Understanding how your practice stacks up amongst competitors is key to navigating the healthcare industry successfully. With the consumerization of healthcare, patients not only have more choices in the care they receive but more control over their choices as well. This makes it exponentially more important to understand the landscape of your industry and manage your practice’s reputation effectively in order to position your practice as a competitive one.
Not sure how to begin evaluating where you stand? According to strategic healthcare consultant, Nick Hernandez, these are the key questions you should be asking about your competitors in order to figure it out:
- Who are they? Knowing who you are up against in the market will allow you to identify which practices in your space will be your biggest competitions for business.
- What do they offer, and who is their audience? Understanding what your competitors offer gives you the opportunity to evaluate your own offerings to see how you stack up. Put emphasis on ways that you can offer value where your competition can’t or doesn’t.
- What are their strengths and weaknesses? Objectively assess where your competitors are both strong and weak and consider your practice’s standing in comparison.
- How do they market themselves?: Is there something that’s working well for your competitors that could inspire your own marketing efforts? What could perhaps be done better? Study how your competitors are selling themselves so that you can improve and optimize your own marketing.
- Do you know your target’s growth potential? Assessing the outlook of your target demographic will signal to you how fierce the competition really is in your market.
Our Take: Knowing where your practice stands not only gives you the opportunity to reach potential patients more effectively, it also provides you with hints on what to focus on in order to improve your practice and your care, which can even help support the management of your practice’s reputation as your patients provide you with feedback.
Check out Nick’s full discussion here.