These days it is very common see too many dentists practicing in the same location, obviously due to artificial saturation but don't worry! Fortunately there is a solution. The answer to above question is “Differentiation!”, you need to differentiate your practice in order to Grow and Prosper!
What is differentiation?
Differentiation is all about creating a distinct identity for your dental practice. It is about separating your practice from your competitors and creating your own niche market. If you observe the business economy; you will see that there have been drastic changes in the business dynamics over the last few years and it is not that only dentists are suffering.
For Ex: 15 years back when there were only 4-5 options to choose a car; today we have more than hundred options and this has created a cut throat competition among automakers and likely in many other businesses. Friends; we all know that change is Inevitable. Getting frustrated about the situation is never a solution and the only thing one can do is adopt and evolve.
So let’s understand how differentiation can come up as a solution?
I’ll again take an example from automobile industry. There are many automakers in India but when it comes to fuel efficiency, only one name clicks & that is “Maruti”. It happens coz Maruti has differentiated their cars as fuel efficient. And this differentiation has helped them in two ways. Firstly they have separated themselves from rest of the competitors and secondly they have created their own niche. There are other manufacturers who have differentiated like Maruti for example: Mercedes for Luxury, Volvo for Safety, Tesla for Green Cars and so on..
Just like these automakers, even you can also differentiate your dental practice. You can also make your practice competition proof and create a niche.
Let’s see how you can differentiate your dental practice?
A dental clinic can be differentiated as a specialty practice like Endo, Ortho, Implant, Pedo, Esthetic Dentistry, Implant Dentistry etc. You can even build an image in your patients mind as an affordable dental clinic or premium dental clinic or whatever you think suits your practice and separate it from other dentists practicing in the same location as you. The best thing is that you don't have to change your practice completely upside down in order to differentiate.
You just have to find out answers to some simple questions like..
What is your forte?
How is your practice different from others in your area?
Why should people come to you for dental treatment?
What resources or skill sets you have that others don’t?
Once you figure out answers to above questions, you can start working on it. Now for instance, if I you have decided to differentiate your practice as "premium"; then make sure that your clinic is in prime location, with big space, fine interiors, high end equipment and well trained staff.
The factors that I have mentioned above will vary based on kind of differentiation that you want to do for your practice and so as the cost. Once you are clear with differentiation, you can start working to give that “Extra Value” to your patients at your clinic which should be followed by branding & marketing exercise to attract the elite class who are able to bear the treatment charges.