Ensuring your practice continues to thrive and your Clients (or prospective Client’s) choose to come to you, depends on your efforts to differentiate from your competition. You can no longer rely simply on a loyal Client base – although this is still important!
According to the most recent IBISWorld Report (April 2018), the Chiropractic and Osteopathic Industry has experienced modest growth over the past 5 years. Consumers have become more willing to seek industry service, and ‘they are fast becoming a staple of the wider healthcare system’. Additionally, the industry is seeing an increasing number of private health insurers paying out benefits for industry services. These factors, plus the increase in fees, have driven industry growth over the past 5 years.
Importantly, the report states that industry revenue is expected to increase by an annualised 3.8% over the 5 years through 2017-18, to reach $796.0 million. This includes a forecast increase of 2.1% in the current year.
* Greater consumer acceptance of industry services has helped boost revenue growth.
* Growing private health coverage has allowed more patients to subsidise their treatments.
* Growing numbers of graduates are forecast to enter the industry, increasing industry employment and competition.
The Challenge, and why this information matters to the long-term success of your Clinic?
Most, if not all industries operate within a highly competitive environment. At a minimum, keeping up with your competition is hard enough! Therefore, positioning your services in a way that differentiates you from your competition can likely feel impossible.
In the traditional corporate industries, organisations have significant budgets to drive recurring marketing and promotional activity to ensure revenue growth and profit. However, in the Chiropractic and Osteopathic Services Industry this is simply not possible. Hence, there is ‘no single operator accounting for more than 5% of industry revenue’. (IBISWorld Report, April 2018)
Most important factors for your Clinic to thrive!
* Having a good reputation.
* Having a loyal Client base.
* Ability to educate the wider community.
With this information we can confidently conclude that marketing and communicating your points of difference are more critical to the Clinic’s future success than ever before.
dovetail – maximising marketing success.
Dovetail is your experienced outsourced marketing partner or an extension of your existing marketing activity. We work with you and your existing data to unlock your organisation’s true potential.
How we can help.
Leveraging your business intelligence and Client based data combined with the use of digital marketing automation, Dovetail can assess the commercial value within your data, to help tactically secure some of your industry’s estimated growth of 2.1% (or $16.7m), while providing further guidance on areas of opportunity. We will then assist to maximise your Clinic’s business and marketing success.
We would very much welcome the opportunity to discuss the value we will add to your Clinic’s future success. Please complete the form below or call me direct on 0422 446 094 (m).