Are You Ignoring Your Marketplace?

There are thousands of words in the English language; but a few are particularly powerful, not because of how they sound but because of what they stand for. One of my favorites is "marketplace."

The marketplace is like an ocean: alive with productivity, creating waves of energy, different tomorrow than it is today. It is like a parade... always moving. And as exciting as this sounds, the marketplace, like an ocean, is rudely indifferent to your very existence, let alone whether we have a successful and safe passage. The marketplace is at once a place of opportunity and failure, and whichever we find depends more on us than anything or anyone else.

One basic strategic plan that I love is the concept of totally dominating your marketplace. The divining rod of total marketplace domination will always twitch in the direction of eing patient-centric focused.


So here's your first challenge: Identify your marketplace strategy for attracting and serving patients. You will want to take a look at population, demographics and psychographics... and of course, your competitive colleagues.

Here's a clue to get you started: A patient's attitude is beautifully simple... it's all about them. Any questions?

Unfortunately, because of the process you may use to acquire and develop new patients this rude truth can be counter-intuitive.

In this process, you're often the "patient" buying benefits from your practice.

But a benefit that excites you often morphs into a mere feature when presented to your patients. And as we know, patients desire a healthier and more active and pain-free lifestyle, not an adjustment. In fact, most people would option for one adjustment... delivered to their mail box.

You must make the conversion from what makes you excited to what makes your patients excited. Remember WIIFM, which stands for "What's In It For Me?"

Consciously

or not, WIIFM is what your patients are asking every time they consider what your brand of chiropractic, and you must be able to provide the right answer. You must be broadcasting the right message.

Next essay question: How are you leveraging alliance relationships to serve your patients?

One of the keys to success in the 21st century is to develop strategic alliances, including those with other professional and businesses in your marketplace. These are relationships that go beyond merely referring or purchasing from people you trust and know in the marketplace.

Part of your competitive advantage strategy could come from activities such as co-op advertising, joint calls in front of Prospex to introduce a new product or service. If you need inventory but are short on capital, ask about vendor financing or even a consignment plan.

Your relationships with alliances and/or vendors must be more like partnerships than merely that of buyers and sellers. And if you have a vendor that doesn't have this attitude, find another vendor. Like buses, another one comes along every six minutes.

Select your marketing media that is limited to your defined marketplace. You are wasting money when your marketing overreaches outside your marketplace. Most people, about 90%, will opt for the provider that is within 15-minutes of their office or residence.

If your office is located in a marketplace filled with businesses... then you may need to offer office hours that enable your patients to come before work or during their lunch hour.

If your office is located in a mostly residential environment, then your focus may be on working families and children and their core interests.

Write this down and post it on your desk... Marketplace Rule #1: Focus on the patient. Marketplace Rule #2: See Rule #1.