both current and past) from jumping ship. As we go along, you will also learn to attract more patients and increase your clinics traffic and profits.
There are only three ways to increase your business (incidentally, this transcends all industries):
I. You must increase your traffic.
II. You must convert the curious into believers.
III. You must retain your patients for many years.
These next points refer to vital attachments to the original three laws for increasing your clinic’s profits –
1a. Attract more patients – this tactic correlates with patient retention (points I and III) because, if done properly can lead to referrals of friends and family to your practice.
2a. Provide more services for the patients you have – you achieve this by incentivizing your current patient base.
3a. Raise your prices – if you ever analyze what the market will bear for your services, this strategy may have merit. You still may want to proceed with caution when using this approach.
Logically, the goal for every doctor, which owns their own practice, is to attract as many potential patients, convert those people into actual patients, and retain the “best” patients for years to come.
The question then becomes “How does someone stand out amongst all of the competition?”