The Power of Data
Analytic market data should be playing a major role in your practice growth strategy. Real time market analytics can shed light on your competitors, potential new patient pool, and growth in the market place.
Having a demographic market study completed around your practice at least once a year is highly recommended – it allows you to understand how your community is changing, and allows you to make more informed decisions on the future of your business.
This type of demographic data is also incredibly powerful in determining where to locate a new office, or learn about the untapped potential of a practice for sale.
Key considerations:
Make sure the information you are seeing is in real time – NOT census data
Understand the geographic size and shape of your marketplace
Where do most of your patients come from? Within 10 minutes of the practice or much further?
Where will NEW patients likely come from?
What is the ratio of population to practices in the region?
What are income levels and purchasing habits of consumers in the market? How does that translate to the type of dental patient they will be?
Is the market growing or shrinking?
Applications to Growth:
How does your practice brand connect to the community?
Is your website traffic and new patient flow consistent with growth in the market or is another practice seeing those opportunities?
Identify areas around the practice with ideal potential patients and implement a focused campaign strategy to connect to them
Understanding the market demographics allows you to plan and adjust your marketing strategy with MUCH greater effectiveness
Applications for finding locations
Ensure you are looking in the right area for your new office
Do the consumers in the region align with the types of patients you want in your new practice?
Is the market underserved or oversaturated with existing practices?
Understanding new resident movement into the region fuels new patients in practice – is there enough growth to latch onto?
The power of real time market analytics can not overstated in the role it should be playing in your practice, your growth strategy, or plans to open a new office. Feel free to connect directly with me if you would like to explore reporting for your practice or potential new location.
Jason Swisher